Albany cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexAlbanyNew YorkNational
Cost of living index105120100
IndexAlbanyNew YorkNational
Goods & Services index115110100
Groceries index109105100
Health care index9899100
Housing index97149100
Transportation index107111100
Utilities index91102100
An overview of the general cost of living index for Albany, NY is displayed above for your reference. Residents in Albany, NY enjoy a cost of living index of 105. This index is 13% lower than the New York average, and 5% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Albany, NY, the average cost of goods and services is 4% higher than it is in New York, and it is 15% higher than the national average.

Did you know?

  • The cost of living in Albany is 13% lower than the New York average.
  • The cost of living in Albany is 5% higher than the national average.
  • The cost of housing in Albany is 3% lower than the national average.
  • New York general sales tax is 21% lower than the national average.
  • New York state income tax is 80% higher than the national average.

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Salary Calculator

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Cost of living index
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Groceries index
Health care index
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The salary calculator is used in order to provide a comparison of your current salary in Albany, NY to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Albany, NY, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Albany, NY salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$75,737$6,311$1,767$2,272
Renters$26,407$2,201$616$792
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Albany, NY, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Albany, NY has a median income of about $75,737 for people who own homes. Based on that number, a person should spend a maximum of $1,767 on expenses related to housing. Renters have a slightly different median income, which is $26,407. Based on this average, renters should spend no more than $616 on all of their rental costs if they want to maintain a non-impoverished standard of living.

New York Sales Tax

StateGeneral Sales TaxWith Max Surtax
New York4%8.875%

New York Income Tax

StateIncome Tax (Low)Income Tax (High)
New York4%8.82%
When assessing the complete cost of living in Albany, NY, the New York income tax and the New York sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The New York maximum surtax is 8.875%, and the New York sales tax is 4%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 4% to 8.82% in New York.

Goods & Services

ItemAlbanyNational avg.Difference
Haircut $22.21$15.5642.7%
Beauty Salon $38.15$36.115.7%
Toothpaste $4.05$2.4763.8%
Shampoo $1.45$0.9649.9%
Movie $12.13$10.1319.8%
Bowling $3.69$4.7422.1%

Groceries

ItemAlbanyNational avg.Difference
Ground Beef $4.52$3.9813.5%
Fried Chicken $1.47$1.414.7%
Milk $2.75$2.0633.1%
Potatoes $3.00$2.980.5%
Pizza $10.87$9.4714.7%
Beer $9.82$8.7911.7%

Health Care

ItemAlbanyNational avg.Difference
Optometrist $91.63$101.049.3%
Doctor $102.93$107.444.2%
Dentist $92.72$90.422.5%
Ibuprofen $9.00$9.283.0%
Lipitor $402.30$426.505.7%

Housing

ItemAlbanyNational avg.Difference
Home Price $173,500.00$175,700.001.3%
Avg. Mortgage Payment $1,343.08$1,133.2318.5%
Apartment Rent $862.00$920.006.3%

Transportation

ItemAlbanyNational avg.Difference
Gasoline $2.18$1.999.5%
Tire Balancing $46.70$45.762.1%

Utilities

ItemAlbanyNational avg.Difference
All Electricity$148.48$163.819.4%
Phone $26.00$28.398.4%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Schenectady, NY66,05598-2%
Green Island, NY2,61299-1%
Watervliet, NY10,2501000%
Troy, NY49,9651011%
Nassau, NY1,1031011%
Albany, NY98,2871055%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Sandy Springs, GA98,48013030%
College Station, TX98,5051000%
Roanoke, VA97,94987-13%
Lawton, OK97,78883-17%
Clovis, CA98,81511818%
Albany, NY98,2871055%
Source: The Albany, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.