The vibrant city of Buffalo has an average annual residential turnover of 14.09 percent, indicating real estate stability not often found in cities of its size. As the median home sales price of $92,000 is currently under the national median, it is a good time to invest in a house or property that you could call your own. With such good prices, you may be able to negotiate a rent to own option. Those looking for an apartment to rent should know that, while the apartment vacancy rate stands at a tight 4.1 percent, the total percentage of unoccupied housing units is 6.89 percent, indicating that it is easier to rent an apartment than any other housing type. Owner-occupied housing accounted for 50.92 percent of all the real estate in Buffalo, while 42.19 percent of properties are occupied by renters.
Buffalo, NY is a great place for affordable rent-to-own homes! With a median household income of over $39,677 and a median rent of $801, the Buffalo, NY rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Buffalo, NY. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Buffalo, NY is seeing rapid growth and Buffalo, NY's' housing market remains optimal with an average home price that is -54% below the 2023 national average. Buffalo, NY is part of Erie county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Erie is 2.65% which is above the national average, which is 0.99%.
Weather and Climate The climate in Buffalo is humid owing to the continental climate prevalent in the area. The summers in Buffalo are sunnier than in any other major city in the Northeast. With plentiful sunshine and moderate humidity, the city of Buffalo gets over 65 percent of its annual sunshine within a span of three months from June to August. The "Oasis Effect," typified by pleasant breezes originating from Lake Erie, keeps the summer humidity low and temperatures moderate. The average temperature in July is 80 degrees. Although Buffalo has a reputation for snowy winters, it isn't the snowiest place in the United States. The winters here tend to be quite long, as in most of Western New York, and typically span from mid-November to mid-March.
Outdoors Activities Buffalo has a number of outdoor activities on offer that are in huge demand year round. These range from skiing in the winters to fishing, bird watching, and boating during the warm summer months. Other popular winter activities include tobogganing, sledding, and ice fishing, and the ski slopes located in South Buffalo bring in crowds from all over the Northwest. During the summer months, you can learn to sail at one of the many sailing schools or explore on the hiking and biking trails that meander through the city. Several of these trails are part of the Erie Canalway Trail. The three major parks in Buffalo together make up the Olmstead Park System. The Buffalo Zoological Gardens, the third-oldest zoo in the country, is located on 23.5 acres of the Delaware Park, and is known for its collection of exotic animals.
Neighborhood Guide Buffalo, being one of the oldest cities in the US, has a mix of old and new neighborhoods. These are some of the more popular:Allentown: One of the first residential districts in the country, Allentown is known as a premier destination for its eclectic selection of antique stores, dining options, and vibrant nightlife. The area is home to a community of artists that give it a unique flavor. Some of the landmarks in the area include the Allendale Theater, the Kleinhans Music Hall, which is the home of the Buffalo Philharmonic Orchestra, and Arlington Park. One of the most popular events in the neighborhood is the annual Allentown Art festival.