The typical owner-occupied home in Albany is worth about $203,800, 6% below the Louisiana median of $216,500 and 39% below the national median of $332,700. Owners pay a median $607 a year in property taxes, about 0.30% of their home's value, lower than the Louisiana rate of 0.55%. The median household earns $46,591 a year, so the median home costs 4.4 times the median income (3.6 times for Louisiana). 56% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Albany at a glance
| Albany | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $203,800 | $216,500 | $332,700 |
| Median property tax paid per year | $607 | $1,180 | $3,119 |
| Property tax as a share of value | 0.30% | 0.55% | 0.94% |
| Median household income | $46,591 | $60,756 | $80,734 |
| Homes lived in by their owners | 56% | 67% | 65% |
| Owner homes with a mortgage | 53% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,442 | $1,604 | $1,963 |
| Those costs as a share of the owners' income | 21.6% | 20.4% | 21.0% |
| Median rent | $705 | $1,064 | $1,413 |
| Rent as a share of renters' income | 23.6% | 32.8% | 30.6% |
| Median year homes were built | 1992 | 1983 | 1980 |
| Vacant homes | 23.4% | 14.4% | 10.1% |
| Population | 991 | 4,611,961 | 334,922,499 |
What a typical home costs per month in Albany
At this week's average 30-year rate of 7.11%, buying the median Albany home of $203,800 with 20% down costs about $1,233 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,572, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $52,828 for the 20%-down payment. That payment is 32% of the median Albany household income of $46,591; at that income and 20% down, the 28% guideline points to a home of about $180,000.
The median rent here is $705 a month, so owning the median home costs about $528 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $40,760 |
|---|---|
| Loan amount | $163,040 |
| Principal and interest | $1,097 |
| Property taxes (0.30% a year) | $51 |
| Homeowners insurance (our estimate, 0.5% a year) | $85 |
| PMI | $0 |
| Total per month | $1,233 |
Change the numbers in the calculator
| Down payment | $7,133 |
|---|---|
| Loan amount | $200,109 |
| Principal and interest | $1,346 |
| Property taxes (0.30% a year) | $51 |
| Homeowners insurance (our estimate, 0.5% a year) | $85 |
| FHA mortgage insurance | $90 |
| Total per month | $1,572 |
Change the numbers in the calculator
Questions about home buying in Albany
What is the median home value in Albany?
About $203,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Albany?
Homeowners pay a median $607 a year, which is about 0.30% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Albany?
For the median home with 20% down at 7.11%, the payment is about $1,233 a month. Keeping that under 28% of gross income takes about $52,828 a year.
More about Albany
- Mortgage Refinance in Albany
- Debt Relief in Albany
- Home Equity Loans in Albany
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data