Cost of Living & Housing in The Capital Region
Housing across the Capital Region splits along a genuinely clear pattern: the three core Albany-Schenectady-Troy cities all run more affordable than New York's statewide average, while Saratoga Springs and Lake George -- the region's two destination markets -- run meaningfully above it, with Amsterdam and Glens Falls sitting at the affordable end but each carrying a real, elevated property-tax burden.
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Learn moreThe Affordable Core: Albany, Schenectady, and Troy
All three anchor cities run genuinely more affordable than New York's own statewide average (itself skewed upward by the NYC metro). Troy's housing runs the most dramatically affordable of the three -- roughly 51% below the statewide average -- while Schenectady runs affordable relative to the national median even amid substantial 2026 appreciation. Each carries its own real trade-off: Albany's own above-average property tax rate and elevated poverty rate, Schenectady's effective property tax rate (approximately 2.78%) running well above both national and state averages, and Troy's modest population decline since the 2020 census (51,318 to an estimated 50,787).
The Destination Premium: Saratoga Springs and Lake George
Saratoga Springs runs genuinely more expensive than New York's statewide average -- a real, disclosed premium reflecting the city's affluent, internationally known identity built around Saratoga Race Course and its 19th-century mineral-spring spa heritage. Lake George's housing costs run genuinely, substantially above the statewide average across every cited source ($284,457 to $699,000, depending on geography and methodology), reflecting real, major resort-market demand tied to its more than 3 million annual regional visitors -- even as the village's own effective property tax rate (1.15%) runs favorably below both Warren County's broader average and the statewide median.
Amsterdam and Glens Falls: Affordable but High-Tax
Both Amsterdam and Glens Falls run genuinely affordable on sale price relative to New York's statewide average, but each carries a real, elevated property tax rate that partly offsets that headline affordability: Amsterdam's rate (2.05%) and Glens Falls's rate (2.66%, the highest of any location within Warren County) both run above the New York statewide median (1.90%). Amsterdam also carries a real, disclosed New York State Comptroller 'fiscally stressed' designation, and Glens Falls's own population carries a modest decline (-0.66% annually) even as its broader ~126,000-person metro area holds considerably steadier -- both real, honest context for anyone comparing these two affordable entry points to the region's other markets.
Key takeaways
- Albany, Schenectady, and Troy -- the region's Erie Canal-era core cities -- all run more affordable than New York's statewide average; Troy's figure runs the most dramatically affordable (roughly 51% below).
- Saratoga Springs and Lake George are this region's two destination-market premiums, both driven by internationally recognized tourism identities (horse racing/spa heritage and Adirondack resort access respectively).
- Amsterdam and Glens Falls are affordable on sale price but both carry elevated property tax rates well above the statewide median -- factor the tax bill in, not just the sticker price.
- GlobalFoundries' Malta semiconductor fab, within Saratoga County, is a real, current economic force worth watching for its effect on regional housing demand beyond Saratoga Springs itself.
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