Buy vs Rent in Buffalo, NY (2026)
Median home price $220K · 1BR rent $1,250/mo · Price-to-rent ratio 14.7x.
Median home price
$220K
1BR rent
$1,250/mo
Price-to-rent ratio
14.7x
Verdict
Buy signal
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $7,700 | $22,000 | $44,000 |
| Mortgage (P&I) | $1,412/mo | $1,317/mo | $1,171/mo |
| Property tax (est.) | $202/mo | $202/mo | $202/mo |
| Insurance (est.) | $92/mo | $92/mo | $92/mo |
| Maintenance (est.) | $183/mo | $183/mo | $183/mo |
| Total monthly cost | $1,889vs rent: +$639/mo | $1,794vs rent: +$544/mo | $1,648vs rent: +$398/mo |
| Income to qualify | $60,514/yr | $56,443/yr | $50,186/yr |
| Break-even (approx.) | ~1 yrs | ~3 yrs | ~9 yrs |
Buffalo housing context
$53K
Median HH income
per year
$50,186
Income needed (20% down)
per year
Qualified
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Buffalo?
Buffalo's price-to-rent ratio of 14.7x suggests buying may be financially advantageous. When PTR is below 15, the cost of ownership often comes close to renting over a 5-7 year horizon.
How much do I need to earn to buy a home in Buffalo?
With a median home price of $220K in Buffalo, you'd need an annual income of roughly $50,186 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $56,443/year.
Buffalo full cost of living breakdownCheaper cities near BuffaloHow much to retire in BuffaloCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only