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Allegany

Learn about the people, housing, costs and businesses in Allegany, New York

Median Home$159,686
Median Rent$707/month
Population1,566
Leading IndustryPublic Administration35% of local workforce
Home Value Growth⬆⬆⬆+22.9% over 2 years
Young Adults34% of residentswell above average
Homeowners83% of occupied units
NotableVeteran Community9% of residents · top 22% nationally
NotableAffordable Market$160k median home · lower cost than 70% of the country
Allegany
NY

Frequently Asked Questions

What are today's mortgage rates in Allegany?

As of today, the 30-year fixed mortgage rate for Allegany is approximately 7.139% (7.186% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Allegany?

The median home value in Allegany is $160k. The median monthly rent is $707. Annual property taxes average $4k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Allegany?

Home values in Allegany have increased 22.9% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Allegany?

Based on a typical all-in ownership cost of $839/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $36k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Allegany is $66k/year.

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What industries drive the economy in Allegany?

The largest employment sectors in Allegany are public administration (35%) and retail (9%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.