Rent vs Buy in Buffalo, NY
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Buffalo, NY
Price-to-rent ratio is 17.5 (under 15 favors buying, over 21 favors renting). Renting costs $1,176/mo; owning runs about $1,818/mo — $642/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,285 |
| Property tax | $226 |
| Home insurance | $103 |
| Maintenance | $205 |
| Total to own | $1,818 |
| Average 2BR rent | $1,176 |
Based on a median home value of $246,321 with a $49,264 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.