Metro area index
Home appreciation in the Buffalo-Cheektowaga, NY metro area
FHFA HPI® data shows the Buffalo-Cheektowaga, NY metro area's all-transactions index changed +4.4% over the year to Q2 2026, versus +5.3% for New York and +3.0% for the U.S. That ranks 139th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +4.4%
- 5-year change
- +50.8%
- Since Q1 1995
- +255%
- Metro rank (1 year)
- 139th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Buffalo-Cheektowaga, NY vs New York and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Buffalo-Cheektowaga, NY: 354.6
- New York: 433.4
- United States: 391.6
Appreciation by time window
| Window | Metro | NY | U.S. | Gap vs NY | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +4.4% | +5.3% | +3.0% | −0.9 pts | +1.3 pts |
| 3 years | +19.5% | +22.4% | +12.9% | −2.9 pts | +6.6 pts |
| 5 years | +50.8% | +49.9% | +41.3% | +0.9 pts | +9.5 pts |
| 10 years | +112% | +96.6% | +93.3% | +15.2 pts | +18.5 pts |
| Since Q1 1995 | +255% | +333% | +292% | −78.8 pts | −36.9 pts |
3-digit ZIP regions in the Buffalo-Cheektowaga, NY area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 142 · Buffalo, NY area | NY | +4.6% | +51.3% | +272% | 100% |
| 143 · Niagara Falls, NY area | NY | +4.4% | +50.8% | +255% | 100% |
| 141 · North Tonawanda, NY area | NY | +3.8% | +50.4% | +243% | 83% |
| 140 · Lockport, NY area | NY | +5.0% | +51.1% | +244% | 76% |
Boom, bust, and recovery in Buffalo-Cheektowaga, NY area
Buffalo-Cheektowaga, NY area's index peaked in Q1 2009, fell 1.7% to its low in Q3 2009, and regained its peak in Q3 2010, about 1.5 years after the top. Today it sits +141% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q1 2009 | Q3 2009 | -1.7% | Q3 2010 (1.5 yrs) | +141% |
| NY | Q1 2007 | Q2 2012 | -14.0% | Q3 2017 (10.5 yrs) | +85.2% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Buffalo-Cheektowaga, NY area's index has changed +60.2% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | NY after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | +0.5% | +1.4% | -0.8% |
| 3 years | +9.8% | +8.8% | +11.5% | +2.8% |
| 5 years | +24.0% | +21.6% | +20.8% | +13.9% |
| 10 years | +39.1% | +52.3% | +41.4% | +39.0% |
| Since Q1 1995 | +121% | +60.2% | +95.8% | +76.8% |
If you bought in the Buffalo-Cheektowaga, NY area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +250% | $1,049,822 |
| Q2 2000 | +239% | $1,016,035 |
| Q2 2005 | +169% | $807,139 |
| Q2 2010 | +143% | $729,892 |
| Q2 2015 | +119% | $657,453 |
| Q2 2020 | +70.0% | $509,941 |
| Q2 2021 | +50.8% | $452,315 |
| Q2 2023 | +19.5% | $358,441 |
| Q2 2025 | +4.4% | $313,084 |
Frequently asked questions
- How much have home prices risen in the Buffalo-Cheektowaga, NY area?
- FHFA HPI® data for the Buffalo-Cheektowaga, NY metro area shows changes of +4.4% over one year, +50.8% over five years, and +112% over ten years to Q2 2026, and +255% since Q1 1995.
- Is the Buffalo-Cheektowaga, NY area beating the national average?
- Over the past year the metro's index moved +1.3 pts versus the U.S.; over five years the gap is +9.5 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.