Cost of Living in Albany, NY [2024]

Albany, New York is a charming capital city that offers a unique blend of cultural attractions, outdoor adventures, and a strong sense of community. It's one of the best places to live in New York state, and if you're considering a move to Albany, you're likely wondering about the cost of living.

This comprehensive guide will break down everything you need to know – from renting an apartment to navigating transportation and exploring entertainment options. With this valuable information, you can create a realistic budget and feel confident about making Albany your new home.

Cost of Living in Albany, NY

What Is the Cost of Living in Albany, NY?

The cost of living in Albany is currently 2.3% lower than the rest of the country, and 15% lower than Manhattan. But what does that really mean for renters? Let’s break down how much it costs to live in Albany by looking at different expenses.

How Much Is Rent in Albany, NY?

While the cost of living in Albany is a bit lower than the national average, being a capital city, it’s still a little bit expensive for renters. Let’s look at rental costs by bedroom so we can get a better idea of how much you might need to spend on housing.

How Much Is a Studio Apartment in Albany, NY?

As of March 2024, the average cost of studio apartments in Albany, NY listed on our website was $1,515 a month.

How Much Is a 1-Bedroom Apartment in Albany, NY?

A one-bedroom apartment in Albany, NY will cost, on average, around $1,640 according to our latest listings as of March 2024.

How Much Is a 2-Bedroom Apartment in Albany, NY?

Two-bedroom apartments in Albany, NY were listed on our website with an average price of $2,013 a month as of March 2024.

What Salary Do You Need to Live in Albany, NY?

There are a few different ways to estimate what salary you need to live in a city like Albany. One way involves estimating based on how much you expect to spend on rent using a rule of budgeting that says rent should not be more than 30% of your income. If one-bedrooms currently run around $1,640 a month, that means you should probably make a little over $60,000 a year to live comfortably in Albany.

Another option is to use the “living wage” calculation made available by researchers at MIT. According to their data, a single adult would need to earn $22.33 an hour in order to live in Albany (or $46,456 a year before taxes). That’s slightly less than our estimate, which is certainly possible if you find a better than average rate for an apartment.

How Much Are Utilities in Albany, NY?

According to recent census data, which we've analyzed and presented below, renters in Albany spend an average of $251.03 per month on utilities. That is slightly less than $253.14 for the rest of the country. They also spent around $195 on phone and internet. Here’s a breakdown by category.

How Much Is Child Care in Albany, NY?

According to MIT, the cost of child care in Albany is particularly high. Families will spend on average $15,879 a year for child care for one child. For two children, that cost climbs to $30,775.

How Much Is Transportation in Albany, NY?

MIT estimates that the average single individual will spend $9,972 a year on transportation, or $16,727 for a family of four. Albany offers a mix of transportation options to suit different needs and budgets. Here's a quick rundown:

• Public Transportation: The Capital District Transportation Authority (CDTA) operates an extensive bus network that covers most of the city and surrounding areas. It's a convenient and affordable option for getting around, especially if you live near a major route.
• Driving: Albany is a fairly car-friendly city, with good road infrastructure and ample parking (though it can be paid parking downtown).
• Biking: Albany has been investing in its bike infrastructure in recent years, with designated bike lanes and paths popping up across the city. If you're comfortable cycling, it's a healthy and eco-friendly way to navigate the city, especially for shorter trips.
• Walking: Albany's downtown core is relatively walkable, with many shops, restaurants, and attractions concentrated within a few blocks. However, some neighborhoods might be better suited for those who enjoy walking errands and exploring on foot.

How Much Are Groceries in Albany, NY?

According to Numbeo, to eat around 2400 calories per day, you would probably need to spend around $453.16 for 31 days worth of groceries. Similarly, MIT estimates that a single person would spend around $4,488 per year on groceries, which is a little under Numbeo’s estimate at around $374 dollars a month.

Albany, NY Fitness & Entertainment

Gyms are common in Albany, and prices can range widely depending on how much or how little you want to use their services. A popular gym called Albany Strength charges $199 for a one-year pass. For classes, Orange Theory charges $179 a month for unlimited visits, but only $79 a month for four classes.

Find Your Next Apartment in Albany, NY

Intrigued by the rental landscape in Albany? Now that you have a better idea of cost of living, you can start picturing your dream home! Head over to our apartment listings in Albany, a trusted resource for finding rentals, to explore the variety of apartments available. With filters for price, location, and amenities, you're sure to find the perfect fit for your budget and lifestyle.

Cost of Living in Albany, NY FAQs

How much do you need to live comfortably in Albany NY?

In order to find a comfortable amount of earnings, we use a budgeting rule that states rent should not be more than 30% of your income. If one-bedrooms currently run around $1,640 a month, that means you should probably make a little over $60,000 a year to live comfortably in Albany.