Albany County Real Estate and Livability Trends
Albany County, New York has seen notable economic and real estate trends. The average taxable income per tax return nearly doubled from $67,445.42 in 2013 to $113,226.86 in 2021, but high state and local income taxes could concern investors. Real estate taxes rose significantly from about $6,377.77 in 2012 to nearly $9,926.88 in 2021. Home values increased to $263,800 in 2022, offering a more... Read more
Albany County Market Trends
Over the past eight years, Albany County, New York has seen its median home value rise consistently to $263,800 in 2022, trailing the state average of $384,100 but still significantly higher than the national median of $179,400. This suggests a relatively more affordable market within the state, yet it commands a premium over the national average, potentially making it an appealing option for... Read more
Median Value of Occupied Housing Units in Albany County, New York Over the Last 8 Years
The median home value in Albany County, New York has experienced a steady rise over the past eight years, reaching $263,800 in 2022. While Albany County has seen consistent growth, it's interesting to note that these values have generally trailed those of New York State, which hit $384,100 in the same year. Nationally, the median value in 2022 stood at $179,400, considerably lower than both the county and state figures. This positioning suggests a more affordable local market relative to the state average, yet indicating a premium over the national norm, potentially making Albany County an attractive option for diverse investment and living preferences.
Residential Energy Tax Credit Per Tax Return in Albany County, NY Over the Last 9 Years
Over the past nine years, Albany County, New York, has seen significant fluctuations in average residential energy tax credits per tax return, with a notable spike to $2,566.07 in 2018. This trend might suggest increasing investment in energy-efficient improvements or varying policy impacts. Real estate professionals and investors may find this indicative of market conditions and potential value-adding opportunities through energy-efficient upgrades. This data is also relevant for appraisers and insurance agents assessing the value and risk profiles of properties within the area.
Average Real Estate Taxes Per Tax Return in Albany County, NY Over the Last 10 Years
Albany County, New York has seen steadily increasing real estate taxes over the past decade, climbing from approximately $6,377.77 in 2012 to nearly $9,926.88 by 2021. The most notable jumps occurred between 2017 and 2018 and again from 2018 to 2019, suggesting changes in local policy or property values. For potential investors, real estate agents, and appraisers, these upward trends may signal a rising market, which could impact property valuation and demand. For current residents and insurance agents, understanding these increases is crucial for budgeting and future financial planning.
Percentage of Farm Returns in Albany County, NY Over the Last 10 Years
Over the last decade in Albany County, New York, the percentage of farm returns has seen slight fluctuations but stayed relatively stable, ranging between 0.22% to 0.24%. This indicates a consistent, albeit minor, proportion of the population engaged in farming activities. Farm tax returns are crucial financial documents that help track the economic contributions and viability of agricultural operations within the region. For those looking to invest, move, or build property in Albany County, understanding these trends can be essential in gauging the health and sustainability of local agriculture, which may reflect broader economic conditions and community priorities.
Number of Mortgages by Occupancy Type in Albany County, NY Over the Last 5 Years in Albany County
In Albany County, New York, there has been a noticeable fluctuation in mortgage counts across different occupancy types over the past five years. Principal residences dominate the market, but there's a clear ebb and flow in investment property and second residence categories. Changes in occupancy type matter as they reflect economic conditions, can influence housing supply and demand, and might affect property values. Investors, for instance, should note the peak in investment property mortgages in 2021 before a decline in 2022, which could hint at market saturation or shifting investment strategies. Real estate agents and insurance agents might also find these trends valuable for assessing client profiles and risk.
Economic Outlook
In Albany County, New York, the average taxable income per tax return has seen a significant rise, going from $67,445.42 in 2013 to $113,226.86 in 2021, suggesting a thriving economic environment. However, state and local income taxes have surged dramatically, from $11,691.90 in 2017 to $56,612.82 in 2021, which could be a red flag for potential investors wary of high tax burdens. Additionally, while the average total tax liability has doubled over the past decade, the poverty rate has jumped... Read more
Average Taxable Income per Tax Return in Albany County, NY over the last 9 years
Average taxable income per tax return in Albany County, New York has consistently risen over the last nine years. From $67,445.42 in 2013 to $113,226.86 in 2021, this increase suggests a growing economic vitality. Such trends could be attractive for potential investors and real estate agents, signaling a robust economic environment. For those looking to move to the area, it might indicate higher earning potential and better job opportunities. Appraisers and insurance agents might also find these figures useful when evaluating property values and risks.
Average State and Local Income Taxes Per Tax Return in Albany County, NY Over the Last 10 Years
Albany County, New York, has seen a significant upward trend in average state and local income taxes per tax return over the past decade. Starting around $9,166.66 in 2012, taxes rose steadily, with an exceptional jump from about $11,691.90 in 2017 to a staggering $56,612.82 by 2021. This sharp increase might raise concerns for potential investors and residents regarding the area’s tax burden. Real estate agents, appraisers, insurance agents, and builders should be aware of how these rising tax liabilities could impact property values and overall living costs in the county.
Average Total Tax Liability Per Tax Return in Albany County, NY Over the Last 10 Years
Over the past decade, Albany County, New York has experienced a marked increase in average total tax liability per tax return, rising from approximately $11,939 in 2012 to over $22,579 in 2021. This trend could raise concerns for prospective investors and property developers considering the economic growth and fiscal policy environment of the area. Real estate agents and insurance professionals may also find these figures indicative of underlying shifts in residents' financial burdens, potentially impacting property values and insurance premiums.
Cost of Living in Albany County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,627 | $1,621 | $1,453 | $2,771 | $1,957 |
| 2 adults 3 children | $1,627 | $1,324 | $1,417 | $2,771 | $1,731 |
| 1 adult 4 children | $1,627 | $1,324 | $912 | $2,771 | $2,053 |
| 1 adult 3 children | $1,627 | $1,081 | $875 | $2,771 | $1,866 |
| 2 adults 2 children | $1,336 | $1,084 | $1,380 | $2,415 | $1,451 |
| 1 adult 2 children | $1,336 | $810 | $838 | $2,415 | $1,486 |
| 2 adults 1 child | $1,336 | $857 | $1,343 | $1,258 | $1,156 |
| 1 adult 1 child | $1,336 | $553 | $801 | $1,258 | $1,067 |
| 2 adults | $1,098 | $688 | $962 | $0 | $790 |
| 1 adult | $985 | $375 | $481 | $0 | $662 |
Safety trends & Data
Recent five-year trends in Albany County, New York, show notable fluctuations in property crime. Larceny-theft incidents have decreased from 2,521 in 2018 to around 1,436 in 2022, reflecting heightened attention on security or other protective measures. Meanwhile, burglary and motor vehicle theft rates have varied slightly, with a considerable decrease in burglaries in 2021 but a rebound in 2022. Fraud and forgery cases have not shown a consistent trend, which may complicate risk assessments... Read more
Property Crime Trends in Albany County, NY Over the Last 5 Years
Recent five-year trends in Albany County, New York, show notable fluctuations in property crime. Larceny-theft incidents have decreased from 2,521 in 2018 to around 1,436 in 2022, reflecting heightened attention on security or other protective measures. Meanwhile, burglary and motor vehicle theft rates have varied slightly, with a considerable decrease in burglaries in 2021 but a rebound in 2022. Fraud and forgery cases have not shown a consistent trend, complicating risk assessments for insurers and appraisers. These variations offer critical insights for investors and real estate agents evaluating property risks and values in Albany County.
Demographics
Albany County, New York showcases notable gender distribution, educational attainment, age diversity, and racial composition. Males make up a slightly smaller portion of the adult population compared to females. In terms of educational attainment, a significant chunk of residents possess bachelor's or higher degrees, while the community also includes individuals with less than a high school education. Age distribution points to a balanced mix, with substantial representation in both younger and... Read more
Race Distribution in Albany County, New York (2022)
Educational Attainment in Albany County, New York (2022)
Age Distribution in Albany County, New York
Citizen Population in Albany County, New York (2022)
Political Trends & Data
Albany County, New York, saw a strong preference for the Democratic Party in the 2020 U.S. Presidential Election, with approximately 64% of votes. Republicans captured around one-third of the votes, while minor parties like the Libertarians and Greens accounted for a minimal share. This suggests Albany County is a Democratic stronghold, resonating with broader state trends but indicating potential growth areas for other... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Albany County, New York, the 2020 U.S. Presidential Election showed a pronounced leaning towards the Democratic Party, which reportedly captured about 64% of the votes. Republicans appeared to have garnered roughly one-third of the votes, while smaller parties like the Libertarians and Greens, along with other candidates, made up a minimal percentage of the electorate. This distribution suggests that Albany County could be considered a Democratic stronghold, reflecting broader state-level trends but also indicating potential areas for growth or change for other political affiliations.
33.01% of voters voted for the Republican party in the 2020 Presidential Election
64.29% of voters voted for the Democrat party in the 2020 Presidential Election
0.98% of voters voted for the Livertarian party in the 2020 Presidential Election
0.50% of voters voted for the Green party in the 2020 Presidential Election
1.21% of voters voted for the Other party in the 2020 Presidential Election
School Data
Albany County, New York has seen significant changes in its student-to-teacher ratio over the past decade, peaking at around 15 students per teacher in 2017 and dropping to about 12 in recent years. This could indicate a trend towards smaller class sizes, enhancing educational outcomes and individualized attention for students. Compared to the national average of 14 students per teacher, Albany County's lower ratio may appeal to families prioritizing education. For investors, this might suggest... Read more
Student-to-teacher ratio in Albany County, New York over the last 10 years
Albany County, New York has seen fluctuations in its student-to-teacher ratio over the past decade, with a peak of around 15 students per teacher in 2017 and a notable drop to about 12 over the past few years. This trend might suggest a positive shift towards smaller class sizes, potentially improving educational outcomes and individual attention for students. Compared to the national average of 14 students per teacher, Albany County's current ratio is slightly lower, which could make it an attractive area for families prioritizing education. For investors, it could imply a stable demand for schools and related infrastructure. Real estate agents might use this information to highlight the benefits of local schools to prospective homebuyers.
