Albany, IL
Population 783 · Illinois
About Albany, IL
Albany is a small community located in Illinois with a population of 783 residents according to the latest US Census Bureau American Community Survey data. The median household income is $68,750 per year, which is 9% below the national median of $75,149. The median age of 37.9 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Albany features a median home value of $147,800, which is 40% below the national median of $244,900. This positions Albany in a moderately priced market relative to the rest of the country. Median monthly rent is $721, 38% below the national average of $1,163/month. Of the 356 total housing units, 91% are owner-occupied (291 units) and 9% are renter-occupied (29 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Albany shows an unemployment rate of 5.8%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 3.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Albany have an average one-way commute time of 23.5 minutes.
Education & Demographics
13.9% of Albany residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 4.1% White, 1.9% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.3% of the population being foreign-born.
Cost of Living in Albany, IL
Compared to national averages, Albany has a median household income of $68,750 (9% below the national median of $75,149). Home values average $147,800, which is 40% below the national median. Monthly rent at $721 is 38% below the US average of $1,163. Within Illinois, Albany's income is 8% below the state average of $75,072, and home values are 11% below the state median of $165,779.
Why Live in Albany, IL?
Albany offers affordable housing with a median home value of $147,800, below the US average of $244,900, and rent that’s lower than the national average at $721/month, and a low poverty rate of 3.5%, better than the national average. Additionally, the city features short commute times averaging just 23.5 minutes.
Potential considerations include median household income ($68,750) that falls below the national average. However, Albany’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Albany has a population of 783 with a median age of 37.9 years. Compare Albany with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Albany
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Wataga | 782 | $57,500 | $95,700 | Compare |
| Elkville | 781 | $46,600 | $74,000 | Compare |
| Evansville | 781 | $63,125 | $84,700 | Compare |
| Glasford | 785 | $83,750 | $97,100 | Compare |
| Ogden | 785 | $84,688 | $148,700 | Compare |
| Pleasant Plains | 785 | $78,542 | $152,000 | Compare |
| Ringwood | 778 | $157,500 | $364,700 | Compare |
| Sheffield | 789 | $68,542 | $102,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Albany With Other Cities
Frequently Asked Questions about Albany
What is the population of Albany, IL?
The population of Albany, IL is 783 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Albany?
The median household income in Albany, IL is $68,750 per year, which is 9% below the national median of $75,149.
What is the median home value in Albany?
The median home value in Albany, IL is $147,800, which is 40% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Albany?
The median monthly rent in Albany, IL is $721, which is 38% below the national average of $1,163/month.
What is the unemployment rate in Albany?
The unemployment rate in Albany, IL is 5.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Albany, IL a good place to live?
Albany offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 783 and a median age of 37.9, the city appeals to a broad range of residents.
How educated is Albany, IL?
13.9% of residents in Albany aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Albany?
Key cost-of-living indicators for Albany, IL: median home value is $147,800 (40% below national), median rent is $721/month, and median household income is $68,750. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Albany?
The poverty rate in Albany, IL is 3.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Albany, IL?
Albany's population is 4.1% White, 1.9% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 1.9% two or more races. 1.3% of residents are foreign-born.