Rent vs Buy in Albany, NY
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Albany, NY
Price-to-rent ratio is 16.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,711/mo; owning runs about $2,447/mo — $736/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $1,729 |
| Property tax | $304 |
| Home insurance | $138 |
| Maintenance | $276 |
| Total to own | $2,447 |
| Average 2BR rent | $1,711 |
Based on a median home value of $331,504 with a $66,301 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.