At What Cost: 2026 Housing Affordability in the Capital Region

Housing costs continue to rise across the Capital Region, putting increasing pressure on renters and prospective homeowners. CDRPC’s 2026 At What Cost: A Series Exploring Housing Affordability report examines how wages, rents, and home prices are changing across Albany, Rensselaer, Saratoga, and Schenectady counties.

Key Findings

Rents are rising faster than renter wages: The gap between housing costs and renter incomes widened significantly in 2026. The Fair Market Rent (FMR) for a one-bedroom apartment in the Albany-Troy-Schenectady Metropolitan Statistical Area increased 15%, from $1,230 in 2025 to $1,417 in 2026. The two-bedroom FMR increased 14%, from $1,487 to $1,702. By comparison, renter wages across the Capital Region increased by just 3.9% in 2026.

Renters are falling short of the income needed to afford a typical apartment: A renter would need to earn $27.25 per hour to afford a one-bedroom apartment at the 2026 Fair Market Rent while keeping housing costs at or below 30% of gross income. A two-bedroom apartment requires an hourly wage of $32.73.

The number of renter households continues to grow: The Capital Region added 10,043 renter households between the 2015–2019 and 2020–2024 ACS estimates. The total number of renter households increased to 134,273, representing more than one-third of occupied housing units in the region.

Housing cost burdens extend beyond monthly rent: For a one-bedroom apartment, rent would consume 34% to 40% of a renter’s income. For a two-bedroom apartment, it would consume 41% to 49%. Two working renters sharing a two-bedroom apartment would face a lower burden, with rent consuming approximately 21% to 24% of their combined income. The financial barriers to renting also extend beyond the advertised monthly rent. Security deposits, application fees, moving expenses, income requirements, and additional mandatory fees can increase the actual cost of securing housing.

Renters may need to work beyond a traditional full-time schedule: The report also illustrates the number of hours renters would need to work to afford housing at Fair Market Rent. A renter would need to work approximately 42 to 44 hours per week to afford a one-bedroom apartment, depending on the county. Two-bedroom apartments would require approximately 45 to 47 hours per week.

Homeownership remains out of reach for some households: Affordability challenges extend beyond the rental market. Rising home prices and borrowing costs continue to create barriers for lower-income and first-time homebuyers. The report finds that a one-person household earning 70% of the regional Area Median Income (AMI) would qualify for an estimated $253,600 mortgage. A two-person household earning 80% of AMI would qualify for approximately $303,200.

Read the full 2026 At What Cost: A Series Exploring Housing Affordability report to explore the data and affordability trends across the Capital Region.