Buffalo named hottest housing market in 2024: report

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By journalsofus.com

real estate

According to a report, Snowy Buffalo will be the hottest housing market in 2024.

Despite notoriously long, harsh winters, Western New York City tops Zillow’s list of the 50 “hottest” markets of 2024 due to its affordability — making home buying a real possibility for young people.

“Housing markets are at their healthiest where affordable home prices and strong employment are giving young candidates a real opportunity to buy equity and get a head start,” Anushna Prakash, data scientist at Zillow Economic Research, said in the real estate company report.

According to Zillow estimates, the typical home value in the Queen City is currently $248,445 – well below the national average of $347,415.

According to Zillow, Buffalo, New York is expected to be the hottest housing market by 2024. kickstand
According to Zillow, a typical home in Buffalo costs $248,445. benedek

According to the report, if a buyer puts 5% down on a typical home in Buffalo, the mortgage would be $1,792. Typical rental cost is $1,257 per month.

Zillow measured the expected demand for housing in Buffalo by comparing the number of new jobs being created in the city and the number of new homes being built.

Of the 50 cities analyzed by the company, Buffalo had the highest number of jobs per new housing units – which is expected to drive home prices higher unless additional units are built to keep up with demand.

Charlotte was named Zillow’s most popular housing market in 2023 – as housing costs hit record highs for buyers and renters nationwide.

House prices are expected to increase with the increase in job opportunities. Hsa_Htaw
Niagara Falls is just a short distance from western New York City. Ondrej Bucek

Trailing Buffalo in this year’s rankings are the Midwestern cities of Cincinnati and Columbus, Ohio.

Zillow found, “Inventory is moving very quickly in Cincinnati, and owner-occupied homes in Columbus are experiencing the fastest-than-expected growth, a sign of family formation and population growth.”

Buffalo was home to about 276,000 people as of the 2020 census, but it was once home to more than twice as many people as in 1950, when the population reached 580,000 before industrial jobs were lost and the city declined.

In October, New York Senator Chuck Schumer announced that the Buffalo-Rochester-Syracuse area was declared a federal “tech hub” under the CHIPS and Science Act and billions in federal funding to make the region a hub for manufacturing. Will be received.

The city is also home to several universities – including the University at 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. Buffalo could see 133.6 inches of snowfall in 2022-2023, according to the National Weather Service.

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