Believe it: Buffalo is a hot destination for millennials (Rochester: young professionals, metro)
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1) prices here relative to prices in other metropolitan / urban areas for roughly comparable goods
2) prices here relative to average wages / earning potential
3) prices here relative to averages wages / earning potential in comparison to prices in other metropolitan / areas for roughly comparable goods
2 and 3 are quite good. 1 doesn’t do as much by itself.
This in relation to housing and in terms of property taxes, it is likely based upon property tax rates, which can also be impacted by things like exemptions, assessment grievances, etc. or essentially a range of personal experiences. A couple of sites that illustrate this: https://smartasset.com/taxes/new-yor...tax-calculator
This thread is about Millenials. My point is that the area is less affordable than it was when some of those articles were written. Years ago, Buffalo had some great deals, my niece took advantage of one. Now her house has at least doubled as the area has gentrified. CK, do you think the area is getting carried away with all these new apartments. It seems every other day there is an old building being retrofitted as an apartment house. The developers are making a bundle, do you think they are getting ahead of themselves? Its not like Amazon just built HQ2 there.
This thread is about Millenials. My point is that the area is less affordable than it was when some of those articles were written. Years ago, Buffalo had some great deals, my niece took advantage of one. Now her house has at least doubled as the area has gentrified. CK, do you think the area is getting carried away with all these new apartments. It seems every other day there is an old building being retrofitted as an apartment house. The developers are making a bundle, do you think they are getting ahead of themselves? Its not like Amazon just built HQ2 there.
Well, what is your niece doing for work? Are any of them making their own businesses? Are some of the more recent arrivals kind of moving a bit further from where your niece is and expanding the area? Are they taking on fixer uppers and fixing them up? This still seems like generally a good thing.
I agree its a good thing, but my point is that it is less attractive to millenials now that the prices have gone up.
Well, this can work in two ways and I don't know which way it's going right now. Yes, the prices going up in neighborhoods make those specific areas less attractive in regards to price, but perhaps they are also better and more attractive neighborhoods that are now in the eyes of some potential homeowners more attractive with the investment that earlier homeowners have put in and have built up.
There's also that other areas in close proximity to such might also be more attractive in regards to amenities due to proximity to those now more expensive neighborhoods and might still have a low enough price to attract more. This can have potentially created even more attractive locations and at an even broader range of price points and amenities than before. I think Buffalo certainly has a surfeit of potentially attractive old housing stock and potential commercial districts from when it was a far larger city and it doesn't seem like the recent influx of new homeowners have taken all of it.
Now is that what's happening? I have no idea, but perhaps someone here does.
This in relation to housing and in terms of property taxes, it is likely based upon property tax rates, which can also be impacted by things like exemptions, assessment grievances, etc. or essentially a range of personal experiences. A couple of sites that illustrate this: https://smartasset.com/taxes/new-yor...tax-calculator
14222 and 14202 are hottest local ZIPs for millennials; see the full WNY rankings
Roughly two of every five residents of Buffalo's 14222 ZIP code are classified as millennials, making for the highest concentration of young adults in Western New York.
New statistics from the U.S. Census Bureau show that 38.4 percent of 14222's residents are between 21 and 34, the age range that conforms to the informal definition of a millennial. The 14222 ZIP encompasses Buffalo's Elmwood Village from North Street to the Scajaquada Expressway.
Another urban ZIP code, downtown Buffalo's 14202, is second with a 32.8 percent concentration of millennials.
All statistics come from the five-year version of the Census Bureau's 2017 American Community Survey, the official source for the latest data at the ZIP code level.
Each slide includes the total population of a ZIP, its number and percentage of millennials (21- to 34-year-olds), and the Western New York county or counties in which the ZIP territory is located. If a territory spills beyond the limits of Western New York, the names of its additional counties are not listed, though the statistics cover the entire ZIP.
Popular urban neighborhoods dominate the top of the Western New York rankings, though communities with colleges (such as Amherst and Alfred) and correctional facilities (Brocton and Attica) can also be found. Students and prisoners are considered to be local residents, even though their permanent home addresses may be elsewhere.
At the bottom of the local scale are four ZIPs where fewer than 10 percent of the residents are millennials: 14172 (Wilson), 14059 (Elma), 14068 (Getzville) and 14032 (Clarence Center). The region's most affluent ZIP code, East Amherst's 14051, is also low on this list at 11.6 percent.
And yet businesses continue to struggle to find qualified employees
Some sure, but perhaps these millennials are starting to fill such positions.
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