Albany, IN
Population 2,984 · Indiana
About Albany, IN
Albany is a small town located in Indiana with a population of 2,984 residents according to the latest US Census Bureau American Community Survey data. The median household income is $56,356 per year, which is 25% below the national median of $75,149. The median age of 50.5 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Albany features a median home value of $103,600, which is 58% below the national median of $244,900. This makes Albany one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $669, 42% below the national average of $1,163/month. Of the 1,446 total housing units, 82% are owner-occupied (1,062 units) and 18% are renter-occupied (234 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Albany shows an unemployment rate of 3.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 7.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Albany have an average one-way commute time of 30.3 minutes.
Education & Demographics
12.2% 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 0.5% White, 0.2% Hispanic or Latino, 0.8% Black or African American, and 1.0% Asian residents, with 0.7% of the population being foreign-born.
Cost of Living in Albany, IN
Compared to national averages, Albany has a median household income of $56,356 (25% below the national median of $75,149). Home values average $103,600, which is 58% below the national median. Monthly rent at $669 is 42% below the US average of $1,163. Within Indiana, Albany's income is 19% below the state average of $69,330, and home values are 37% below the state median of $163,409.
Why Live in Albany, IN?
Albany offers affordable housing with a median home value of $103,600, below the US average of $244,900, and rent that’s lower than the national average at $669/month, and a strong job market with an unemployment rate of just 3.6%. Additionally, the city features a low poverty rate of 7.7%, better than the national average.
Potential considerations include median household income ($56,356) 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 2,984 with a median age of 50.5 years. Compare Albany with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Albany
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Brownstown | 3,020 | $62,222 | $138,100 | Compare |
| New Palestine | 3,027 | $93,170 | $320,300 | Compare |
| Shorewood Forest | 3,030 | $151,382 | $449,400 | Compare |
| Delphi | 2,913 | $43,548 | $120,400 | Compare |
| Heritage Lake | 2,913 | $81,495 | $237,300 | Compare |
| Grissom AFB | 2,882 | $52,829 | $84,700 | Compare |
| Bicknell | 2,879 | $51,099 | $59,700 | Compare |
| Covington | 3,112 | $54,962 | $162,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
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, IN?
The population of Albany, IN is 2,984 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Indiana.
What is the median household income in Albany?
The median household income in Albany, IN is $56,356 per year, which is 25% below the national median of $75,149.
What is the median home value in Albany?
The median home value in Albany, IN is $103,600, which is 58% 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, IN is $669, which is 42% below the national average of $1,163/month.
What is the unemployment rate in Albany?
The unemployment rate in Albany, IN is 3.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Albany, IN a good place to live?
Albany offers a moderate cost of living, affordable housing, and a strong job market. With a population of 2,984 and a median age of 50.5, the city appeals to established professionals and retirees.
How educated is Albany, IN?
12.2% 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, IN: median home value is $103,600 (58% below national), median rent is $669/month, and median household income is $56,356. The home-value-to-income ratio is 1.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Albany?
The poverty rate in Albany, IN is 7.7%, 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, IN?
Albany's population is 0.5% White, 0.2% Hispanic or Latino, 0.8% Black or African American, 1.0% Asian, and 0.2% two or more races. 0.7% of residents are foreign-born.