How Much Money Do You Need To Live Comfortably In Buffalo?

Understanding the cost of living is one of the key things you need to know when moving to, or living in, an area of the country.

The cost of things like housing, supplies, and taxes are all things you need to know in order to figure out how much money you need to live comfortability in an area.

Get our free mobile app

Recently there has been a statement floating around social media asking people to respond if they could live on a certain about of money in the Buffalo area.

How Is Buffalo's Cost of Living?

According to Forbes, the cost of living in Buffalo and Western New York is approximately 10% below the national average. This means that it's generally cheaper to live in Buffalo as it has lower costs of goods, services, rent, utilities, and food when compared to the national average.

Since costs are generally lower, that also means that people can have a lower income to be able to afford the same things.

How Does Income In Buffalo Compare To The Rest of The Country

While the cost of living in Buffalo and Western New York is quite favorable, income levels are not quite as good. For many years Buffalo has lagged behind the national average when it comes to income.

Using data from the US Census Bureau, the amount of money the average person in Buffalo makes is $27,157 per year or $522 per week, while the median household income in Buffalo is $42,186 per year or 811 per week. This puts the average income in Buffalo nearly 40% lower than the national average. In addition to its low average income, Buffalo has some of the highest poverty rates in the nation.

How Much Money Do You Need To Live Comfortably In Buffalo?

Probably the best way to determine how much money you need to live a comfortable life in Western New York is to look at what is considered middle-class.

According to the US Department of Housing and Urban Development the Area Median Income for the Buffalo-Cheektowaga-Niagara Falls Metropolitan Statistical Area, which is a key metric which is used to determine what is considered a middle-class income for a family of four, is $78,900 per year.

The Pew Research Center further defines middle-class income as defines an income that is two-thirds to double the median household income.

So, using that as a guide, if you make at least $52,600 per year or 1,011 per week in Buffalo you are considered middle-class and should be able to live a comfortable lifestyle.