Buffalo Housing Market Excels While Other Cities Bust
Buffalo, NY has again made a list that many other cities can only wish they were on. While Buffalo may have not seen the huge increases in home prices back in the 1990’s and eary 2000’s, we also did not see the massive declines that many cities are now struggling with.
Yahoo.com has ranked Buffalo in the top 5 for markets beating the housing bust.
According to the story on Yahoo.com, most home prices around the country have increasing by a mere 4.3%. Experts say this isn’t bad and it does show signs of improvement. In comparison, the price for a home in Buffalo has increased by over 13%. Experts attribute this to the fact that Buffalo home prices were never over inflated as was the case in many other cities.
Another statistics Buffalo can boast about is that the foreclosure rate in the city is only about 0.7% compared to the national average of 2.2%.
Much of this I believe can be attributed to the blue collar population here in Western New York where you work hard for what you have and only purchase what you can afford.