The typical owner-occupied home in Albany is worth about $238,500, 28% below the Minnesota median of $329,300 and 28% below the national median of $332,700. Owners pay a median $2,495 a year in property taxes, about 1.05% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $69,167 a year, so the median home costs 3.4 times the median income (3.7 times for Minnesota). 67% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Albany at a glance
| Albany | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $238,500 | $329,300 | $332,700 |
| Median property tax paid per year | $2,495 | $3,357 | $3,119 |
| Property tax as a share of value | 1.05% | 1.02% | 0.94% |
| Median household income | $69,167 | $89,062 | $80,734 |
| Homes lived in by their owners | 67% | 72% | 65% |
| Owner homes with a mortgage | 68% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,600 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 19.7% | 21.0% |
| Median rent | $642 | $1,280 | $1,413 |
| Rent as a share of renters' income | 29.5% | 29.2% | 30.6% |
| Median year homes were built | 1983 | 1979 | 1980 |
| Vacant homes | 3.8% | 9.3% | 10.1% |
| Population | 2,821 | 5,739,445 | 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 $238,500 with 20% down costs about $1,592 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,989, 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 $68,211 for the 20%-down payment. That payment is 28% of the median Albany household income of $69,167; at that income and 20% down, the 28% guideline points to a home of about $242,000.
The median rent here is $642 a month, so owning the median home costs about $950 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $47,700 |
|---|---|
| Loan amount | $190,800 |
| Principal and interest | $1,284 |
| Property taxes (1.05% a year) | $209 |
| Homeowners insurance (our estimate, 0.5% a year) | $99 |
| PMI | $0 |
| Total per month | $1,592 |
Change the numbers in the calculator
| Down payment | $8,348 |
|---|---|
| Loan amount | $234,180 |
| Principal and interest | $1,575 |
| Property taxes (1.05% a year) | $209 |
| Homeowners insurance (our estimate, 0.5% a year) | $99 |
| FHA mortgage insurance | $105 |
| Total per month | $1,989 |
Change the numbers in the calculator
Questions about home buying in Albany
What is the median home value in Albany?
About $238,500 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 $2,495 a year, which is about 1.05% 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 $1,592 a month. Keeping that under 28% of gross income takes about $68,211 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