Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 3,422 people, 1,439 houses or apartments, and a median cost of homes of $234,548, house prices in Buffalo are solidly below the national average.
Single-family detached homes are the single most common housing type in Buffalo, accounting for 68.62% of the city's housing units. Other types of housing that are prevalent in Buffalo include duplexes, homes converted to apartments or other small apartment buildings ( 21.30%), large apartment complexes or high rise apartments ( 5.79%), and a few mobile homes or trailers ( 3.32%).
People in Buffalo primarily live in small (one, two or no bedroom) single-family detached homes. Buffalo has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Buffalo built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Buffalo built between 1940-1969 ( 33.07%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.81%). There's also some housing in Buffalo built before 1939 ( 6.88%).
Vacant housing appears to be an issue in Buffalo. Fully 13.16% of the housing stock is classified as vacant. Left unchecked, vacant Buffalo homes and apartments can be a drag on the real estate market, holding Buffalo real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Buffalo has experienced some of the highest home appreciation rates of any community in the nation. Buffalo real estate appreciated 122.38% over the last ten years, which is an average annual home appreciation rate of 8.32%, putting Buffalo in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Buffalo definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Buffalo that despite a nationwide downturn in the housing market, Buffalo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Buffalo appreciation rates continue to be some of the highest in America, at 11.20%, which is higher than appreciation rates in 91.71% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Buffalo. Buffalo appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.73%.
Relative to Missouri, our data show that Buffalo's latest annual appreciation rate is higher than 90% of the other cities and towns in Missouri.
$234,548
for Missouri
for nation
1,439
$845 / per month