Albany, New York Income Statistics
Albany Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
D
Albany Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Median Household Income | $62,406 | $86,556 | $80,455 |
| Median Personal Income | $57,431 | $70,316 | $60,758 |
| Average Yearly Income Growth | 4.9% | 4.5% | 4.8% |
| Six-Figure Earners | 9.5% | 16.7% | 13.9% |
| $200k+ Households | 6.9% | 17.1% | 13.2% |
The median household income in Albany is about 28% lower than in New York. Income has been growing faster in Albany (4.9%/yr) than in New York (4.5%/yr).
About 9% of adults in Albany earn six figures ($100,000 or more) a year, lower than the New York average of 17%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Albany, New York grew by 60.8% from 2009 to 2024, reaching $62,406 in 2024. That's an average of about 4.9% per year.
Income Inequality and the Gender Pay Gap in Albany
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.573 | 0.557 | 0.552 |
| Male Median Income | $62,853 | $77,531 | $69,667 |
| Female Median Income | $60,292 | $67,892 | $56,850 |
| Gender Pay Gap | 4.1% | 12.4% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Albany, it is 0.573, higher than New York's 0.557, so income is less evenly distributed here than there, and higher than the US's 0.552, so income is less evenly distributed here than there.
Men's income is about 4% more than women's income in Albany, New York. Over a 35-year career, a 4% wage gap accumulates to roughly $89,635 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Albany, New York has narrowed from about 12% to 4% in 2024. Over that period the gap was narrowest at 1% in 2014. In dollar terms, the gap has narrowed by $2,692 since 2009.
Employment
| Metric | Albany | New York Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 7.8% | 6.4% | 5.2% |
| Working from Home | 13.2% | 15.0% | 15.0% |
| Commute time (minutes) | 17 | 28 | 22 |
Approximately 4,340 people are unemployed in Albany, New York.
The average commute time in Albany is 17 minutes, shorter than the 28 minutes in New York.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Albany, New York has fallen from 9.4% to 7.8% in 2024. Over that period the rate peaked at 10.0% in 2013 and fell as low as 6.7% in 2020.
Conclusion
Considering all these factors, Albany, New York has an overall wealth index grade of D, making it somewhat worse than New York, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Albany, New York.
How Wealthy Is Albany, New York?
Albany has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $62,406, about 28% lower than the New York average of $86,556.
Are incomes growing in Albany, New York?
Between 2009 and 2024, the median household income in Albany, New York rose 61%, from $38,814 to $62,406. Over the same years, income here outpaced New York as a whole: +61% against +56%.
What was the median household income in Albany in 2023?
In 2023, the median household income in Albany, New York was $59,445, up 7% from $55,537 in 2022. The New York median that year was $85,199.
What was the median household income in Albany in 2020?
In 2020, the median household income in Albany, New York was $48,741. By 2024 it had risen 28% to $62,406.
What is the Gini coefficient in Albany, New York?
The Gini coefficient in Albany is 0.573. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.552, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Albany, New York?
Since 2009, the income gap between men and women in Albany, New York has narrowed from about 12% to 4% in 2024. Over that period the gap was narrowest at 1% in 2014. In dollar terms, the gap has narrowed by $2,692 since 2009.
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