Buffalo, NY Real Estate Blog

Do you know the cost of renting vs. buying? [INFOGRAPHIC]

Some Highlights: Historically, the choice between renting or buying a home has been a close decision. Looking at the percentage of income needed to rent a median priced home today (30%) vs. the percentage needed to buy a median priced home (15%), the choice becomes obvious. Every market is different. Before you renew your lease [MORE…]

2016: Homeowner’s net worth will be 45 times greater than a renter

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-13, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a recent Forbes article the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun [MORE…]

Renters: It’s about to get a lot worse

We often promote homeownership over renting when a family is ready, willing and able to purchase. There are both financial and non-financial benefits to owning a home of your own. Based on the headlines below, many news outlets agreed with us after they reviewed a recent report from the Harvard Joint Center for Housing Studies and Enterprise Community [MORE…]

Buying a home is better way to produce wealth than renting

According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, homeownership is a better way to produce greater wealth, on average, than renting. The BH&J Index is a quarterly report that attempts to answer the question: Is it better to rent or buy a home in today’s housing market? The index examines that entire U.S. [MORE…]

Don’t get caught in the renter’s trap

There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. The National Association of Realtors (NAR) released their findings of a study in which they studied “income growth, housing costs and changes in the share of renter and [MORE…]

Former Hamburg convent lined-up for $50 million makeover

After over 80 years of service, the Immaculate Conception Convent in Hamburg has closed its doors for good. A group comprised of three different investing parties has purchased the sprawling 18.5 acre property for $1.25 million, and has grand plans for its future. Given the infrastructure currently in place, as well as an expansive amount [MORE…]

Election Signs Stand Strong

In California, a law passed on January 1 protects renters from losing their right to “bear sign.”  The law prohibits landlords and property managers from banning campaign signs– including signs for political issues that are up for public vote.  In multi-family dwellings, signs can hang from windows and doors, while they can be posted in [MORE…]

How Far Does $3,000 Go?

How far does $3,000/month for rent go in major cities compared to Buffalo?  For Buffalonians, we are told that the cost of living is low– and this proves it: New York, New York: This one bedroom, one bathroom apartment is just over 600 square feet. San Francisco, California: With two bedrooms and two and a [MORE…]

Tips for Living With a Roommate

In the spirit of the new school year, we’ll discuss the good and bad of living with a roommate.  Most important for living with someone else are compromise and communication. 1.  Equality is Key: If possible, move into the apartment at the same time so that one doesn’t feel ownership over another.  Starting out together [MORE…]

What Information Do Landlords Review About You?

While rental applications may seem to be probing private information, they are essential for property managers who want to insure that they are getting a responsible, reliable tenant.  First, landlords want to make sure that you can pay your rent and can determine so by using rent-to-income ratios (RTIs).  Usually, landlords don’t want your RTI to [MORE…]