A topic that has been discussed in Buffalo for several years is the lack of affordable housing in the region. The phrase affordable housing itself is a relative term; what people who make the region’s median income might consider affordable is much different than what the majority of the population might think it is.
According to the US Census Bureau, the per capita income in Buffalo was just under $2,700 per month, with at least 26% of the city’s residents living in poverty. When you compare that income to the fair market rent for a two-bedroom apartment in Buffalo, which is $1,343 per month according to the US Department of Housing and Urban Development, you can quickly see that the average apartment is not very affordable for the average person in Buffalo.
Now, with the city of Buffalo looking at a historic tax increase, people all over town are asking if these tax increases will impact their rents and cause them to go even higher.
Buffalo’s Property Tax Increase Doesn’t Automatically Mean Rents Will Increase
The amount a property owner pays in property taxes is just one of several variables that are used to calculate a monthly rental payment. According to Housing Opportunities Made Equal in Buffalo, the tax increase isn’t a 1-to-1 qualifier for rents to go up…