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Buffalo's millennials are buying homes at one of the highest rates in the country

Posted at 5:52 PM, Jan 03, 2019
and last updated 2019-01-04 09:26:52-05

BUFFALO, N.Y. (WKBW) — Buffalo has the 4th highest rate of millenial home purchases in the country, according to Lending Tree.

Out of all the home purchases in the city last year, 46 percent were made by people under 35. The only cities with higher rates were Salt Lake City, Minneapolis, and Pittsburgh.

Rochester had the 9th highest rate of young people buying homes coming in at 9th in the country.

Susie Lanaham, a real estate broker with MJ Paterson said it's because Buffalo is prices aren't as extraordinary as places like New York City and San Francisco.

"We are in the top ten markets in Buffalo, New York, for millennial buyers that's because we are so affordable," she said.

The average Buffalo home loan in 2018 was around $126,000 and the average downpayment was $19,000.

She said the most popular areas are around Hertel Avenue and in the Elmwood Village.

The average house sells after about a month on the market, but for nicer homes, it can be as little as a week.

"A really good house like this one I just described 7-10 days."

Part of the reason millenial home purchases are on the rise is because it's part of the cycle of home buyers.

"Older couples ready to move on to a condo, or maybe they are moving south," Lanaham said.

Younger people are beginning to get married, have children, and need to more space to raise a family.