Buffalo has made the list as one of the 10 Most Popular Cities for Millennial Homebuyers. According to an article in the DailyMail, the results are from “a LendingTree analysis of 2018 mortgage requests in America’s 50 largest metropolitan areas.” At this point in time, millennials are looking to buy houses in markets that are affordable, while offering a nice quality of life.
“That’s good news for the real estate markets like Buffalo New York, where 46 percent of prospective buyers are Millennials.” – DailyMail
This past fall, I met up with a couple of millennials that fit this bill perfectly. Brian and Emily Weinberg (lead image) recently moved to Buffalo to capitalize on their dream of home/property ownership. Not only are they now living in a stunning house at 103 Crescent (the house has a supplemental carriage house that they are converting to an Airbnb), they are also investing in a couple of other rental properties in the city, including one on Tacoma that has a supplemental Airbnb. Compared to what it costs to live in Seattle (Emily’s hometown), the couple figured that it would be a no brainer to move to Buffalo (Brian’s hometown) and invest in properties.
The house where I met with Brian and Emily was located at 433 Massachusetts Avenue (see rental). At the time, that’s where they were temporarily staying, while they prepared for their purchase/move into the “stunner” on Crescent, which had been painstakingly renovated by the previous owners. They had already restored the Mass Ave property (a duplex), taking it from a rundown state to a beautiful investment property. Brian told me that the reason that they were able to do all of this was that his employer in Seattle agreed to create a “remote employee” position for him, since he was always traveling for his job.
Brian and Emily lived in Seattle during the property boom, bought and sold a house, and decided that the money would go a lot further in Buffalo. Over the years, Emily would come to visit Brian’s family in Buffalo during Thanksgiving, and fell in love with the city. The couple told me that between the city’s renaissance underway, the affordability, the family friendly nature of the neighborhoods, and the ability to secure their financial freedom, they felt that the timing was perfect to start investing in properties, while raising a family.
Apparently they are not alone…