According to a recent report from the Wall St Journal (see link below), Buffalo's Housing Market is considered the least risky in the country. This report, called a "Housing Stress Indicator" takes into account statistics such as percentage of family income spent on housing, unemployment rates and other various factors. Buffalo's "Housing Stress Rate" was the lowest of the most populous 49 US Metro Areas.
Buffalo remains one of the most affordable housing markets in the country (5th most affordable in recent list compiled by Forbes). The Job Market has really improved with the university systems, the hospital systems and the State of NY being the top employers in the region. Manpower, Inc recently named the Buffalo Region #1 in the country in job creation for 2010-2011.
Old stereotypes about the region no longer apply. Buffalo is now emerging from a long economic slump(something that has not happened in similar traditional manufacturing based cities like Detroit & Cleveland) after being deserted by their manufacturing economy. There still is a long way to go, but the combination of a newly diversified economy and a history of sustained low costs is a cause for real optimism in Buffalo.
This is another in a long line of recent articles and lists that show the Buffalo Housing and Economic Market on the upswing. Since there was not a real estate bubble in Buffalo, there was not a housing price crash at anytime during our recent economic downturn. Buffalo is one of the few areas of the country to see actual housing appreciation in 2010, a trend which will continue in the coming year.
All in all, good news for Real Estate Investors in Buffalo. The stable housing market, increase in jobs in the region and the rental market in the region all make Buffalo "the New Cash Flow Capital of the US"...
Buffalo, NY the Lowest Risk Housing Market in the US
