Albany, New York Housing Market Prices
Albany Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 84% below the New York median$73,769
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Median rent 25% below the New York median$1,215
Housing Market Overview
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $73,769 | $471,885 | $248,835 |
| Price Trend (Annual %) | 10.0% | 7.1% | 7.5% |
| Median Gross Rent | $1,215 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Albany is about 84% lower than in New York. Rent is about 25% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Albany, up about 10.0% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Albany rose about 41.9% between 2015 and 2024, from $856 to $1,215. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Albany.
Buying the median-priced home in Albany costs roughly 5.1 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 New York is about 24.3.
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $73,769 | $471,885 | $248,835 |
| Median Household Income | $62,406 | $86,556 | $80,455 |
| Price-to-Income Ratio | 1.2 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Albany rose about 56.7%, while median household income rose about 51.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 33.6% | 48.8% | 58.5% |
| Rental Rate | 54.4% | 41.1% | 31.2% |
| Vacancy Rate | 12.0% | 10.1% | 10.2% |
| Median Tenure (years) | 11.0 | 17.0 | 15.0 |
| Median Year Moved In | 2015 | 2009 | 2011 |
Albany has a homeownership rate of 33.6%, lower than the New York average of 48.8%. Its housing vacancy rate is 12.0%, compared with 10.1% in New York.
Housing Stock
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.00 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1953 | 1960 | 1978 |
| Median Number of Rooms | 4.9 | 5.0 | 5.5 |
The typical housing unit in Albany was built around 1953. On average, 2.0 people live in a home with about 4.9 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Albany, New York.
What is the median home price in Albany, New York?
The median home price in Albany, New York is $73,769, lower than the New York average of $471,885.
What is the average home price in Albany, New York?
The typical home price in Albany, New York, reported as the median sale price, is $73,769. 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, New York?
The median gross rent in Albany, New York is $1,215 per month, lower than the New York average of $1,621.
What was the median gross rent in Albany in 2020?
In 2020, the median gross rent in Albany, New York was $991 per month.
What is the price-to-rent ratio in Albany, New York?
The price-to-rent ratio in Albany, New York is about 5.1, meaning it would take roughly 5.1 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, New York?
Both home prices and rent are rising in Albany, up about 10.0% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Albany, New York?
33.6% of households in Albany, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Albany, New York?
The housing vacancy rate in Albany, New York is 12.0%, higher than the New York average of 10.1%.
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