Mortgage payment estimates, closing cost breakdowns, and homebuying data for Albany, New York.
Median Home Price
$235K
Population
99K
Avg Monthly Rent
$1,350
Property Tax Rate
1.72% *
* Property tax shown is the New York state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Albany.
Albany vs New York Median
The median home price in Albany is $235,000, which is 45% below the New York state median of $430,000.
Mortgage Calculator — Albany, NY
Pre-filled with Albany median home price and New York tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $235K home using New York's 1.72% tax rate and $2,100/yr insurance.
5% Down
$2,053/mo
Down: $11,750
Loan: $223K
P&I: $1,411
Tax: $337
Insurance: $175
PMI: $130
10% Down
$1,972/mo
Down: $23,500
Loan: $212K
P&I: $1,337
Tax: $337
Insurance: $175
PMI: $123
20% Down (No PMI)
$1,700/mo
Down: $47,000
Loan: $188K
P&I: $1,188
Tax: $337
Insurance: $175
Income needed (28% rule): $73K/year with 20% down, $85K/year with 10% down.
Rent vs Buy in Albany
Rent
$1,350/mo
vs
Buy (10% down)
$1,972/mo
Price-to-rent ratio: 14.5 — With a ratio under 15, buying in Albany is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $622 more than renting, but you build equity with every payment.
The median home price in Albany is $235,000, 45% below the New York state median of $430,000. With a population of 99,224, Albany is a smaller market where home prices tend to be more accessible than in many parts of New York.
Property taxes in New York average 1.72% annually. This higher-than-average tax rate means a $235,000 home in Albany would carry roughly $337/month in property taxes alone — plan accordingly. Homeowners insurance in New York runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Albany is $1,350/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Albany over the long term.
Albany offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New York's SONYMA Achieving the Dream program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Albany.