Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,778 | $238,631 | $242,182 |
| Price Trend (Annual %) | -13.5% | 9.0% | 8.2% |
| Median Gross Rent | $885 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Albany is about 85% lower than in Georgia. Rent is about 32% lower than the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Albany: home prices fell about 13.5% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
Median rent in Albany rose about 29.9% between 2015 and 2023, from $682 to $885. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Albany.
Buying the median-priced home in Albany costs roughly 3.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Albany. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $34,778 | $238,631 | $242,182 |
| Median Household Income | $45,221 | $74,683 | $78,145 |
| Price-to-Income Ratio | 0.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Albany fell about 61.7%, while median household income rose about 45.2% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 32.8% | 58.4% | 58.2% |
| Rental Rate | 49.9% | 31.0% | 31.3% |
| Vacancy Rate | 17.3% | 10.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Albany has a homeownership rate of 32.8%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 17.3%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Albany | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1972 | 1989 | 1978 |
| Median Number of Rooms | 5.3 | 5.9 | 5.5 |
The typical housing unit in Albany was built around 1972. On average, 2.3 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Albany, Georgia.
What is the median home price in Albany, Georgia?
The median home price in Albany, Georgia is $34,778, lower than the Georgia average of $238,631.
What is the average home price in Albany, Georgia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Albany, Georgia?
The median gross rent in Albany, Georgia is $885 per month, lower than the Georgia average of $1,306.
What was the median gross rent in Albany in 2020?
In 2020, the median gross rent in Albany, Georgia was $754 per month.
What is the price-to-rent ratio in Albany, Georgia?
The price-to-rent ratio in Albany, Georgia is about 3.3, meaning it would take roughly 3.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Albany.
Are home prices or rent rising faster in Albany, Georgia?
Home prices and rent are moving in opposite directions in Albany: home prices fell about 13.5% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Albany, Georgia?
32.8% of households in Albany, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Albany, Georgia?
The housing vacancy rate in Albany, Georgia is 17.3%, higher than the Georgia average of 10.6%.