Thinking about moving to Albany?
Between 2010 and 2016, more than 255 people have moved to Albany, an increase of 0.3%. New residents are attracted to Albany’s history, farmers markets and architecture.
Albany is home to 98,111 Albanians. With an area of 21.8 square miles, Albany has a population density of 4,501 persons per square mile, which makes it more dense than many other cities of comparable size.
The Albany, NY Metropolitan Statistical Area boasts a population of 881,839 people, of which Albany proper’s population makes up 11%.
One of Albany’s greatest strengths is its relatively affordable housing market. The median home value in Albany is $165,800, -17% below the US median value, according to Zillow. The median price per square foot in Albany is $116. Over the past 5 years, home values in Albany have increased by 1%.
Renters in Albany will also have an easy time finding affordable housing. The median rent in Albany is $1,421 per month, which is 1% lower than the US median. Over the past year, rental rates in Albany have decreased by 1.1%.
The Albany area economy is growing strong. The Albany metro area’s GDP grew by 19% between 2011 and 2016, from $44.1 billion in 2011 to $52.3 billion in 2016, a total increase of $8.2 billion. The metro area has a per capita GDP of $59,352. According to the US Census Bureau, the median household income in Albany is $62,283, 6% higher than the national median. Albany’s unemployment rate is 4.3%.