The typical owner-occupied home in Albany is worth about $101,300, 56% below the Missouri median of $230,300 and 70% below the national median of $332,700. Owners pay a median $1,012 a year in property taxes, about 1.00% of their home's value, higher than the Missouri rate of 0.85%. The median household earns $44,926 a year, so the median home costs 2.3 times the median income (3.3 times for Missouri). 66% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Albany at a glance
| Albany | Missouri | U.S. | |
|---|---|---|---|
| Median home value | $101,300 | $230,300 | $332,700 |
| Median property tax paid per year | $1,012 | $1,948 | $3,119 |
| Property tax as a share of value | 1.00% | 0.85% | 0.94% |
| Median household income | $44,926 | $70,702 | $80,734 |
| Homes lived in by their owners | 66% | 68% | 65% |
| Owner homes with a mortgage | 56% | 60% | 61% |
| Median monthly costs, owners with a mortgage | $1,000 | $1,524 | $1,963 |
| Those costs as a share of the owners' income | 14.9% | 19.0% | 21.0% |
| Median rent | $550 | $1,033 | $1,413 |
| Rent as a share of renters' income | 23.3% | 28.1% | 30.6% |
| Median year homes were built | 1971 | 1978 | 1980 |
| Vacant homes | 12.8% | 11.2% | 10.1% |
| Population | 1,909 | 6,191,814 | 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 $101,300 with 20% down costs about $672 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $841, 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 $28,791 for the 20%-down payment. That payment is 18% of the median Albany household income of $44,926; at that income and 20% down, the 28% guideline points to a home of about $158,000.
The median rent here is $550 a month, so owning the median home costs about $122 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $20,260 |
|---|---|
| Loan amount | $81,040 |
| Principal and interest | $545 |
| Property taxes (1.00% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $42 |
| PMI | $0 |
| Total per month | $672 |
Change the numbers in the calculator
| Down payment | $3,546 |
|---|---|
| Loan amount | $99,465 |
| Principal and interest | $669 |
| Property taxes (1.00% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $42 |
| FHA mortgage insurance | $45 |
| Total per month | $841 |
Change the numbers in the calculator
Questions about home buying in Albany
What is the median home value in Albany?
About $101,300 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 $1,012 a year, which is about 1.00% 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 $672 a month. Keeping that under 28% of gross income takes about $28,791 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