Mortgage payment estimates, closing cost breakdowns, and homebuying data for Buffalo, New York.
Median Home Price
$215K
Population
278K
Avg Monthly Rent
$1,150
Property Tax Rate
1.72% *
* Property tax shown is the New York state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Buffalo.
Buffalo vs New York Median
The median home price in Buffalo is $215,000, which is 50% below the New York state median of $430,000.
Mortgage Calculator — Buffalo, NY
Pre-filled with Buffalo median home price and New York tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $215K home using New York's 1.72% tax rate and $2,100/yr insurance.
5% Down
$1,893/mo
Down: $10,750
Loan: $204K
P&I: $1,291
Tax: $308
Insurance: $175
PMI: $119
10% Down
$1,819/mo
Down: $21,500
Loan: $194K
P&I: $1,223
Tax: $308
Insurance: $175
PMI: $113
20% Down (No PMI)
$1,570/mo
Down: $43,000
Loan: $172K
P&I: $1,087
Tax: $308
Insurance: $175
Income needed (28% rule): $67K/year with 20% down, $78K/year with 10% down.
Rent vs Buy in Buffalo
Rent
$1,150/mo
vs
Buy (10% down)
$1,819/mo
Price-to-rent ratio: 15.6 — A ratio between 15-20 means the rent vs buy decision in Buffalo depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Buffalo is $215,000, 50% below the New York state median of $430,000. With a population of 278,349, Buffalo is a mid-size city where home prices tend to be more accessible than in many parts of New York.
Property taxes in New York average 1.72% annually. This higher-than-average tax rate means a $215,000 home in Buffalo would carry roughly $308/month in property taxes alone — plan accordingly. Homeowners insurance in New York runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Buffalo is $1,150/month. The price-to-rent ratio in Buffalo is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Buffalo offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New York's SONYMA Achieving the Dream program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Buffalo.