Albany’s Zillow ZHVI indicates a typical city home value of $134,986, while ZORI indicates typical observed market rent of $937 monthly. Annualizing that rent against the value gives an 8.3% gross yield before vacancy, taxes, insurance, maintenance, management and financing. The home value equals 2.86x median household income, while annual ZORI equals 23.8% of that income; both are screening references pairing Zillow measures with ACS income, not borrower- or property-specific affordability.
Citywide housing stock totals 32,959 units. Renters occupy 62.3% of occupied homes, and the citywide housing-unit vacancy rate is 16.4%; neither measure guarantees lease-up for a specific unit. ACS reports a $931 median gross rent, including contract rent plus selected utilities, and a $124,300 median home value. Those ACS medians describe surveyed occupied housing and differ in concept and period from Zillow’s typical market rent and typical city home value; they should not be averaged or substituted for one another.
Direct city evidence is mixed. A 49.4% share of renting households is rent-burdened. Single-family homes make up 59.4% of housing units, versus 2.5% in large multifamily structures. Among vacant units, 1,523 are listed for rent, representing 28.1% of vacancy reasons; these structure, burden and vacancy-reason categories do not measure available investment inventory. Population fell 8.5% between the overlapping ACS five-year vintages, a change that is not annualized and may include boundary effects. Median household income is $47,240, while poverty is 27.5% and unemployment is 11.2%. These are descriptive city demand constraints, not proof of causation, tenant quality or future rent performance.
The county listing record for Dougherty County shows a 70-day median market time and a 13.2% price-reduced share. Those county figures do not measure Albany alone. The Albany, GA metro had jobs down 2.8% and 7.6 months of supply; these metro labor and resale conditions support closer testing of tenant demand and exit timing. The national Freddie Mac 30-year mortgage rate is 6.58%; this national financing benchmark is not a property-specific loan quote.
These citywide and wider-context aggregates are not a property pro forma. Before underwriting, verify address-level purchase price and achievable rent, unit condition and rehabilitation needs, taxes, insurance and hazard exclusions, utilities, management, maintenance, leasing costs, legal use, title and tenant history. Stress-test vacancy, concessions, financing and exit liquidity, and obtain current comparable leases and sales for the specific property.