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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Albany County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $149,038 | $235,717 | $242,182 |
| Price Trend (Annual %) | 0.0% | 6.3% | 8.2% |
| Median Gross Rent | $936 | $967 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 2.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Albany County is about 37% lower than in Wyoming. Rent is about 3% lower than the Wyoming average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Albany County, up about 0.0% and 3.7% a year respectively. Rent is changing faster.
Median rent in Albany County rose about 28.9% between 2015 and 2023, from $726 to $936. Over the same span, rent in Wyoming rose about 22.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Albany County.
Buying the median-priced home in Albany County costs roughly 13.3 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 County. The price-to-rent ratio in Wyoming is about 20.3.
| Metric | Albany County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $149,038 | $235,717 | $242,182 |
| Median Household Income | $59,888 | $74,833 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Albany County rose about 28.0%, while median household income rose about 49.3% 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 County | Wyoming Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.8% | 62.3% | 58.2% |
| Rental Rate | 44.9% | 24.3% | 31.3% |
| Vacancy Rate | 11.3% | 13.4% | 10.6% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Albany County has a homeownership rate of 43.8%, lower than the Wyoming average of 62.3%. Its housing vacancy rate is 11.3%, compared with 13.4% in Wyoming.
Housing Stock
| Metric | Albany County | Wyoming Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.12 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1977 | 1979 | 1978 |
| Median Number of Rooms | 5.3 | 5.8 | 5.5 |
The typical housing unit in Albany County was built around 1977. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Albany County, Wyoming.
What is the median home price in Albany County, Wyoming?
The median home price in Albany County, Wyoming is $149,038, lower than the Wyoming average of $235,717.
What is the average home price in Albany County, Wyoming?
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 County, Wyoming?
The median gross rent in Albany County, Wyoming is $936 per month, lower than the Wyoming average of $967.
What was the median gross rent in Albany County in 2020?
In 2020, the median gross rent in Albany County, Wyoming was $818 per month.
What is the price-to-rent ratio in Albany County, Wyoming?
The price-to-rent ratio in Albany County, Wyoming is about 13.3, meaning it would take roughly 13.3 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 County.
Are home prices or rent rising faster in Albany County, Wyoming?
Both home prices and rent are rising in Albany County, up about 0.0% and 3.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Albany County, Wyoming?
43.8% of households in Albany County, Wyoming own their home, lower than the Wyoming average of 62.3%.
What is the vacancy rate in Albany County, Wyoming?
The housing vacancy rate in Albany County, Wyoming is 11.3%, lower than the Wyoming average of 13.4%.