Rent vs buy in Albany, NY
In Albany, New York, the typical rent is $1,664 /mo and the typical home is $331,504.
Over 7 years, renting comes out ahead by $34k
Using 20% down and today's mortgage rate, against Albany's typical figures for rent and home value. The break-even point comes in year 16.
This is opinion, clearly labelled, with the math shown. Figures here are estimates, not quotes. Adjust any number and the stamp shifts.
- Renting leads by
- $34k after 7 years
- Break-even point
- Year 16 when owning catches up
- What owning really costs
- $3,225 /mo year 1, against $1,664 rent
Change my numbers
The stamp draws on Albany's typical figures for rent and home value. Change your rent, price or years and it can flip.
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Enter a rent, price and down payment of your own. Your figures change the stamp.
Is renting or buying cheaper in Albany?
Count in the money that comes back to you when you sell, and renting comes out $34,244 cheaper over 7 years. For the first 15 years, renting costs less. In year 16, owning catches up.
Renting. Owning. Net cost to date, by year.
Average rent compared with the mortgage payment in Albany
Rent and the mortgage don't tell the whole story. At Albany's typical price, here are all the monthly costs in year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,664 | All of it, every month |
| Mortgage payment | $1,807 | $1,593 of it is interest in year 1 |
| Property tax | $599 | 2.17% of the value a year |
| Insurance | $79 | Census median for the city |
| Upkeep | $276 | 1% of the value a year |
| Owning, cash out | $2,762 | $214 of it builds equity |
| Lost return on the down payment | $539 | The return that cash would earn: 8.3% a year |
| Buying costs, spread out | $138 | 3.5% of the price over 7 years |
| True cost of owning | $3,225 | Cash out with the equity portion removed, then add the two entries above |
Albany's verdict by the numbers
- Home value, typicalZillow ZHVI, September 2026
- $331,504
- Monthly rent, typicalZillow ZORI, September 2026
- Each month, $1,664
- A 20% down payment avoids private mortgage insurance, and the engine does not model that cost
- 20%
- Rate for mortgagesFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home pricesHouse price index from FHFA, New York, 1995 through 2025
- A yearly rate of 4.8%
- Savings return from 60% in the S&P 500 with dividends, plus 40% in the 10 year Treasuries, rebalanced each year, 1928 through 2025
- Each year, 8.3%
- Tax on property from Census ACS 2020-2024, Albany data
- 2.17% of the value
- Insurance for the homeCensus ACS 2020-2024, Albany
- Each month, $79
- Upkeep costs from Fannie Mae, low end of the 1% to 4% range
- Each year, 1% of value
- Purchase costs from Freddie Mac, midpoint of the 2% to 5% range
- Price times 3.5%
- Costs for sellingAgent commission and closing costs
- Price times 6%
What could change the Albany result?
Each line marks the point at which the 7-year verdict in Albany flips, with everything else kept as it is.
You come out ahead by renting in these cases
- Home prices rise by less than 6.1% a year (the figure we use, 4.8%, is New York's rate over the long run).
- The rate on the mortgage holds above 5.40%.
- For a home like this, rent runs below $2,030 a month (typical rent here: $1,664).
- Before year 16, you move.
When buying comes out ahead
- Annual home price growth runs above 6.1%.
- You lock in a mortgage rate under 5.40% (today's is 7.24%).
- Monthly rent on that same property exceeds $2,030.
- You remain for 16 years or more.
Albany compared with the other 812 cities
| Measure | Albany | Median city |
|---|---|---|
| Typical home value | $331,504 | $422,451 |
| Typical rent | $1,664 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.6 (#509 of 813) | 18.5 |
| Home prices, last 10 years | 5.9% a year | 6.2% a year |
| Rents, last 5 years | 5.1% a year | 4% a year |
| Property tax | 2.17% | 0.87% |
| Households that rent | 62% | 42% |
Data sources: Zillow ZHVI, ZORI, Census ACS 2020-2024.
New York's other cities
- It's close. New York City, NY. Buying leads by $5k.
- Buy. Buffalo, NY. Buying leads by $15k.
- Rent. Yonkers, NY. Renting leads by $125k.
- Rent. Rochester, NY. Renting leads by $4k.
- Buy. Syracuse, NY. Buying leads by $14k.
- Rent wins here. New Rochelle, NY. Renting is ahead by $197k.
- Rent. Mount Vernon, NY. Renting leads by $87k.
- Rent. Schenectady, NY. Renting leads by $67k.
- Buy. Utica, NY. Buying leads by $8k.
- Rent. White Plains, NY. Renting leads by $106k.
- Rent. Hempstead, NY. Renting leads by $78k.
- Rent. Troy, NY. Renting leads by $38k.