BUFFALO, N.Y. (WKBW) — New data shows the Queen City is becoming more attractive to young people.
Last spring, data collected by the National Association of Realtors showed 42% of homes in the Buffalo-Niagara Falls-Cheektowaga areas are affordable for millennials. One reason given has to do with wages and mortgages. The association said people are making more money while mortgages are slower to increase.
John Wagner of 716 Realty Group on Hertel Avenue in Buffalo said he's seen a "boom in the Buffalo real estate market since 2016." One reason he said is simply: supply and demand. There are not enough homes for the number of people looking to buy. When it comes to millennials, Wagner said they make up the majority of his buyers.
"The median sale price in Erie County is about $180,000 compared to New York as a whole is about $320,000. So while we do see price increases, it is on track. It's catching up. It's not like we're necessarily overvaluing anything," Wagner said. He continued, "It's a low cost to get in and it should rise as time goes on."
Another factor Wagner believes is driving millennials to buy homes is the comparable cost of rent in the area to a monthly mortgage payment. He said he's seeing millennial homebuyers plant their roots in the city, North Tonawanda, Cheektowaga and Kenmore.