Do Good Places To Live In Make Good Places To Invest ?
According to this article Buffalo should be in the top 50 places to live.
Buffalo goes head-to-head with most of the Top 50 and comes out ahead.Sperling can’t speak for Kiplinger’s, which chose the Top 50. But he said Buffalo is a contender just for its low-cost housing and quality of life.
“People are working hard to bring [Buffalo] back,” Sperling said by phone from Oregon. “Look at the downtown development you’re doing.”
Add Great Lakes boating, fishing and swimming; skiing an hour from downtown; two pro sports teams and low-crime, school-rich suburbs, and we’re knocking on the Top 50 door.
Within a two-hour drive lie Toronto, Niagara Falls, Niagara-on-the-Lake and the Chautauqua Institution. What besides cornfields is within two hours of No. 10 Iowa City?. And I’ll take our blizzards over No. 1 Nashville’s tornadoes any day.
Granted, we get killed on projected job growth (none) and high taxes. But on balance, Buffalo stands higher than most.
Hmm…last time I looked at Buffalo it had a negative job & population growth for the past 20 years and also the average salary had been dropping for the past 10 years too. The property tax was also very high. I think it was around 5-6%. When investing you always follow job and population growth, so I was wondering if this data had changed and whether I should reconsider investing there. Rather than dig up my old sources and go through the data again, I thought I’d rather ask the author of the article, Don Esmonde.
It was very nice of him to reply.
Lots of government-related, and many associated with academic institutions (SUNY at Buffalo, a handful of 4-year colleges, etc)…Also a number of manufacturing (GM, Ford) jobs…As the saying goes, this is a nice place to live — if you’re got a decent job…If you found this post helpful, consider donating to my coffee fund!
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May 25th, 2006 at 2:16 pm
Have you ever been to Buffalo? I don’t think it’s that great..
June 11th, 2006 at 9:23 pm
I know some people who have made decent money in the Buffalo market. You need to do rehabs, and carefully pick your neighborhoods, but the cap rates are tremendous, if you are investing for cashflow. Of course, if there is enough population drain, rents will fall.