💰 Income & Wealth in Albany (City)

Median household income
Albany’s median household income — the point where half of households earn more and half earn less — is about $59,500 per year (2023 data).

Per capita income
On average, each person earns about $35,600 per year (per capita income).

Poverty rate
About 23–24% of residents live below the poverty line, which is higher than the national average.

These figures show that while many households have stable incomes, a significant portion of the city faces financial challenges.

💵 Cost of Living & Wealth Context

• Albany’s cost of living is slightly above the national average, but income levels are below or near average for the U.S. overall — meaning people may feel stretched between earnings and expenses.

• Home values in the city are relatively affordable compared with many other parts of New York State, though prices have been rising.

🏘 Rich vs. Poor Within and Around Albany

• Within the city limits, income levels are modest compared to some U.S. cities — partly because many residents are renters, students, or employed in public sector jobs.

• In the broader Albany metropolitan area, average income and wealth are higher than in the city itself. The metro area (including suburbs like Colonie, Niskayuna, and Clifton Park) has a median household income closer to $80,000 or more.

📊 What This Means

• Albany has both moderate-income and lower-income populations — with a noticeable level of poverty compared with national averages.

• Suburban areas around the city tend to be more affluent than the city core itself.

• The presence of government jobs, universities, and healthcare provides stable employment for many, but wage growth hasn’t always kept pace with rising housing and living costs.