Oct 15

2024

Infographic: To buy or to rent? Either costs more

Median housing values up 46%, rents up 25% in Erie County over past five years; Niagara County values up 39%, rents up 47%.
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The median value of a home in Erie County reached $241,900 in 2023; in Niagara County, $189,700, according to Census Bureau estimates. (Median defined as point at which half are above, half below.)
Year-to-year Census Bureau estimates for the largest municipalities show median housing values up almost 50% from 2019 to 2023 in Amherst and Buffalo, more than 60% in Cheektowaga and almost 40% in Town of Tonawanda. The Amherst median — $336,000 — is almost twice that of Buffalo, at $174,200.

Rent also rises

Median monthly rent hit $1,067 in Erie County, with its four largest municipalities — Buffalo, Amherst, Cheektowaga and Town of Tonawanda — all over $1,000 as of 2023. The Niagara County median was $985.

The Census Bureau’s American Community Survey releases one-year estimates for communities with populations over 65,000. The Census Bureau also provides five-year estimates for all communities, which are less current but more reliable for smaller towns and cities with smaller sample size. Most recent is 2022 five-year data, which is based on samples collected from 2018 to 2022.

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posted 1 month ago - October 15, 2024
Investigative Post