Who Can Afford The Rising Rents In Western New York?

Summertime in the Empire State often means a lot of good things are happening around town. Not only are people outside enjoying the great weather and all the amazing food that we have available to use, but folks are also on the move.

Given that the winter weather in New York seems to last forever, home buying and renting activities generally slow down during the colder months. That means the inverse happens in the spring and summer as the home sales and rentals market really starts to heat up.

While this is good news for home-sellers and real estate brokers, a hot housing market is often bad news for those looking to buy or rent a new home, especially since inflation has made sure that the costs are ever-increasing.

Western New York Rents Increasing To Unaffordable Levels

According to new rental data released by Zillow, rental rates in Buffalo have been increasing at a steady pace of 7-9% per year since 2020, and now the average rental unit in Buffalo costs around $1,400 per month.

When looking at data that is made available by the U.S. Department of Housing and Urban Development, these figures seem to be right on target as the fair market rent for a three-bedroom apartment in Erie and Niagara County hovers right around $1,438 per month.

While real estate investors and property owners might be rejoicing at these figures, those looking to rent may be struggling to make ends meet.

According to the US Census Bureau, the per capita income in Buffalo is only $30,995 per year, which means the average person is paying more than 50% of their income just to live in an apartment. With nearly 30% of the population living in poverty in Buffalo, things are at nearly unaffordable levels for the average Buffalonian.

Considering that Buffalo once again has the hottest housing market in the nation, things do not seem like they will be getting better for those living on the margins anytime soon.