Buffalo ranked most affordable city in America
Buffalo has been named the most affordable city in America by Forbes magazine.
“Buffalo came out at number one on the Forbes list of ‘Most Affordable Cities’, because of its home affordability, as well as the low-cost of daily expenses including things like gas, food, transportation, utilities and medical,” said Forbes Staff Writer Erin Carlyle.
Carlyle authored the article that puts the Queen City at the top of the list. The rankings are based on data found in the Housing Opportunity Index provided by the National Association of Home Builders and Wells Fargo.
Carlyle says the median annual income in Buffalo is $63,500, and the median home sale price is $100,000, which means home ownership is attainable for 88.5 percent of the local population.
But, Carlyle says Syracuse was found to be a little more affordable in one aspect.
“Syracuse is actually more affordable, but the cost of daily expenses in Syracuse are a little bit higher than they are in Buffalo. So, that’s why Buffalo comes out ahead,” said Carlyle.
In the article, Carlyle notes that wages, too, are lower compared to the rest of the nation. She finds salaries for highly skilled workers in the city are significantly lower in the fields of high-tech manufacturing, advanced business services, and life sciences
Mayor Byron Brown says he is pleased with the ranking, attributing Buffalo’s affordability to factors such as residential and commercial tax cuts and the city’s improved municipal credit rating.
“The fact that on all of these measures Buffalo comes out as the number one most affordable city in the country bodes well for this community. It shows the growth and stability that this community has, and I think having this kind of ranking by a respected publication like Forbes will only fuel more investment in the city of Buffalo,” said Brown.
The Forbes 2014 America’s Most Affordable Cities list:
1. Buffalo, New York
2. Memphis, Tennessee
3. Cincinnati, Ohio
4. Dayton, Ohio
5. Knoxville, Tennessee
6. Akron, Ohio
7. Grand Rapids, Michigan
8. Louisville, Kentucky
9. Oklahoma City, Oklahoma
10. Warren, Michigan
11. Toledo, Ohio
12. Detroit, Michigan
13. Birmingham, Alabama
14. St. Louis, Missouri
15. Virginia Beach, Virginia
16. Jacksonville, Florida
17. Pittsburgh, Pennsylvania
18. Tulsa, Oklahoma
19. Tampa, Florida
20. Syracuse, New York
21. Columbus, Ohio