Homebuyers in search of a hot housing market are being advised to shuffle off to Buffalo – Zillow (NASDAQ: Z, ZG) has named the upstate New York city as its hottest major housing market for 2025.
This is the second straight year that Zillow has praised Buffalo’s housing market potential, with the city being defined as having the most new jobs per new home permitted – Zillow stated this was a measure of expected demand, as new jobs often mean new residents, which can increase competition for property and drive up prices unless builders can match the additional demand.
“Construction that keeps pace with an area’s growth remains a crucial piece of keeping homes available and accessible,” said Skylar Olsen, Zillow chief economist. “In chilly Buffalo, competition among buyers will remain hot, with employment growing far faster than builders are adding homes. Shoppers nationwide should see more options for sale than in recent years, along with slow and steady price growth. That’s the good news. But both buyers and sellers should expect unpredictable mortgage rates.”
Rounding out Zillow’s top 10 markets for this year are Indianapolis; Providence, Rhode Island; Hartford, Connecticut; Philadelphia; St. Louis; Charlotte, North Carolina; Kansas City; Richmond, Virginia; and Salt Lake City.
Home are too high most people looking for a home can’t afford the outrageous home prices
There has always been a certain percentage of the population that can’t afford to purchase a home. Now rentals are high too. I don’t want prices to go down, because these are my investments for retirement, but if people want to make more money, they need to make an effort to educate themselves. Fast food, checkout jobs, etc, are for starter jobs, not lifelong careers. The American dream is something that needs to be achieved, it’s not just handed to you. Many people think it’s just supposed to be given…..that’s not how it works.
I purchased my first home here in Austin in 2005 on a $15 per hour wage (not salary) My rate was 6.5% the home cost 89k. It was the same as I paid in rent so it made sense to buy. The median home price in Austin now is 560k. While there have always been folks unable to buy the gap between the haves and the have nots is even wider and buyers trying to enter the market were only children and wages haven’t kept up with home prices so I don’t believe this is all about folks not willing to work hard. Wouldn’t you agree?
I totally agree. I am a real estate broker and I have been in business since 1991. The dramatic price increase in housing in the last 7 years is not sustainable for a lower income buyer. When I started selling homes in 1991, all my clients were low income buyers and there were plenty of houses to pick from. Today, if you are not earning a six figure income forget owning an average working class home that were available before.
Glad none in Texas.