Buffalo, NY

Rent vs buy in Buffalo

Median home $209,600. A 1 bedrooms rents for $1,178 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,178; per month
Own the median home: $1,549; P&I, tax, insurance, upkeep
Owning costs extra: $371; per month, same metro

What a purchase actually costs

20% down payment$41,920
Mortgage at 6.5%$1,060
Property tax (1.70% of value)$297/mo · $3,563/yr
Insurance and upkeep (1.1%/yr)$192
Total monthly ownership$1,549

Census ACS 2023: 46.7% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,522 left over a month, it takes about 17 months (1.4 years) to save $41,920 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.