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Housing makes the difference in the area, even with the property tax rates and it is the biggest portion of cost of living, in general(30%). An example of this that I've posted many times illustrates this: https://www.nahb.org/research/housin...ity-index.aspx (methodology is below and look at the 4th section)
Electric/utilities make up about 10% of overall cost of living.
This isn't to argue, but I think some of this just doesn't get put into proper perspective though. A breakdown from the Quicken website and I know a competitor website used the same or similar percentages: [url]https://www.quicken.com/home-budget-cost-living-reality-check[/url
He does mention the metro area in the OP.
So afforable ? Funny how you never talk about the property taxes, Many people are already paying over $1,000 a month for property taxes and they keep going up every single year
87,000 lol ya 20 to 25 years ago, Go read Cheektowaga town council meeting minutes from the last 2 years to 3 years, they keep saying its 65,000 because they keep saying they want to add 35,000 people and get the population up to 100,000 is their answer to for broke and the mass deficits coming, add 35,000 lol.
Housing makes the difference in the area, even with the property tax rates and it is the biggest portion of cost of living, in general(30%). An example of this that I've posted many times illustrates this: https://www.nahb.org/research/housin...ity-index.aspx (methodology is below and look at the 4th section)
Electric/utilities make up about 10% of overall cost of living.
This isn't to argue, but I think some of this just doesn't get put into proper perspective though. A breakdown from the Quicken website and I know a competitor website used the same or similar percentages: https://www.quicken.com/home-budget-...-reality-check
He does mention the metro area in the OP.
A similar house in both areas (Florida and WNY) for 240k, will have a tax differential of 6000. With the same mortgage you are paying 500 more per month. For example with a 240k house with 25% down and a 4.1 interest rate and homeowners insurance of 150/month will be 1720/month in WNY and 1220/month in Florida. This is an actual comparison vs percentages and websites. Is your premise that the lower housing prices in WNY make up the difference? With the recent price appreciation that is no longer the case plus you have NYS taxes to consider. If the taxes weren't so high I might have stayed in WNY, but when you are retired 700/month for property taxes is hard to justify.
Last edited by Thundarr457; 07-24-2019 at 12:12 PM..
A similar house in both areas (Florida and WNY) for 240k, will have a tax differential of 6000. With the same mortgage you are paying 500 more per month. For example with a 240k house with 25% down and a 4.1 interest rate and homeowners insurance of 150/month will be 1720/month in WNY and 1220/month in Florida. This is an actual comparison vs percentages and websites.
People in Cheektowaga living in a 1950 's 700 sqft 3 bed rm 1 bath cape cod are already paying over $ 8,000/yr property taxes that keep going up $350 to $ 450 every year
A similar house in both areas (Florida and WNY) for 240k, will have a tax differential of 6000. With the same mortgage you are paying 500 more per month. For example with a 240k house with 25% down and a 4.1 interest rate and homeowners insurance of 150/month will be 1720/month in WNY and 1220/month in Florida. This is an actual comparison vs percentages and websites. Is your premise that the lower housing prices in WNY make up the difference? With the recent price appreciation that is no longer the case plus you have NYS taxes to consider. If the taxes weren't so high I might have stayed in WNY, but when you are retired 700/month for property taxes is hard to justify.
A similar house wouldn't be 240k in both places. That is the issue. You can't necessarily say that you can get the same type of house for the same price in Buffalo and the Jacksonville FL area. That 240k house in Amherst is probably 340k in a similar Jacksonville suburb, if not a little bit more. Relative demand plays a part in this and this doesn't get into income, which is a part of the criteria in the NAHB Housing Opportunity Index list.
Yes, the lower home prices based upon the median in the Buffalo area is what lowers the overall cost of living, especially given that housing makes up the biggest portion of overall cost of living in plurality everywhere.
Again, this isn't an argument nor do I get anything out of this, but this is just basic statistical information that is available to anyone with access.
A similar house wouldn't be 240k in both places. That is the issue. You can't necessarily say that you can get the same type of house for the same price in Buffalo and the Jacksonville FL area. That 240k house in Amherst is probably 340k in a similar Jacksonville suburb, if not a little bit more. Relative demand plays a part in this and this doesn't get into income, which is a part of the criteria in the NAHB Housing Opportunity Index list.
Yes, the lower home prices based upon the median in the Buffalo area is what lowers the overall cost of living, especially given that housing makes up the biggest portion of overall cost of living in plurality everywhere.
Again, this isn't an argument nor do I get anything out of this, but this is just basic statistical information that is available to anyone with access.
Then why is Jacksonville booming and among the top 10 fasting growing cities with population growth and a growing economy and not Buffalo ?
Then why is Jacksonville booming and among the top 10 fasting growing cities with population growth and a growing economy and not Buffalo ?
Given that Jacksonville is almost synonymous with Duval County, it isn't hard for a city so vast in land area to grow. That is where the recent top 10 fastest growing city comes from.
It could also range from attracting retirees, economic aspects and other personal reasons.
Cost of living is just one factor and NYC is still growing. So, there are other factors that are involved.
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