A thriving center for trade and manufacturing
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With a population of over 250,000, Buffalo is the second-largest city in the state of New York. Despite the presence of arguably the world’s most famous city in New York, Buffalo plays an integral role in balancing the state economy. Popularly known as the ‘City of Lights,’ Buffalo’s booming private sector companies and abundance of recreational activities make it an excellent tourist spot as well as a solid choice for real estate investment.
Culture, History, and Business
The historical roots of this city can be traced back to 7000 BCE. Having been home to many settlements over the years, the area where this city now lies was subject to dispute between Massachusetts and New York after the American Revolution. In 1793, this piece of land was part of the famous Holland Land Purchase and was initially named ‘New Amsterdam,’ later to be renamed Buffalo. The population grew over the 19th century, and by the time of World War II, Buffalo had established a reputation as a trade and manufacturing hub in the state of New York.
Buffalo is perhaps most famously known for its diverse cuisines. It was ranked third in National Geographic Society’s list of “The World’s Top Ten Food Cities,” with many food festivals taking place in the city over the calendar year. Buffalo’s chicken wings, conveniently named Buffalo wings, are trendy all over the world. Besides food, the city’s culture is also rich in all kinds of arts that is reflected in the many galleries and theaters. The most noteworthy out of these are the Burchfield-Penney Art Center, Albright-Knox Art Gallery, and Buffalo Philharmonic Orchestra.
The Buffalo government has been making significant investments in recent years to create more jobs for its residents. The city is known for its particularly diverse approach towards developing a good economic standing, having taken huge strides over the past decade. The main businesses in the city include financial services, manufacturing, and technology. Tourism also makes up a significant chunk of the city’s economy due to its rich history and culture, and proximity to Niagara Falls.
Real Estate Appeal
Recent trends show that despite being overshadowed by New York City, the real estate market of Buffalo is one to look out for. Its affordability in comparison to the state capital is a primary reason people are drawn towards owning properties in Buffalo. Not many new houses have been constructed over the past few years, meaning that the homes available right now are in high demand. Prices have been on the rise, and this pattern is expected to follow over the next few years.
The already robust rental market of Buffalo is further improved by a recent increase in building redevelopment, and an abundance of students as well as tourists looking for accommodation. The right investment in this market promises high returns.
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