Department of Numbers

Albany, New York Home Affordability

The data below measures home affordability for the Albany-Schenectady-Troy, New York metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Albany home affordability to other cities.

Albany, New York Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Albany HPI series. Median household income data for Albany is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Albany, New York Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
December 2011 142.0
September 2011 140.5
June 2011 141.5
March 2011 141.2
December 2010 143.0
September 2010 143.6
June 2010 141.9
March 2010 141.5
December 2009 137.4

Albany, New York Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Albany median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Albany, New York Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
December 2011 124.1
September 2011 122.8
June 2011 123.7
March 2011 123.4
December 2010 125.0
September 2010 125.5
June 2010 124.0
March 2010 123.6
December 2009 128.1

Albany, New York Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Albany, New York and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Albany, New York Inferred Affordable Mortgage History

Date Inferred Mortgage
January 2012 $295,020
December 2011 $293,593
November 2011 $292,530
October 2011 $289,723
September 2011 $288,334
August 2011 $282,877
July 2011 $273,691
June 2011 $274,976
May 2011 $270,834
April 2011 $264,643
March 2011 $264,643
February 2011 $261,329
January 2011 $267,094

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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