CALCMONEY // HOME AFFORDABILITY // NY // BUFFALO
How much house can you afford in Buffalo? Based on local median home prices, current NY mortgage rates, and Buffalo property tax data.
$195,000
$1,449/mo
$62,085/yr
$132,941
Monthly housing costs of $1,449 represent 36.2% of Buffalo's median gross monthly income ($4,000/mo). At 36.2%, median-income buyers in Buffalo are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $195,000 |
| Down Payment (20%) | $39,000 |
| Loan Amount | $156,000 |
| Monthly PI Payment | $1,033 |
| Monthly Property Tax | $335 |
| Monthly Insurance Est. | $81 |
| Total Monthly PITI | $1,449 |
| Housing Cost % of Income | 36.2% |
| Required Income (28% rule) | $62,085/yr |
| Max Affordable Home | $132,941 |
$6,825
$1,795/mo
Buffalo Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $195,000 | Buffalo city median |
| Down Payment (20%) | $39,000 | Conventional loan |
| Monthly PITI | $1,449 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $62,085 | Annual gross |
| Max Affordable Home | $132,941 | Based on median income |
| FHA Down (3.5%) | $6,825 | Minimum FHA |
| Housing Cost % of Income | 36.2% | Median income: $48,000/yr |
| Property Tax Rate | 2.06% | $4,017/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Buffalo is $195,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $156,000, generating a monthly P&I payment of $1,033. Adding property taxes ($335/mo) and homeowners insurance ($81/mo) brings total monthly PITI to $1,449.
Buffalo's property tax rate of 2.06% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Buffalo median home, that is $335/month, or $4,017 per year.
New York levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Buffalo should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Buffalo's median income of $48,000/year can afford up to $1,120/month in total housing costs. Based on Buffalo's mortgage rate of 6.95% and property tax rate of 2.06%, that translates to a maximum affordable home price of approximately $132,941 with 20% down on a 30-year loan.
To afford the median Buffalo home priced at $195,000, you need an annual gross income of approximately $62,085. Total monthly housing costs (principal and interest of $1,033, property taxes of $335, and insurance of $81) come to $1,449/month, which equals 28% of the required income.
At the median home price of $195,000 and median household income of $48,000, the total monthly housing cost of $1,449 represents 36.2% of gross monthly income. This is well above the standard 28% threshold, making Buffalo a challenging market for buyers at median income.
A conventional 20% down payment on the median Buffalo home of $195,000 is $39,000. An FHA loan requires just 3.5% down — $6,825 — but adds mortgage insurance of roughly $133/month, bringing total FHA payments to $1,795/month.
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