The typical owner-occupied home in Albion is worth about $141,100, 45% below the Pennsylvania median of $254,500 and 58% below the national median of $332,700. Owners pay a median $1,739 a year in property taxes, about 1.23% of their home's value, lower than the Pennsylvania rate of 1.30%. The median household earns $55,556 a year, so the median home costs 2.5 times the median income (3.3 times for Pennsylvania). 67% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Albion at a glance
| Albion | Pennsylvania | U.S. | |
|---|---|---|---|
| Median home value | $141,100 | $254,500 | $332,700 |
| Median property tax paid per year | $1,739 | $3,311 | $3,119 |
| Property tax as a share of value | 1.23% | 1.30% | 0.94% |
| Median household income | $55,556 | $77,971 | $80,734 |
| Homes lived in by their owners | 67% | 69% | 65% |
| Owner homes with a mortgage | 58% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,072 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 14.8% | 19.4% | 21.0% |
| Median rent | $592 | $1,209 | $1,413 |
| Rent as a share of renters' income | 27.3% | 29.2% | 30.6% |
| Median year homes were built | 1963 | 1965 | 1980 |
| Vacant homes | 6.9% | 9.2% | 10.1% |
| Population | 1,277 | 13,018,639 | 334,922,499 |
What a typical home costs per month in Albion
At this week's average 30-year rate of 7.11%, buying the median Albion home of $141,100 with 20% down costs about $963 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,198, 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 $41,262 for the 20%-down payment. That payment is 21% of the median Albion household income of $55,556; at that income and 20% down, the 28% guideline points to a home of about $190,000.
The median rent here is $592 a month, so owning the median home costs about $371 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $28,220 |
|---|---|
| Loan amount | $112,880 |
| Principal and interest | $759 |
| Property taxes (1.23% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $59 |
| PMI | $0 |
| Total per month | $963 |
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| Down payment | $4,938 |
|---|---|
| Loan amount | $138,544 |
| Principal and interest | $932 |
| Property taxes (1.23% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $59 |
| FHA mortgage insurance | $62 |
| Total per month | $1,198 |
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Questions about home buying in Albion
What is the median home value in Albion?
About $141,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Albion?
Homeowners pay a median $1,739 a year, which is about 1.23% 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 Albion?
For the median home with 20% down at 7.11%, the payment is about $963 a month. Keeping that under 28% of gross income takes about $41,262 a year.
More about Albion
- Mortgage Refinance in Albion
- Debt Relief in Albion
- Home Equity Loans in Albion
- 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