Buffalo homeowners in good shape if recession hits, Redfin says (Byron: rental, houses)
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2019 assessment map for the city. Every neighborhood has shown an increase in assessed value.
The smallest increases were in the neighborhoods furthest east, with the lowest increase of +12% in the Schiller Park area. The greatest increases were in the central and West Side neighborhoods, with increase of 305% in areas west of Canisius College, and much of the West Side increasing over 200%. The near East Side increased over 100%.
Because property tax limits are capped at 2%, even with assessment increases over 100% many homeowners will actually see their 2020 taxes decrease.
Note that assessed values are based on 90% of the market value, but in reviewing some of the updated assessments, recent home sales have surpassed these values already in many neighborhoods. To put numbers on it (using rounded actuals from a North Buffalo home), you could own a home in the City of Buffalo with an actual market value of 240,000, assessed market value of 190,000, taxed assessed value of 170,000, and actual city/school/county taxes of less than $3,000 per year in 2020. This is based on the tax estimate included in the reassessment paperwork.
That house you could have bought cheap on the West Side 5 years ago ain't cheap any more.
$3000 on a house valued at $240,000? That can't be right. I have a couple houses in Rochester. One is assessed at $115,000, valued about $150,000 and the taxes are about $4000. Another is assessed at $82,000, valued about $120,000 and taxed about $4000.
$3000 on a house valued at $240,000? That can't be right. I have a couple houses in Rochester. One is assessed at $115,000, valued about $150,000 and the taxes are about $4000. Another is assessed at $82,000, valued about $120,000 and taxed about $4000.
It is correct - the City of Buffalo taxes are much lower than adjacent areas, especially for owner-occupied properties. That's one of the reasons why City homes in many areas are selling as fast as they hit the market.
Personally, my 2020 projected tax assessment is 86% higher than last year, but my projected city/county/school taxes were basically unchanged. That 86% increase still did not bring my house in-line with actual current market conditions, as homes on my street have been selling for at least 30k to 60k more than my assessed market value.
Having moved from a much higher property tax state (Texas) I am amazed myself. On top of that, cheaper homeowners insurance, auto insurance, water, and utility costs have made living in the COB a bargain compared to my previous residence. Funny story, when I switched my insurance to NY State, my agent kept warning me that I was moving to a high tax state and I should prepare myself to paying more, but when he ran the numbers my homeowners dropped by 50%, and my auto dropped by 25% (and would have dropped further if I lived outside the city limits).
I think many people here are so used to complaining about taxes that they don't realize what a good deal they have, at least in the City.
Kinda-sorta relevant, but there was a listing posted elsewhere on the web that compared 17 "Rust Belt" cities:
Quote:
Rust Belt Cities Ranked: The Most Successful Comeback Stories SEPTEMBER 9, 2019| COMMERCIAL REAL ESTATE NEWS, DEVELOPMENT, FEATURED, FINANCE, HEALTHCARE, TECHNOLOGY|
Documenting the resurgence of America’s Rust Belt is a highly complex endeavor, given the size of the area and the diversity of local conditions. Using data from the U.S. Census Bureau, this study aims to track the progress made by 17 of the most promising Midwestern and Northeastern cities in the decade after the financial crisis. As detailed in our Methodology, we awarded points for each city’s performance across the following indicators: population and income growth, unemployment and poverty reduction, increases in labor force participation (LFP), educational attainment levels, housing units and median home value.
The fact that Buffalo made the list of the "most promising", and then ranked as the 4th highest "comeback" among these cities, seems to reflect what many of us see every day:
According to the last published Census American Community Survey data (2016), there were 2436 people who moved from Buffalo to NYC, and 5362 that moved from NYC to Buffalo - that means Buffalo had a net increase of 2926 from the NYC Metro area in 2016.
Queens and the Bronx are very well represented in many Buffalo neighborhoods.
Buffalo may not get much domestic migration from the south, but Buffalo has had an in-state net positive migration yearly for at least a decade.
I'd love to see the incomes, inbound vs. outbound.
The incomes for folks leaving the state, vs. those moving into NY show a huge, if not shocking difference according to IRS records. I've wondered about intrastate incomes for people migrating across NY.
I'm not arguing that many markets had significant foreclosures in what was an unprecedented adjustment not seen since the Great Depression but they have rebounded and then some. They have shown more growth in the last 5 years than you have seen in the last 50 and both examples have made the top 10 list for growth in multiple years. the only multiple number you've shown has been in population decreases.
Detroit makes many lists for best housing values but who wants to move there and for what? The one poster summed it up the best 0% appreciation in 11 years housing is no investment just an over taxed hole that you are better off to rent. Should you choose to relocate you'll have no buying in real world markets in this country.
Detroit area real estate was hit hard before and during the downturn, lots of over-leveraging of homeowners with 2nd and even 3rd loans (yikes!), speculation, etc., in an area where auto supplier manufacturijng collapsed in the 90's and into the 2000's. Home values in that area more than doubled from the mid-90's to the mid-00's, while the economy was depressed.
I'd love to see the incomes, inbound vs. outbound.
The incomes for folks leaving the state, vs. those moving into NY show a huge, if not shocking difference according to IRS records. I've wondered about intrastate incomes for people migrating across NY.
Whenever anyone leaves NYC they invariably can live a richer lifestyle elsewhere, regardless of income. I am sure many so-called "low income" hard-working people have been priced out of the NYC metro.
And if people leave richer than when they arrive, that tells a good story of upward mobility, does it not?
Also, if a higher income person leaves, but their job stays, that in and of itself is good in lifting those that stay, is it also not true? How many of those leaving are part of corporate reassignments, not necessarily people "fleeing" as has been heard to be said on forums?
New York State as a whole is losing 300 a people a day to other States and is steepest loss in the US The Loss's are coming from Upstate N.Y.
I don't know total numbers to date but according to the US Census bureau upstate cities and counties have been losing population from 2010 - 2018 as the chart show.
I don't know total numbers to date but according to the US Census bureau upstate cities and counties have been losing population from 2010 - 2018 as the chart show.
The same thing was stated last decade and many places were over estimated or even ended up with small gains. Even within that time period, some counties have been estimated with slight increases and decreases. So, the official census in 2020 may show different results and will be more concrete.
The same thing was stated last decade and many places were over estimated or even ended up with small gains. Even within that time period, some counties have been estimated with slight increases and decreases. So, the official census in 2020 may show different results and will be more concrete.
Estimated is the key word and these are the numbers the federal government holds, just like when you look at 2000 - 2010 for the City of Buffalo the decrees is evident with real numbers so I don't anticipate any major difference in 2020 vice the 2018 numbers they hold...
Estimated is the key word and these are the numbers the federal government holds, just like when you look at 2000 - 2010 for the City of Buffalo the decrees is evident with real numbers so I don't anticipate any major difference in 2020 vice the 2018 numbers they hold...
It is nice to look at just the city limits, but again, 2020 will show what is really going on. I say this as Erie County estimates show a slight increase between 2010-2018., according to the QuickFacts information you posted earlier.
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