Property
Published January 6, 2024, 7:14 PM ET
Snowy Buffalo is expected to have the hottest major real estate market in 2024, according to a report.
Despite its notoriously long, harsh winters, the Western New York city topped Zillow's list of the 50 “hottest” markets of 2024 for its affordability – making home ownership a real possibility for young people.
“Real estate markets are healthiest where affordable home prices and strong employment give young hopefuls a real chance to buy and start building equity,” said Anushna Prakash, a data scientist at Zillow Economic Research, in the real estate firm’s report.
A typical home in the Queen City is currently worth $248,445, according to Zillow estimates — significantly less than the national average of $347,415
According to Zillow, Buffalo, New York is expected to be the hottest major real estate market in 2024. Stand A typical home in Buffalo costs $248,445, according to Zillow. Benedict
If a buyer made a 5% down payment on a typical Buffalo home, the mortgage would be $1,792, according to the report. Typical rent is $1,257 per month.
Zillow measured expected housing demand in Buffalo by comparing the number of new jobs created in the city to the number of new homes built.
Of the 50 cities the company analyzed, Buffalo had the highest number of jobs per new housing unit — which is expected to drive up real estate prices unless additional units are built to meet demand.
Charlotte was named Zillow's hottest real estate market in 2023 — as housing costs hit record highs for buyers and renters across the country.
An increase in job opportunities is expected to drive up property prices. Hsa_Htaw Niagara Falls is just a short drive from Western New York. Ondrej Bucek
Behind Buffalo in this year's rankings are the Midwestern cities of Cincinnati and Columbus, Ohio.
“Inventory in Cincinnati is moving extremely quickly, and Columbus is home to the fastest expected increase in home ownership, an indication of family formation and population growth,” Zillow noted.
According to the 2020 census, around 276,000 people lived in Buffalo, but more than twice as many people lived there in 1950, when the population peaked at 580,000, before industrial jobs left and the city declined.
In October, New York Senator Chuck Schumer announced that the Buffalo-Rochester-Syracuse region had been designated a federal “tech hub” under the CHIPS & Science Act and would receive billions in federal funding to make the region a manufacturing hub .
The city also has several universities – including the University of Buffalo and Buffalo State University, both SUNY institutions – and, of course, the NFL's Buffalo Bills.
Due to its location on Lake Erie, the city is notorious for its snow. According to the National Weather Service, 133.6 inches of snow fell in Buffalo between 2022 and 2023.
Load More…
{{#isDisplay}} {{/isDisplay}}{{#isAniviewVideo}} {{/isAniviewVideo}}{{#isSRVideo}} {{/isSRVideo}}
https://nypost.com/2024/01/06/real-estate/buffalo-named-hottest-housing-market-in-2024-report/?utm_source=url_sitebuttons&utm_medium=site%20buttons&utm_campaign=site%20buttons
Copy the URL to share