The typical owner-occupied home in Albany is worth about $85,000, 57% below the Oklahoma median of $199,800 and 74% below the national median of $332,700. Owners pay a median $650 a year in property taxes, about 0.76% of their home's value, close to the Oklahoma rate of 0.80%. The median household earns $46,607 a year, so the median home costs 1.8 times the median income (3.1 times for Oklahoma). 79% of occupied homes here are lived in by their owners, and 42% of those owners still have a mortgage.
Albany at a glance
| Albany | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $85,000 | $199,800 | $332,700 |
| Median property tax paid per year | $650 | $1,599 | $3,119 |
| Property tax as a share of value | 0.76% | 0.80% | 0.94% |
| Median household income | $46,607 | $65,039 | $80,734 |
| Homes lived in by their owners | 79% | 66% | 65% |
| Owner homes with a mortgage | 42% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,236 | $1,539 | $1,963 |
| Those costs as a share of the owners' income | 27.1% | 19.6% | 21.0% |
| Median rent | – | $1,014 | $1,413 |
| Median year homes were built | 1986 | 1980 | 1980 |
| Vacant homes | 0.0% | 12.0% | 10.1% |
| Population | 169 | 4,028,634 | 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 $85,000 with 20% down costs about $547 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $688, 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 $23,430 for the 20%-down payment. That payment is 14% of the median Albany household income of $46,607; at that income and 20% down, the 28% guideline points to a home of about $169,000.
| Down payment | $17,000 |
|---|---|
| Loan amount | $68,000 |
| Principal and interest | $457 |
| Property taxes (0.76% a year) | $54 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $547 |
Change the numbers in the calculator
| Down payment | $2,975 |
|---|---|
| Loan amount | $83,460 |
| Principal and interest | $561 |
| Property taxes (0.76% a year) | $54 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $38 |
| Total per month | $688 |
Change the numbers in the calculator
Questions about home buying in Albany
What is the median home value in Albany?
About $85,000 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 $650 a year, which is about 0.76% 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 $547 a month. Keeping that under 28% of gross income takes about $23,430 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