The Real Cost of Living in Buffalo, NY: A Comprehensive Guide"

I. Introduction

Buffalo, New York is a city that has been steadily growing in popularity over the years, thanks to its affordability, thriving job market, and rich cultural heritage. However, for families looking to relocate to Buffalo, one of the biggest concerns is the cost of living. It's important to consider the cost of living when deciding on a new city to call home, as it can have a significant impact on your budget and quality of life.

In this comprehensive guide, we'll break down the real cost of living in Buffalo, NY and its surrounding suburbs, including everything from housing costs to utilities, groceries, and transportation. As someone who was born and raised in buffalo ny, and have a lot of experience with helping families relocate from their current city to Buffalo. I have all the information you need to make an informed decision about relocating to Buffalo and its suburbs.

Whether you're a young professional looking for affordable living options, a family looking to settle down in a safe and friendly community, or a retiree looking to downsize and enjoy a lower cost of living, this guide is for you! By the end of this blog post, you'll have a clear understanding of what it really costs to live in Buffalo, NY, and why it might just be the perfect place for you to call home.

Brief overview of Buffalo, NY

Buffalo, NY is a city located in Western New York, on the eastern shore of Lake Erie. It's the second-largest city in the state, with a population of approximately 261,000 people, and it's the anchor of the Buffalo-Niagara Falls metropolitan area, which has a total population of around 1.1 million people.

Buffalo is known for its rich industrial history, with a thriving economy that was once built on manufacturing, shipping, and grain milling. However, in recent years, Buffalo has undergone a revitalization, with a focus on redeveloping its waterfront and downtown areas, attracting new businesses and young professionals, and preserving its historic architecture and cultural heritage.

Today, Buffalo is a vibrant and diverse city, with a thriving arts and culture scene, top-notch universities and hospitals, and a strong sense of community. It's home to world-class museums and galleries, a bustling theater district, and a variety of annual festivals and events, such as the National Buffalo Wing Festival and the Taste of Buffalo. In addition, Buffalo is also known for its passionate sports fans, with teams in football, hockey, lacrosse and baseball.

Importance of considering cost of living when relocating

When it comes to deciding on a new city to call home, there are many factors to consider, such as job opportunities, schools, climate, and quality of life. However, one of the most important considerations is the cost of living. The cost of living can have a significant impact on your budget and overall financial well-being, so it's important to take it into account when making a decision about where to live.

The cost of living is a measure of how much it costs to maintain a certain standard of living in a particular area. It takes into account factors such as housing costs, utilities, transportation, groceries, healthcare, and taxes, and compares them to the national average. By looking at the cost of living in a particular area, you can get a sense of how far your money will go and whether you'll be able to afford the lifestyle you want.

When it comes to relocating to Buffalo, NY, the cost of living is one of the city's biggest selling points. Compared to other major cities in the United States, Buffalo is incredibly affordable, with a cost of living that's well below the national average. This means that you'll be able to enjoy a high quality of life without breaking the bank.

However, it's important to remember that the cost of living can vary depending on where you choose to live within the Buffalo-Niagara Falls metropolitan area. Some suburbs may be more expensive than others, depending on factors such as school district, amenities, and proximity to downtown Buffalo. By doing your research and understanding the real cost of living in Buffalo, NY, you'll be better equipped to make an informed decision about where to call home.

Housing Costs

When it comes to the cost of living in Buffalo, NY, one of the biggest factors to consider is housing costs. Whether you're looking to rent or buy a home, understanding the local real estate market is crucial to making an informed decision about where to live.

Renting

If you're planning on renting a home in Buffalo, you'll be happy to know that rental rates in the city are quite affordable. According to data from Rent Cafe, 46% of people pay between $1,000-$1,500 for rent per month, which is well below the national average. Inside of buffalos largest suburb of Amherst NY, 53% of people pay between $1,000-$1,500. Even larger apartments or homes can be found for reasonable prices in Buffalo, making it an attractive option for renters.

However, it's important to note that rental rates can vary depending on where you choose to live within the city. Neighborhoods closer to downtown Buffalo may have higher rental rates due to their proximity to amenities and attractions. Additionally, certain neighborhoods may be in higher demand, driving up rental rates in those areas.

Buying

If you're looking to buy a home in Buffalo, you'll find that the local real estate market is extremely affordable. According to our housing data (BNAR), the median home value in Buffalo- Niagara region for 2022 was $225,000, which is still significantly lower than the national median home value of $392,000. This means that you'll be able to get more house for your money in Buffalo than you would in many other cities in the United States. The part that does shock many of my clients when they are purchasing are the taxes we have, Good ol uncle sam makes sure he gets his cut here in NY.

However, as with rental rates, home prices can vary depending on the location and type of property you're interested in. Some neighborhoods in/around Buffalo may have higher home prices due to factors such as their proximity to downtown, the quality of the local school district, or the availability of amenities and attractions. By working with us, people who know the area and market as your realtor, plus doing a little research. We will be able to find a home that fits your budget and lifestyle.

Median Home Value in Buffalo Compared to National Median

As mentioned earlier, the median home value in Buffalo- Niagara region for 2022 was $225,000, which is still significantly lower than the national median home value of $392,000. This means that housing in Buffalo is more affordable compared to many other cities across the United States.

One of the factors contributing to the lower median home value in Buffalo is the city's history of economic decline and depopulation. Over the past few decades, Buffalo has experienced a significant loss of population and jobs, which has led to a surplus of housing in some areas. As a result, the supply of available homes has exceeded demand, keeping prices relatively low. But over the past 5 or so years, buffalo have actually seen an uptick in population. Covid and inflation had a major role in this, with many coming from NYC, California and Arizona. With remote jobs and the ability to travel, most people are not settling to pay $4,000 a month in rent, and why should they? Home ownership is now possible for a lot of people, and with that mass migration, people are leaning towards buffalo ny.

III. Utilities

Another important factor to consider when it comes to the cost of living in Buffalo, NY are utilities. These include electricity, gas, water, and internet services. Let's take a closer look at each of these utilities and how much they typically cost in Buffalo.

Electricity

Electricity rates in Buffalo are slightly higher than the national average, with residents paying an average of 17.57 cents per kilowatt-hour (kWh) compared to the national average of 13.31 cents per kWh. However, it's important to note that electricity rates can vary depending on the season, with rates typically higher in the summer months due to increased demand for air conditioning. And Now that President Biden wants to make everyone get an electric stove, our bill just increased significantly 

Gas

Natural gas rates in Buffalo are also slightly higher than the national average, with residents paying an average of $1.06 per therm compared to the national average of 98 cents per therm. Like electricity rates, gas rates can also vary depending on the season, with rates typically higher in the winter months due to increased demand for heating.

Water

Water rates in Buffalo are among the highest in the nation, with residents paying an average of $93.37 per month for water and sewer services. This is significantly higher than the national average of $70.39 per month. However, it's important to note that water rates in Buffalo are based on usage, so if you're able to conserve water, you may be able to lower your monthly bill.

Internet

When it comes to internet services, residents of Buffalo have a variety of options to choose from, including cable (spectrum), fiber (verizon fios), and DSL providers. Prices for internet services can vary depending on the provider and the speed of the connection, with some providers offering packages starting as low as $30 per month. I pay around $90 per month for my verizon fios, and honestly it's the best service here hands down in my opinion

IV. Groceries

When it comes to the cost of groceries, Buffalo offers relatively affordable options compared to many other cities across the United States. According to Numbeo, a website that collects cost of living data from around the world, the cost of groceries in Buffalo is roughly on par with the national average.

Now Inflations has definitely jacked these prices up signifinactly, i remember when A gallon of milk was  $3.14, and a dozen eggs costs an $2.31, but now that same gallon of mile maybe $4.29 and just last week a carton of eggs was $6.94. I eat 6 eggs a day so you can only guess how much I spend on eggs a month, HA. 

It's worth noting that prices may vary depending on the specific grocery store and neighborhood you shop in. For example, prices may be slightly higher in more upscale neighborhoods or specialty stores. However, there are many options for affordable grocery shopping throughout Buffalo, including major chains like Wegmans and Tops, as well as local markets and co-ops.

One thing to keep in mind when shopping for groceries in Buffalo is the cost of sales tax. In Erie County, which includes Buffalo, the sales tax rate is currently 8.75%. While this may not seem like a significant amount, it can add up over time and impact your overall grocery budget.

D. Local food scene and options for saving money on groceries

One of the great things about living in Buffalo is the city's vibrant food scene. From classic Buffalo wings to ethnic cuisine and farm-to-table fare, there are plenty of options for foodies to explore. While eating out can be a fun way to experience the city's culinary offerings, it's also important to consider the cost of dining out versus cooking at home.

Thankfully, there are many options for saving money on groceries in Buffalo. One great way to save money is to shop at local farmers' markets and co-ops. These markets offer fresh, locally grown produce at affordable prices, and can be a fun way to connect with the community and support local farmers.

Another option for saving money on groceries is to shop at discount stores like Aldi (my favorite store) and Save-A-Lot. These stores offer a wide variety of grocery items at lower prices than traditional supermarkets, and can be a great way to stretch your budget.

If you prefer to shop at traditional supermarkets, there are still ways to save money. Many stores offer loyalty programs that provide discounts and coupons for frequent shoppers. It's also a good idea to compare prices across different stores and brands, as prices can vary significantly depending on where you shop.

V. Transportation

When considering the cost of living in Buffalo, it's important to factor in transportation costs. Buffalo is a relatively car-dependent city, with most residents relying on their own vehicles to get around. However, there are also other transportation options available, such as public transit, biking, and walking.

Public Transit

The Niagara Frontier Transportation Authority (NFTA) operates Buffalo's public transit system, which includes buses and a light rail system known as the Metro Rail. The Metro Rail runs on a single line through downtown Buffalo and into the surrounding suburbs, providing an affordable and convenient option for commuters.

Fares for the Metro Rail are reasonable, with one-way trips costing $2. Metro Rail riders can also purchase daily or weekly passes for unlimited rides, which can be a cost-effective option for frequent commuters.

The NFTA also operates a bus system that covers the greater Buffalo area. While bus routes can be less frequent and reliable than the Metro Rail, they offer a wider coverage area and can be a good option for those who live farther from the city center. I hear a lot of complaints about the metro system here, and personally don't think it's at the standard it should be. You’re not going to hop on the bus to take you any and everywhere, the way you can in most major cities.

Biking and Walking

Buffalo has a growing network of bike lanes and trails, making biking and walking more accessible than ever before. Many residents take advantage of these options, especially in the warmer months. Buffalo's compact layout and grid street system also make it a relatively easy city to navigate on foot.

Car-Ownership

For those who prefer to own a car, the cost of vehicle ownership in Buffalo is generally lower than in other major cities. Gas prices are $3.29 per gallon as of February 2023 in Buffalo and  are often lower than the national average, and parking rates are generally reasonable with single day parking around $60-$75 per month. And $5-$15 for 12 hours if your going downtown for the night.

However, it's important to consider the cost of car insurance, registration, and maintenance when factoring in transportation costs. Insurance rates in Buffalo can be relatively high due to factors such as weather-related accidents and a high number of uninsured drivers. Additionally, winter weather can make driving more challenging, requiring additional expenses for winter tires and maintenance.

VI. Overall Cost of Living in Buffalo, NY

When looking at the cost of living in Buffalo, it's important to consider all of the factors that make up the cost of living. While housing, utilities, and groceries are some of the most significant expenses, there are also other costs to consider.

Health Care

The cost of health care can vary significantly depending on individual circumstances such as age, health status, and insurance coverage. However, it's important to note that Buffalo has a relatively high concentration of hospitals and medical facilities, which can provide more affordable and accessible health care options compared to other cities.

Taxes

New York State has a reputation for high taxes, and Buffalo is no exception. However, it's worth noting that property taxes in Buffalo are generally lower than in other major cities. Additionally, New York State offers a number of tax credits and exemptions for homeowners and renters that can help offset the cost of living.

Entertainment and Recreation

Buffalo has a vibrant arts and culture scene, with a variety of museums, galleries, and theaters to explore. The city also has many parks and outdoor spaces, including the popular Delaware Park and Niagara Falls State Park. While some entertainment and recreational activities may come with a cost, there are also many free and low-cost options available.

Employment and Wages

Finally, it's important to consider the job market and average wages when looking at the overall cost of living in Buffalo. The city has a diverse economy, with major industries including health care, education, and manufacturing. While wages may be lower compared to other cities, the cost of living in Buffalo is also generally lower, making it possible to achieve a comfortable standard of living.

Factors that make Buffalo an affordable option for families looking to relocate

Housing Affordability

As mentioned earlier, the cost of housing in Buffalo is relatively low compared to other major cities in the United States. This means that families can find affordable housing options without having to compromise on quality or location. In addition, Buffalo offers a variety of housing options, including single-family homes, apartments, and townhouses, making it easy for families to find a home that meets their needs.

Low Cost of Living

While the cost of housing is an important factor to consider when relocating, it's also important to consider the overall cost of living. Buffalo has a low cost of living compared to other major cities, which means that families can save money on other expenses like groceries, utilities, and entertainment.

Strong Job Market

Buffalo has a diverse economy, with major industries including health care, education, and manufacturing. This means that families can find a variety of job opportunities, making it easier to achieve financial stability and a comfortable standard of living.

Access to Quality Education

Buffalo is home to a number of high-quality schools, both public and private, making it a great option for families with children. In addition, the city is home to several colleges and universities, including the State University of New York at Buffalo, which provides opportunities for continuing education and career advancement.

Vibrant Arts and Culture Scene

Buffalo has a thriving arts and culture scene, with a variety of museums, galleries, and theaters to explore. This provides families with opportunities for entertainment and cultural enrichment, without having to spend a lot of money.

In summary, Buffalo offers a variety of affordable options for families looking to relocate. With its low cost of living, strong job market, access to quality education, and vibrant arts and culture scene, Buffalo is a great option for families who want to enjoy a high quality of life without breaking the bank.