BUFFALO, N.Y. (WIVB) - Forbes Magazine says Buffalo is the most affordable city in the United States. Forbes looked at housing and cost of living when determining the list.
According to Forbes, Buffalo’s median family income is $63,500 and a median home sale price of $100,000, making home ownership attainable for 88.5 percent of the local population. Forbes says New York State is home to cities on both ends of the spectrum, with New York City ranked as the most overpriced city.
Buffalo Niagara Association of Realtors CEO John Leonardi said, “Buffalo is a great place to live. You get a lot of house for your money. When you look at the amount of house you can get, the quality of life, the various indices that they went through to pick Buffalo, it’s great news for Western New York.”
Buffalo Niagara Enterprise CEO Thomas Kucharski says affordability is a powerful tool for attracting employers to Buffalo, especially when talking to executives in big cities, like New York.
“What a house costs, what the taxes are. By the last session we had there, the room was full [of people saying], ‘Tell me more. I can actually afford a beautiful home in Buffalo?’” Kucharski said.
Mayor Byron Brown says the affordability of homes is attracting even more buyers to the city.
“There is increasing demand for people not only to locate their primary residence in the city, but also people looking to locate their business in the city,” he said.
Forbes list of the Top 10 most affordable U.S. cities is below:
- 1. Buffalo
- 2. Memphis
- 3. Cincinnati
- 4. Dayton
- 5. Knoxville
- 6. Akron
- 7. Grand Rapids
- 8. Louisville
- 9. Oklahoma City
- 10. Warren, Mich.