Estimate your monthly mortgage payment in Buffalo. With a median home price near $230,000 and a property tax rate around 2.3%, see your full principal, interest, tax, and insurance payment.
Last updated: May 2026 · Data: MIT Living Wage Calculator, C2ER, U.S. Census, BLS, IRS, state and city sources
The median home price in Buffalo is about $230,000, and Erie County has an effective property tax rate near 2.3% of value per year. New York funds schools and local services with high property taxes, especially upstate, so the tax line is often the largest part of the payment outside the mortgage itself.
| Cost Item | Buffalo Estimate |
|---|---|
| Median Home Price (2026) | $230,000 |
| 20% Down Payment | $46,000 |
| Loan Amount (80% LTV) | $184,000 |
| Effective Property Tax Rate | 2.3% per year |
| Est. Annual Property Tax | $5,290/year |
| Est. Monthly Property Tax | $441/month |
| Average Rent (2-bedroom) | $1,500/month |
Your payment includes principal and interest (fixed for a fixed-rate loan), plus property tax and insurance, typically escrowed. With less than 20% down you also pay PMI, usually 0.5% to 1.5% of the loan per year until you reach 20% equity.
Buffalo is the second-largest city in New York and the hub of Western New York, with an economy rebuilt around healthcare and the Buffalo Niagara Medical Campus, higher education, advanced manufacturing, financial services back offices, and cross-border trade with Canada.
| Local Metric | Buffalo (2026 estimate) |
|---|---|
| Metro population | 275,000 |
| County / jurisdiction | Erie County |
| Cost of living index (US avg = 100) | 95 |
| MIT living wage, single adult | $20.50/hour |
| MIT living wage, one earner supporting a family of four | $40.50/hour |
| Applicable minimum wage | $16.00/hour |
| Average rent, 1-bedroom | $1,250/month |
| Average rent, 2-bedroom | $1,500/month |
| Median home price | $230,000 |
| Median household income | $47,000/year |
| Combined sales tax rate | 8.75% |
| Effective property tax rate | 2.3% of value/year |
Local figures are 2026 estimates compiled from the MIT Living Wage Calculator, the C2ER Cost of Living Index, U.S. Census and Zillow housing data, and city and county sources. Verify current figures before relying on them.
The median home price in Buffalo is approximately $230,000 in 2026. A 20% down payment is about $46,000, leaving a loan of roughly $184,000. Prices vary widely by neighborhood.
The effective property tax rate in Erie County is about 2.3% of value per year. On a $230,000 home that is roughly $5,290/year, or about $441/month, usually collected through escrow.
A common guideline keeps housing payments (PITI) under 28% of gross monthly income. On a $230,000 home with 20% down at 6.75% over 30 years, plan for a household income high enough to keep the full payment within that guideline in Buffalo.
Average rent in Buffalo is about $1,250/month for a 1-bedroom and $1,500 for a 2-bedroom. Compare that to the calculated PITI payment above. In much of upstate New York, monthly buying costs can be close to rent, but property taxes are among the highest in the nation and dominate the payment.
Most conventional lenders want 620+, FHA allows 580 with 3.5% down, and VA and USDA loans have no set minimum but lenders prefer 620+. A score of 740+ earns the best rates and can save tens of thousands over the loan.