Cost of Living in Albany, NY
Housing
The housing market plays a significant role in determining the cost of living in Albany, NY.
- Housing Index: 120.0 / 100
- Median Home Price is: $282000
- Average Rent (2 BR Apartment): $2200 per month
- Average Rent (2 BR House): $2496 per month
Considering a move to Albany, NY? The housing index stands at 120.0, indicating that housing costs are relatively higher compared to the national average. With a median home price of 282000, purchasing a home may be feasible, but higher living expenses could significantly impact your budget. Renting appears steep as well, with an average of 2200 for a 2-bedroom apartment and 2496 for a 2-bedroom house. Be prepared for substantial housing costs, as lifestyle, commuting, and local amenities should also factor into your decision-making process.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Albany, NY.
- Electricity Price: $26.08 USD (median by state)
- Natural Gas Price: $18.13 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Albany, NY could entail higher utility costs. Electricity costs sit at $26.08, while natural gas is priced at $18.13 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Albany is a financially viable option for your relocation.