A+
14%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
36%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Buffalo New York National
Cost of living86117100
Goods & Services94108100
Groceries97102100
Health care101103100
Housing64145100
Transportation95105100
Utilities94100100

An Overview of Cost of Living in Buffalo, NY

Knowing the cost of living in Buffalo allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Buffalo stands at 86, marking it 14% lower than the national average.

What Do Locals Say About the Cost of Living in Buffalo?

Locals have the inside scoop on their city. So, we polled 15 residents in Buffalo to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 40% find it reasonable with decreasing prices, but 60% think it's quite pricey, with prices that continue to rise.

Is Buffalo Affordable?

Wondering if Buffalo is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Buffalo, for example, the median home price is 45.3% lower than what folks pay nationally, and monthly rent is 15.6% lower than the usual rates. Plus, income levels matter too, with Buffalo boasting a median household income of $39,677, which is 28.3% lower than the national average.

What Factors can Influence the Cost of Living in Buffalo?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Buffalo, healthcare costs are 0.9% higher than the national average.

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Buffalo comes in at 5.8% lower than the national average.

Where is the Data From?

The Buffalo cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Buffalo is 27% lower than the New York average
  • The cost of living in Buffalo is 14% lower than the national average
  • Buffalo housing is 36% lower than the national average
  • New York general sales tax is 22% lower than the national average
  • New York state income tax is 77% higher than the national average

Most Affordable Places to Live in and Around Buffalo

See all the best places to live around Buffalo

Compare Buffalo, NY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$62,078$5,173$1,448$1,863
      Renters$27,462$2,289$641$824
      A good way to judge both the affordability of the housing and the cost of living in Buffalo is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Buffalo has a median income of about $62,078 for people who own homes. Based on that number, a maximum of $1,448 should be spent on expenses related to housing. Renters have a slightly different median income, which is $27,462. Based on this average, renters should spend no more than $641 on all rental costs if they want to maintain a non-impoverished standard of living.

      New York Sales Tax

      State General Sales Tax With Max Surtax
      New York 4% 8.875%

      New York Income Tax

      State Income Tax (Low) Income Tax (High)
      New York 4% 10.9%

      Goods & Services

      Item Buffalo National avg. Difference
      Haircut $21.65$24.2610.8%
      Beauty Salon $53.07$45.5616.5%
      Toothpaste $3.61$3.702.5%
      Shampoo $1.30$1.281.8%
      Movie $12.76$12.135.2%
      Bowling $14.60$18.0018.9%

      Groceries

      Item Buffalo National avg. Difference
      Ground Beef $6.16$5.845.5%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.67$4.670.0%
      Potatoes $5.26$4.936.5%
      Pizza $10.99$12.099.1%
      Beer $10.47$10.410.6%

      Health Care

      Item Buffalo National avg. Difference
      Optometrist $75.93$125.6839.6%
      Doctor $103.92$135.7823.5%
      Dentist $149.67$113.2932.1%
      Ibuprofen $10.42$10.652.2%
      Lipitor $464.18$468.600.9%

      Housing

      Item Buffalo National avg. Difference
      Home Price $101,000.00$184,700.0045.3%
      Avg. Mortgage Payment $2,421.64$2,346.693.2%
      Apartment Rent $801.00$949.0015.6%

      Transportation

      Item Buffalo National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $48.79$59.9218.6%

      Utilities

      Item Buffalo National avg. Difference
      All Electricity $173.44$193.9910.6%
      Phone $195.54$192.251.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Niagara Falls, NY47,9788218.5%
      Sloan, NY3,5478316.8%
      Tonawanda city, NY14,9918416.5%
      Lackawanna, NY17,7518515.5%
      Rapids, NY6878614.2%
      Buffalo, NY255,8058614.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Scottsdale, AZ254,99513737.3%
      Lubbock, TX257,013927.7%
      Chandler, AZ257,07612727.4%
      Madison, WI258,36611514.8%
      Burnaby, BC258,827n/a 
      Buffalo, NY255,8058614.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.