Situated in far western New York, Buffalo is home to approximately 260,000 residents. It is known at the “City of Good Neighbors,” and this is indicative of the city’s excellent reputation for having a friendly, welcoming spirit. The town is located on beautiful Lake Erie and has ample job opportunities available through numerous major employers in various industries, and it offers a lot to its charming residents. If you are thinking about relocating to Buffalo soon, a closer look at key factors may be in order.
Mortgage Loans in Buffalo
Real estate in Buffalo is very reasonably priced, and because of this, many of the city’s residents choose to purchase a home rather than to rent their home. Some will pay for their home with cash, but many will need to use a mortgage loan. Just as is the case throughout the country, there are an exceptional range of loan programs available for home buyers to choose from in Buffalo. Common options include conventional loans, FHA loans, VA loans and jumbo loans. You can easily choose from great rates for both fixed and adjustable interest rates, and you can opt for a 15, 20 or 30-year term in many cases. This gives you the ability to set up an affordable mortgage payment that works well for your budget.
Typical Buffalo Housing Prices
In the United States, the average home price is approximately $270,000. If you are thinking about buying a home in Buffalo, you will be thrilled to learn that the median home price in this area is only $68,800. If you choose to rent a home, you can expect to pay an average rental payment of $699 per month. This is very affordable in comparison to many other areas of the country, and this is indicative of a favorable cost of living for Buffalo residents to enjoy.
Personal Income Levels in Buffalo
Many people who are thinking about relocating to Buffalo want to know how far their dollar will go in Buffalo, and a closer look at personal income levels in Buffalo is a good idea. The per capita income in Buffalo over the last 12 months is $20,751, and the median household income in this city is $31,918. In addition, approximately 31 percent of the population in Buffalo lives below the poverty line. These factors indicate that you may be able to stretch your dollar far when living in this town.
Public Schools in Buffalo
The quality of education is a top concern for parents who are planning to relocate to Buffalo. There are some private schools that you can consider sending your kids to, but Buffalo also has a great public school system. Buffalo Public Schools is the second largest school district in the state, serving approximately 34,000 students. It offers exceptional academic and enrichment programs for its students. Notably, City Honors School is one of the most well-recognized schools in the country for academics.
Buffalo Crime Information
If you are interested in learning more about Buffalo crime rates, you are not alone. Crime rates vary substantially in various areas of the city. Some of the safer areas of town include Greiner Road at Shimerville Road, N Forest Road at Forest Hill Drive, Getzville at North Forest Acres and others. Overall, the city has a significantly higher crime rate than the rest of the state and the nation. It ranks higher in all areas, including murder, rape, assault, robbery, theft, burglary and motor vehicle theft. If you are thinking about relocating to Buffalo, your real estate can help you to learn about the safer communities in Buffalo to move to.
As with any community in the United States, there are both pros and cons associated with life in Buffalo. While many are drawn to the area for job opportunities and to enjoy the benefits of living in a moderately sized town on the shores of Lake Erie, you certainly want to explore various communities in detail to find the best place to call home. You can get pre-qualified for a home loan and can work with a real estate agent to learn more about Buffalo as first steps.