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Friday, March 29, 2024

New data shows Buffalo area ideal for millennial homebuyers

Credit: WKBW Buffalo
Duration: 01:39s 0 shares 1 views

New data shows Buffalo area ideal for millennial homebuyers
New data shows Buffalo area ideal for millennial homebuyers
Recent data shows the Queen City is becoming more attractive to young people.

A RECENT STUDYSHOWS THE QUEENCITY IS BECOMINGMORE ATTRACTIVE TOYOUNG PEOPLE.NIKKI DEMENTRI JOINSUS NOW WITH THEFACTORS THAT CANMAKE BUFFALO AMAGNET FORMILLENNIALS.MILLENNIALHOMEBUYING...WE'VETALKED ABOUT ITBEFORE HERE ON 7EYEWITNESSNEWS...IT'S AGROWING TRENDNATIONALLY...BUT THERE'S EVENMORE DATA SHOWINGWHY BUFFALO IS ANIDEAL PLACE FORMILLENNIALS TO BUYHOMES.REWIND TO LASTSPRING -- AND DATACOLLECTED BY THENATIONALASSOCIATION OFREALTORS SHOWS42% OF THE HOMESHERE IN THE BUFFALO- NIAGARA FALLS --CHEEKTOWAGA AREASARE AFFORDABLE FORMILLENNIALS.HEAD OVER THEROCHESTER AND THATNUMBER DROPS TO37%.ONE REASON --WAGES VERSUSMORTGAGES...THEASSOCIATION SAYSPEOPLE ARE MAKINGMORE MONEY WHILEMORTGAGES ARESLOWER TOINCREASE...JOHN WAGNER SAYSHIS OFFICE -- 716REALTY GROUP ONHERTEL AVENUE -- HASSEEN A "BOOM" IN THEBUFFALO REAL ESTATEMARKET SINCE 2016.ONE REASON HE SAYSIS SIMPLY SUPPLY ANDDEMAND -- MOREPEOPLE HAVE BEENLOOKING TO BUYHOMES IN THE AREA,THAN HOMES ARE FORSALE.WHEN IT COMES TOMILENNIALS --WAGNER SAYS THEYMAKE UP THEMAJORITY OF HISBUYERS.THE MEDIAN SALEPRICE IN ERIE COUNTYIS ABOUT $180KCOMPARED TO NEWYORK AS A WHOLE ISABOUT $320K, SOWHILE WE DO SEEPRICE INCREASES IT ISON TRACK, IT'SCATCHING UP.

IT'S NOTLIKE WE'RENECESSARILYOVERVALUINGANYTHING.SO IT'S A LOW COST TOGET IN AND IT SHOULDRISE AS TIME GOES ON.ANOTHER FACTORWAGNER BELIEVES ISDRIVING MILENNIALSTO BUY HOMES IS THECOMPARABLE COSTOF RENT IN THE AREATO A MONTHLYMORTGAGE PAYMENT.WAGNER ADDS HE'SSEEING MILLENNIALHOMEBUYERS PLANTTHEIR ROOTS IN THECITY, NORTHTONAWANDA,CHEEKTOWAGA ANDKENMORE.NIKKI DEMENTRI,7EWN.

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