Renting vs. Buying in 2025: What Makes More Sense in Western New York Right Now?

Renting vs. Buying in WNY (2025)

Rent in Buffalo averages $1,380–$1,503/month—cheaper than most U.S. cities.
Mortgage payments on median-priced homes (~$244K) are comparable at ~$1,300–$1,500.
Buying builds equity, offers stable payments, and long-term financial upside.
Renting may suit short-term plans, but buying wins if you’ll stay 5+ years.
Great Lakes Real Estate can help you compare options and access first-time buyer programs.

If you’re renting in Western New York and wondering whether now’s the right time to buy, you’re far from alone. With rising rents, steady home prices, and fluctuating mortgage rates, the big question is: Is owning still worth it? Let’s break it down.

Local Market Overview: Rent vs. Mortgage

In Buffalo, the average rent for a two-bedroom apartment runs between $1,503 and $1,380 per month, while the median rent nationwide is over $2,000. Locally, rent remains nearly 30–40% cheaper than other metros, making WNY one of the most renter-friendly large cities.

Home prices in Erie County continue to climb, hitting a median of $243,928. Mortgage payments on those homes—inclusive of principal and interest—could range between $1,300 to $1,500/month, not far off from rent.

Which Is More Affordable?

The classic advice is that your housing costs shouldn’t exceed 30% of your income. For renters, Buffalo remains more affordable than most Southern and Eastern cities.

But when comparing renting and buying, there’s more to consider than monthly payments:

Building equity: Every mortgage payment increases your ownership stake (unlike rent).
Stabilized payments: While rent tends to rise, a fixed-rate mortgage stays consistent.
Potential tax benefits: Homeowners may deduct mortgage interest and property taxes.

Studies show that, historically in WNY, owning has been more cost-effective over time. As long as you plan to stay for 5+ years, buying often outperforms renting.

So, Which Makes Sense for You?

Renting may still be best if:

You plan to move within a couple of years.
You prefer flexibility over long-term commitment.
You’re saving for a down payment and building credit.

Buying may be best if:

You’re ready to lock in a fixed monthly payment.
you want to start building home equity.
You can afford upfront costs (down payment & closing).

With both options so close in monthly cost locally, ownership often wins—especially with low closing assistance programs for first-time buyers.

How Great Lakes Real Estate Can Help

We work with local lenders, credit counselors, and grant advisors to guide potential buyers through steps like:

– Pre-approval to understand what monthly payment fits your budget – Homebuyer assistance programs, especially for first-time buyers – Choosing neighborhoods that match your lifestyle and future goals

If you’re renting now, we can help you run the numbers and see how ownership might give you more control—and long-term gains.

Ready to Compare Your Options?

Let’s talk through your goals and see if 2025 is your year to buy. Renting can be a great first step—but buying could be your next. Reach out to Great Lakes Real Estate at (716) 754-2550 to start the conversation.