CALCMONEY // HOME AFFORDABILITY // NY // ALBANY
How much house can you afford in Albany? Based on local median home prices, current NY mortgage rates, and Albany property tax data.
$220,000
$1,691/mo
$72,463/yr
$142,664
Monthly housing costs of $1,691 represent 36.9% of Albany's median gross monthly income ($4,583/mo). At 36.9%, median-income buyers in Albany are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $220,000 |
| Down Payment (20%) | $44,000 |
| Loan Amount | $176,000 |
| Monthly PI Payment | $1,159 |
| Monthly Property Tax | $440 |
| Monthly Insurance Est. | $92 |
| Total Monthly PITI | $1,691 |
| Housing Cost % of Income | 36.9% |
| Required Income (28% rule) | $72,463/yr |
| Max Affordable Home | $142,664 |
$7,700
$2,080/mo
Albany Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $220,000 | Albany city median |
| Down Payment (20%) | $44,000 | Conventional loan |
| Monthly PITI | $1,691 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $72,463 | Annual gross |
| Max Affordable Home | $142,664 | Based on median income |
| FHA Down (3.5%) | $7,700 | Minimum FHA |
| Housing Cost % of Income | 36.9% | Median income: $55,000/yr |
| Property Tax Rate | 2.4% | $5,280/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Albany is $220,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $176,000, generating a monthly P&I payment of $1,159. Adding property taxes ($440/mo) and homeowners insurance ($92/mo) brings total monthly PITI to $1,691.
Albany's property tax rate of 2.4% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Albany median home, that is $440/month, or $5,280 per year.
New York levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Albany should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Albany's median income of $55,000/year can afford up to $1,283/month in total housing costs. Based on Albany's mortgage rate of 6.9% and property tax rate of 2.4%, that translates to a maximum affordable home price of approximately $142,664 with 20% down on a 30-year loan.
To afford the median Albany home priced at $220,000, you need an annual gross income of approximately $72,463. Total monthly housing costs (principal and interest of $1,159, property taxes of $440, and insurance of $92) come to $1,691/month, which equals 28% of the required income.
At the median home price of $220,000 and median household income of $55,000, the total monthly housing cost of $1,691 represents 36.9% of gross monthly income. This is well above the standard 28% threshold, making Albany a challenging market for buyers at median income.
A conventional 20% down payment on the median Albany home of $220,000 is $44,000. An FHA loan requires just 3.5% down — $7,700 — but adds mortgage insurance of roughly $150/month, bringing total FHA payments to $2,080/month.
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