A beautiful city in every season, Buffalo is brimming with renewed life. The renovation of the city’s iconic Canalside paired with plenty of new jobs has driven a revival for this Rust Belt burg.
Chicken wings (invented here), breweries and affordable living make the City of Good Neighbors favorable for anyone. If you are in the market for a new place to call home, explore Buffalo.
What is the average rent in Buffalo?
Recent investments have driven an economic boom of sorts in Buffalo. This has resulted in an increase in demand to live in the city and its surrounding metro area.
Nationwide, the average rent has decreased over the past year — that is not the case here. The average rent for a one-bedroom in Buffalo is $1,427 (12 percent below the national average), up 28.78 percent over the past year. Some neighborhoods have increased rental prices while others have decreased. There are plenty of options for those who are not looking to break the bank.
How much do I need to make to live in Buffalo?
You will need to cover the costs of living in Buffalo. Experts recommend that you do not spend more than 30 percent of your pre-tax income on housing. This gives you wiggle room for other expenses that will arise.
Considering the average one-bedroom apartment will cost you $17,124 a year, one would have to make $57,080 to live comfortably in Buffalo. This is a welcome figure for residents, who on average make $61,000. This leaves room to enjoy the food and attractions that make Buffalo a wonderful destination and home.
Students, professionals and people looking for a change of scenery can certainly find a place in Buffalo. Despite rising rent prices, there are housing options that fit anyone’s budget. There is also an easy way to calculate your budget sweet spot by using our rent calculator.
The cost of living in Buffalo
After figuring out a realistic budget for your housing, it is time to contemplate the additional costs associated with living in this area. There are plenty of things to consider before coming to a decision.
To get a good idea of how this city compares to others around the nation, we can refer to the average cost of common items. Known as the cost-of-living index, this number is 96.7 in Buffalo. That’s 3.3 percent below the national average, making Buffalo an all-around affordable place to live.
- Healthcare: The cost of healthcare in Buffalo is 14.5 percent below the national average
- Groceries: The cost of groceries in Buffalo is 5.8 percent below the national average
- Housing: The cost of housing in Buffalo is 5 percent lower than the national average
- Utilities: The cost of utilities in Buffalo is 3 percent lower than the national average
- Transportation: The cost of transportation in Buffalo is 2.1 percent lower than the national average
- Miscellaneous goods and services: The cost of miscellaneous goods and services in Buffalo is 0.3 percent more than the national average
The only thing in Buffalo that comes in above the national average is the costs of miscellaneous goods and services. This paints a picture of a budget-friendly city.
Knowing this information will give potential residents an idea of what living in or near the city can look like for their wallets.
The most and least expensive neighborhoods in Buffalo
Buffalo has a pretty large metro area with a variety of unique neighborhoods spread throughout. There is a downtown area that hosts many of the jobs, and a lot of people commute in for work.
There are also nine colleges in Buffalo which contribute to a large student population and plenty of student housing. Proximity and accessibility play a role in the pricing of units in particular neighborhoods. Some people in Buffalo use public transportation, though it is more common to find folks traveling by car.
The downtown area of Buffalo will cost a bit more than the northern area. The west side of Buffalo has plenty of available units and has been growing in size for a while now. The east side of Buffalo is a bit more expensive with its proximity to shops and restaurants. This part of the city also has some waterfront apartments, with many parks and things to do nearby.
Overall, the Buffalo area has housing for anyone. Units pop up often, and more apartment complexes continue going near some of the in-demand areas.
With the large population of university students, there is a lot of turnover for units near the schools. It could be a good idea to monitor those spots in addition to keeping an eye on the other neighborhoods in Buffalo.
The most expensive Buffalo neighborhoods
The Grant Ferry ($1,556 average) and Joseph Ellicott Historic Preservation District ($1,573 average) areas are at the top of the list due to their proximity to restaurants and stores on Elmwood Avenue.
Downtown Buffalo ($1,467 average) comes in a bit cheaper. This area has a lot going for it. You can catch a Sabres game at KeyBank Center or concerts and comedy shows all over the cobblestone-paved downtown area. Nearby Canalside has plenty of offerings, including concerts, restaurants and warship tours. In the winter, you can find ice skating and enclosed rooftop patios for dining.
The West Side neighborhood has been a growing area and boasts many available units averaging $1,401 for a one-bedroom unit. The city has been putting a concerted effort into growing this neighborhood, so it has a lot of potential for new residents. Diverse in its makeup, West Side is a hotspot for great food.
| Rank | Neighborhood | 1BR Average Rent | YoY Rent Price Changes |
|---|---|---|---|
| 1 | Joseph Ellicott Historic Preservation District* | $1,573 | 5.87% |
| 2 | Grant Ferry | $1,556 | N/A |
| 3 | Downtown | $1,467 | -1.23% |
| 4 | Government Sector | $1,460 | N/A |
| 5 | West Side | $1,401 | 2.41% |
*May not be a true market representation due to insufficient inventory
The cheapest Buffalo neighborhoods
There are cheaper options in Buffalo, but it might take some regular searching to find an available place. The area with the most available units is Forest ($1,347 average). Located right near the State University of New York College at Buffalo (aka Buffalo State College), this area has great access to the Elmwood Strip and Delaware Park. It is right in the middle price-wise, yet much lower than the national average.
Starin Central ($1,227 average), next to North Buffalo ($1,227 average), is near Buffalo State’s South Campus. Close to a bike path, this neighborhood is a favorite among two-wheel commuters. The bike trail leads you right to the Niagara River and plenty of other attractions. The rent has been increasing at an alarming rate in North Buffalo (28.52 percent over the last year) — so make sure to keep this in mind.
Some of the student housing in North Buffalo, Starin Central and Forest may provide an affordable opportunity, as many landlords are not committed to housing students only. It never hurts to ask!
You can also check out Bryant or Elmwood, which have great locations overall but do not possess the same access to food and entertainment that other neighborhoods do. Instead, the low cost of living in Buffalo paired with the cheaper rent in these spots will allow one to save money and live life more affordably.
| Rank | Neighborhood | 1BR Average Rent | YoY Rent Price Changes |
|---|---|---|---|
| 1 | Bryant | $918 | -0.04% |
| 1 | Elmwood | $918 | 2.90% |
| 3 | Lakeview | $1,157 | N/A |
| 4 | Lower West Side | $1,157 | N/A |
| 5 | Central Park | $1,227 | N/A |
| 5 | North Buffalo | $1,227 | 28.52% |
| 5 | Starin Central | $1,227 | N/A |
Average rent prices in Buffalo neighborhoods
There are so many options for renting in Buffalo. You can snatch up a place for $918 in Elmwood or a beautiful river-view apartment in Grant Ferry for $1,556. Here are the average prices for each neighborhood.
| Neighborhood | 1BR Average Rent | YoY Rent Price Changes |
|---|---|---|
| Bryant | $918 | -0.04% |
| Central Park | $1,227 | N/A |
| Downtown | $1,467 | -1.23% |
| Elmwood | $918 | 2.90% |
| Forest | $1,347 | -1.58% |
| Fruit Belt* | $1,400 | -3.45% |
| Government Sector | $1,460 | N/A |
| Grant Ferry | $1,556 | N/A |
| Joseph Ellicott Historic Preservation District* | $1,573 | 5.87% |
| Lakeview | $1,157 | N/A |
| Lower West Side | $1,157 | N/A |
| Masten* | $1,400 | -3.45% |
| North Buffalo | $1,227 | 28.52% |
| Starin Central | $1,227 | N/A |
| West Side | $1,401 | 2.41% |
*May not be a true market representation due to insufficient inventory
Find your Buffalo neighborhood
The City of Good Neighbors residents find so much to do inside the city and in the surrounding area. The Buffalo Bills, Niagara Falls, Fort Niagara and Lake Erie attract people from all over the world. The chicken wings and great culture have led many to call Buffalo their home. You can, too.
Just select your ideal neighborhood for your apartment and start planning your next big move.
