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Buffalo and Houston are the next big landing spots for renters
New York Post • • business
Key Points:
- For-sale home prices remain stagnant, pushing many potential buyers back into the rental market and driving increased rental searches outside their own metro areas, particularly in cities like Buffalo, Chicago, and Houston.
- In cities such as Salt Lake City, Raleigh, Hartford, and Nashville, out-of-town rental searches now outnumber local searches, signaling strong future demand for home purchases in these markets.
- Buffalo stands out with affordable home prices ($249,040 average) and rapid sales, attracting renters who are likely testing the market before buying, despite a 104% price increase since the pandemic began.
- Houston’s rental demand is driven by robust job growth across multiple sectors and relocation buyers from expensive coastal states, while Chicago experiences strong price growth and remains more affordable than coastal cities.
- New York City renters are uniquely looking to smaller, more affordable markets in the South, such as Raleigh and Florida cities, highlighting affordability as a key factor in migration patterns, while Southern cities maintain a price advantage over coastal metros.
