Based on median sale price and median income, the Buffalo Niagara region ranked 5th among large metro areas on the quarterly “Housing Opportunity Index” created by the National Association of Home Builders and Wells Fargo.
The region earned an “affordability” score of 93.3 percent, meaning that percentage of new and previously occupied homes sold from April through June were considered affordable for a family earning the region’s median income. In Buffalo Niagara, the median sale price was $112,000, meaning half the homes sold for less than and more than that amount. The median family income was $63,700.
The survey does not take into account property taxes, often cited as a negative factor offsetting the region’s relatively inexpensive housing.
No. 1 on the most-affordable list for the second quarter was Syracuse, with a rating of 97.2 percent. Second was Indianapolis, which had held the No. 1 spot for five straight years. Upstate New York was well represented on the list, with Rochester at No. 10.
Photo: Eliot Square, Buffalo NY via Flickr