Can Average Buffalonian Afford A Home In Hottest Housing Market

The national news has recently recognized something that we've known about for quite a while in Western New York. Buffalo once again is poised to have the hottest housing market in the nation, and things in the 716 don't look to be slowing down anytime soon.

Zillow routinely keeps track of the home sales market in cities around the United States and in a recent report they released this week, they have once again named Buffalo the top housing market in America. Buffalo has once again beat out other cities across the country, like Philadelphia, St. Louis, Charlotte, Richmond, VA, and more, to earn this spot. This isn't the first time Buffalo has earned this distinction, and based on current trends, it will likely not be the last time either.

Even with an economy that has been on the edge of a recession, the market here is soaring, which begs the question: how high can things go? And perhaps more important, who can afford to buy a home in Buffalo.

According to data available from the Buffalo-Niagara Association of REALTORS, the average home price in Western New York has hit nearly $300,000. That price, which was $299,500 in November 2024, is the highest level that Buffalo has ever seen and is also more than 10% higher than it was in 2023.

Using current banking norms, in order to afford a home that costs $300,000, your gross monthly income would need to hover around $7,500 per month or approximately $90,000 per year. Achieving that number might be tough for the average Buffalonian as, according to the US Census Bureau, the median household income in Buffalo is only just over $48,000 per year.

With Buffalo routinely ranking as one of the poorest cities in America, with more than 27% of the population living below the Federal Poverty Level, owning a home is becoming more out of reach for the average person in the 716.

If current trends continue to play out as they to date, Western New Yorkers shouldn't expect to see any relief in home prices anytime soon.