The typical owner-occupied home in Buffalo is worth about $112,100, 57% below the Illinois median of $263,300 and 66% below the national median of $332,700. Owners pay a median $2,148 a year in property taxes, about 1.92% of their home's value, close to the Illinois rate of 2.01%. The median household earns $56,250 a year, so the median home costs 2.0 times the median income (3.2 times for Illinois). 70% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Buffalo at a glance
| Buffalo | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $112,100 | $263,300 | $332,700 |
| Median property tax paid per year | $2,148 | $5,298 | $3,119 |
| Property tax as a share of value | 1.92% | 2.01% | 0.94% |
| Median household income | $56,250 | $83,390 | $80,734 |
| Homes lived in by their owners | 70% | 67% | 65% |
| Owner homes with a mortgage | 69% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,325 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 21.8% | 20.6% | 21.0% |
| Median rent | $533 | $1,274 | $1,413 |
| Rent as a share of renters' income | 36.1% | 29.1% | 30.6% |
| Median year homes were built | 1964 | 1971 | 1980 |
| Vacant homes | 10.0% | 7.7% | 10.1% |
| Population | 482 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Buffalo
At this week's average 30-year rate of 7.11%, buying the median Buffalo home of $112,100 with 20% down costs about $829 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,016, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $35,544 for the 20%-down payment. That payment is 18% of the median Buffalo household income of $56,250; at that income and 20% down, the 28% guideline points to a home of about $177,000.
The median rent here is $533 a month, so owning the median home costs about $296 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $22,420 |
|---|---|
| Loan amount | $89,680 |
| Principal and interest | $603 |
| Property taxes (1.92% a year) | $179 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| PMI | $0 |
| Total per month | $829 |
Change the numbers in the calculator
| Down payment | $3,924 |
|---|---|
| Loan amount | $110,070 |
| Principal and interest | $740 |
| Property taxes (1.92% a year) | $179 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| FHA mortgage insurance | $50 |
| Total per month | $1,016 |
Change the numbers in the calculator
Questions about home buying in Buffalo
What is the median home value in Buffalo?
About $112,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Buffalo?
Homeowners pay a median $2,148 a year, which is about 1.92% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Buffalo?
For the median home with 20% down at 7.11%, the payment is about $829 a month. Keeping that under 28% of gross income takes about $35,544 a year.
More about Buffalo
- Mortgage Refinance in Buffalo
- Debt Relief in Buffalo
- Home Equity Loans in Buffalo
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data