The typical owner-occupied home in Albany is worth about $173,600, 39% below the Texas median of $283,800 and 48% below the national median of $332,700. Owners pay a median $2,372 a year in property taxes, about 1.37% of their home's value, lower than the Texas rate of 1.49%. The median household earns $68,000 a year, so the median home costs 2.6 times the median income (3.6 times for Texas). 76% of occupied homes here are lived in by their owners, and 40% of those owners still have a mortgage.
Albany at a glance
| Albany | Texas | U.S. | |
|---|---|---|---|
| Median home value | $173,600 | $283,800 | $332,700 |
| Median property tax paid per year | $2,372 | $4,232 | $3,119 |
| Property tax as a share of value | 1.37% | 1.49% | 0.94% |
| Median household income | $68,000 | $78,476 | $80,734 |
| Homes lived in by their owners | 76% | 63% | 65% |
| Owner homes with a mortgage | 40% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,796 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 21.7% | 21.0% |
| Median rent | $726 | $1,403 | $1,413 |
| Rent as a share of renters' income | 27.3% | 30.9% | 30.6% |
| Median year homes were built | 1961 | 1992 | 1980 |
| Vacant homes | 14.2% | 9.4% | 10.1% |
| Population | 1,849 | 30,188,424 | 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 $173,600 with 20% down costs about $1,205 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,494, 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 $51,633 for the 20%-down payment. That payment is 21% of the median Albany household income of $68,000; at that income and 20% down, the 28% guideline points to a home of about $229,000.
The median rent here is $726 a month, so owning the median home costs about $479 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $34,720 |
|---|---|
| Loan amount | $138,880 |
| Principal and interest | $934 |
| Property taxes (1.37% a year) | $198 |
| Homeowners insurance (our estimate, 0.5% a year) | $72 |
| PMI | $0 |
| Total per month | $1,205 |
Change the numbers in the calculator
| Down payment | $6,076 |
|---|---|
| Loan amount | $170,456 |
| Principal and interest | $1,147 |
| Property taxes (1.37% a year) | $198 |
| Homeowners insurance (our estimate, 0.5% a year) | $72 |
| FHA mortgage insurance | $77 |
| Total per month | $1,494 |
Change the numbers in the calculator
Questions about home buying in Albany
What is the median home value in Albany?
About $173,600 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 $2,372 a year, which is about 1.37% 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 $1,205 a month. Keeping that under 28% of gross income takes about $51,633 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