Total monthly cost of ownership
Cost to Own a Home in Albany, New York
A $223,000 home here costs
$2,119per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $91,000 a year.
A standard mortgage calculator would have told you $1,216. The real number is $903 higher every month, 74% more than the payment most buyers budget for.
Compare Albany County with anywhere in America · full county breakdown
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 $164 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
Talk to someone who works this market
These are Albany averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Albany every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Albany I already own here and may sell
Common questions
How much does it cost to own a home in Albany?
A $223,000 home in Albany, New York costs approximately $2,119 per month with 20% down at 7.24%. That is $1,216 principal and interest, $436 property tax, $49 homeowners insurance, $232 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 $2,119 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Albany?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Albany, New York at today's rate takes a household income of roughly $91,000 a year. That covers the full $2,119 monthly cost, not just the mortgage payment.
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.