Total monthly cost of ownership
Cost to Own a Home in Albany, New York
A $223,000 home here costs
$2,155per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,146. The real number is $1,008 higher every month — 88% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Albany against Albany County and New York
| Measure | Albany | Albany County |
|---|---|---|
| Median home value | $223,000 | $277,400 |
| Median property tax | $5,235 | $5,253 |
| Effective tax rate | 2.348% | 1.894% |
| Median gross rent | $1,178 | $1,252 |
| Population | 100,081 | 315,374 |
The weather behind that power bill
Albany sits in Albany County, which averages a high of 83.9°F in its hottest month and a low of 15.9°F in its coldest, with 40.68" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 721 cooling and 6,357 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Albany County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Albany County
Full Albany County cost breakdown · Every county in New York
Common questions
How much does it cost to own a home in Albany?
A $223,000 home in Albany, New York costs approximately $2,155 per month with 20% down at 6.66%. That is $1,146 principal and interest, $436 property tax, $49 homeowners insurance, $337 utilities and $186 set aside for maintenance.
What is the property tax rate in Albany?
Albany has an effective property tax rate of 2.348%, based on a median home value of $223,000 and median real estate taxes of $5,235. That is higher than the Albany County average of 1.894%.
What is the average home price in Albany?
The median owner-occupied home value in Albany, New York is $223,000, against $277,400 across Albany County.
Is it cheaper to rent or buy in Albany?
Median gross rent in Albany is $1,178 a month, against $2,155 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Albany — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for New York.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.