Cost of Living in Albany, OR

With a cost of living index of 105, Albany, OR is somewhat more expensive than average. Living here is 5% more expensive than the national average and in line with the Oregon state average. With a population of 56,773, Albany is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Albany's cost of living. The median monthly rent is $1,311 (1% below the US median of $1,319), and the median home value sits at $352,900 (16% above the national median of $304,900). At current prices, the median home costs roughly 4.8x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Albany is $73,809, which is 2% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Albany. The area sees an average annual temperature of 52.2°F, with summers averaging 64°F and winters around 41°F. Annual rainfall totals 41.5 inches spread over roughly 143 days.

Everyday prices in the Albany, OR (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.