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When I was born it had 620,000 people now it has under 300,000. When I was in college it was a top 10 metro n0w it is falling out of the top 25. And it's still bleeding
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So when you where born (I would assume around 1958) Buffalo was at 540,000, now it's 270,000, pretty much exactly half. Ditto for Pittsburgh. (it's at 307,000)
The big difference is that Pittsburgh ranks pretty consistently as a great place to live. Yes, Buffalo gets occasional nods for cost of living, and for the arts, but I don't think that most people would prefer live somewhere with nothing going for it just because it's cheap to live there. And it's not like Pittsburgh is expensive.
I'm not saying that Pittsburgh is an amazing town. I wouldn't ever want to live there - but it is extremely comparable to Buffalo. I think that Pittsburgh has come to accept that things have to change though, and Buffalo just hasn't.
Either way saying Buffalo is better than Pittsburgh is like saying a 77 Pinto is better than an 82 DeLorean, I wouldn't drive either if I had the option. But since I have to drive one, I at least want to make it nice.
EDIT: You also mentioned Pittsburgh being top 25 now. We used to be #2, now we are slightly larger than the metropolis of Henderson, Nevada. Staggering.