The typical owner-occupied home in Buffalo is worth about $300,500, 3% below the Wyoming median of $309,700 and 10% below the national median of $332,700. Owners pay a median $1,685 a year in property taxes, about 0.56% of their home's value, close to the Wyoming rate of 0.57%. The median household earns $62,629 a year, so the median home costs 4.8 times the median income (4.1 times for Wyoming). 79% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Buffalo at a glance
| Buffalo | Wyoming | U.S. | |
|---|---|---|---|
| Median home value | $300,500 | $309,700 | $332,700 |
| Median property tax paid per year | $1,685 | $1,767 | $3,119 |
| Property tax as a share of value | 0.56% | 0.57% | 0.94% |
| Median household income | $62,629 | $76,176 | $80,734 |
| Homes lived in by their owners | 79% | 72% | 65% |
| Owner homes with a mortgage | 45% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,424 | $1,754 | $1,963 |
| Those costs as a share of the owners' income | 26.7% | 21.0% | 21.0% |
| Median rent | $1,019 | $992 | $1,413 |
| Rent as a share of renters' income | 25.7% | 27.0% | 30.6% |
| Median year homes were built | 1974 | 1981 | 1980 |
| Vacant homes | 6.7% | 12.2% | 10.1% |
| Population | 4,572 | 582,397 | 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 $300,500 with 20% down costs about $1,883 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,383, 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 $80,684 for the 20%-down payment. That payment is 36% of the median Buffalo household income of $62,629; at that income and 20% down, the 28% guideline points to a home of about $233,000.
The median rent here is $1,019 a month, so owning the median home costs about $864 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $60,100 |
|---|---|
| Loan amount | $240,400 |
| Principal and interest | $1,617 |
| Property taxes (0.56% a year) | $140 |
| Homeowners insurance (our estimate, 0.5% a year) | $125 |
| PMI | $0 |
| Total per month | $1,883 |
Change the numbers in the calculator
| Down payment | $10,518 |
|---|---|
| Loan amount | $295,057 |
| Principal and interest | $1,985 |
| Property taxes (0.56% a year) | $140 |
| Homeowners insurance (our estimate, 0.5% a year) | $125 |
| FHA mortgage insurance | $133 |
| Total per month | $2,383 |
Change the numbers in the calculator
Questions about home buying in Buffalo
What is the median home value in Buffalo?
About $300,500 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 $1,685 a year, which is about 0.56% 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 $1,883 a month. Keeping that under 28% of gross income takes about $80,684 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