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City · 37,581 residents · Floyd County, Indiana

New Albany , Indiana

In New Albany, a typical home is worth $180,500 and typical rent is $1,026 a month. Compared with all of Floyd County, typical household income is 31% lower, the typical home value is 28% lower, and the share of households that own their home is 18 points lower.

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  • Typical home value

    $180,500

    28% below the county

    17% below Indiana

    • New Albany
    • Floyd
    • Indiana

  • Typical rent

    $1,026a month

    About the same as the county

    3% below Indiana

    • New Albany
    • Floyd
    • Indiana

  • Typical household income

    $54,710a year

    31% below the county

    24% below Indiana

    • New Albany
    • Floyd
    • Indiana

  • Households that own their home

    55%

    18 points below the county

    15 points below Indiana

    • New Albany
    • Floyd
    • Indiana

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$236,651
2.8% more than 12 months ago
Typical rent
$1,194 a month
2.9% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

New Albany is in Floyd County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Floyd County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets New Albany apart

What this place has that others do not, from public data, most unusual first.

  1. 55% of households in New Albany own their home, against 73% in Floyd County.

  2. Nearby, in Salem, the typical rent is $690: 33% less than in New Albany ($1,026).

  3. The typical household income in New Albany is $54,710, 31% less than in Floyd County as a whole ($79,704).

  4. The typical home in New Albany is worth $180,500, 28% less than in Floyd County as a whole ($251,000).

  5. Nearby, in Salem, the typical home value is $144,700: 20% less than in New Albany ($180,500).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in New Albany

What homes there are in New Albany, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses are the majority in New Albany (61%), but less so than in Floyd County (75%).

Year built

In New Albany, half of the homes were built before 1965; in Floyd County, before 1980.

Homes in New Albany are smaller: 49% have 3 bedrooms or more; in Floyd County, 67%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA loan limit for Floyd County is $541,287, and about 99% of owner-occupied homes in New Albany are worth less than that.

Monthly rent with utilities

By rent, most homes in New Albany cost less than HUD's 2-bedroom fair market rent ($1,276): about 72%.

With a mortgage

$1,229 a month

Floyd County: $1,493 a month

Without a mortgage

$540 a month

Floyd County: $558 a month

Owners with a mortgage

64%

Floyd County: 67%

Owning costs less in New Albany: with a mortgage, the typical cost is $1,229 a month; in Floyd County, $1,493. Without one, $540.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in New Albany rose 47% since 2015–2019, about the same as in Floyd County (46%).

The typical rent in New Albany rose 31% since 2015–2019, about the same as in Floyd County (30%).

Here income did not keep up with housing: it rose 12%, while home values changed +47% and rent +31%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNew AlbanyFloyd CountyIndianaUnited States
Rental vacancy 8.7%9.3%5.6%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate1.8%3.4%
People per household 2.222.492.462.53
Drive alone 76%77%76%69%
Carpool 10%7%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 1%1%2%3%
Work from home 12%14%11%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

In New Albany, the rental vacancy rate is 8.7%, about the same as in Floyd County.

On average, a household in New Albany has 2.22 people, fewer than in Floyd County (2.49).

To get to work, 76% of workers in New Albany drive alone; in Floyd County, 77%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in New Albany?

A typical home is tight for the typical income

We start with a typical home in New Albany, worth $180,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 32% of the typical household income in New Albany, which is $54,710 a year. For that payment to be 28% of income, a household would need to earn about $63,128 a year.

The calculator's FHA and conventional loan limits are those of all of Floyd County.

Your numbers

Local data
$

Starts at the typical home value in New Albany. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $6,318 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,473

at 7.18% · 30 years

Loan amount
$177,230
Total interest
$254,993
Paid off in
November 2056

Includes $3,048 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,277 a month

  • Tight

    $1,277 to $1,641 a month

    Your payment · 32%

  • Hard

    more than $1,641 a month

Compared with the typical household income in New Albany ($54,710 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,473
Principal & interest$1,201
Property tax$117
Home insurance$75
FHA mortgage insurance (MIP)$80

You need at least $6,318 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

New Albany and Floyd County

New Albany is in Floyd County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

New Albany's own numbers

Typical home value
$180,500
Typical monthly rent
$1,026
Typical yearly household income
$54,710
Households that own their home
55%
Effective property tax rate
0.78%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Floyd County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,276
Price change over 5 years (FHFA)
+54%
Homes in a high flood-risk zone
1.5%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Floyd County.

Everything about Floyd County

Buying

Buying a home in New Albany

A typical home in New Albany is worth $180,500: 28% below the county and 17% below Indiana. With the typical household income in New Albany ($54,710 a year), a typical home costs 3.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • New Albany 3.3 years
  • Floyd 3.1 years
  • Indiana 3.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Floyd County

According to FHFA’s house price index, home prices in Floyd County rose 96% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Floyd County.

Period County Indiana U.S.
Last year (2025) +6.6% +4.3% +2.9%
5 years (2020–2025) +54% +53% +47%
10 years (2015–2025) +96% +95% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

New Albany next to Floyd County, Indiana and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • New Albany $180,500
  • Floyd $251,000
  • Indiana $218,200
  • United States $332,700
Typical monthly rent
  • New Albany $1,026
  • Floyd $1,036
  • Indiana $1,062
  • United States $1,413
Typical yearly household income
  • New Albany $54,710
  • Floyd $79,704
  • Indiana $71,957
  • United States $80,734
See the full table
New Albany next to Floyd County and Indiana
Measure New Albany Floyd County Indiana U.S.
Typical home value $180,500 $251,000 $218,200 $332,700
Typical monthly rent $1,026 $1,036 $1,062 $1,413
Typical yearly household income $54,710 $79,704 $71,957 $80,734
Households that own their home 55% 73% 71% 65%
Typical yearly property tax $1,414 $1,736 $1,614 $3,119
Effective property tax rate 0.78% 0.69% 0.74% 0.94%
Renters with high rent for their income 47% 47% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Floyd County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in New Albany

For a typical $180,500 home in New Albany, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, New Albany's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,473a month

    Least cash to close
    Down payment
    $6,318
    Cash to close
    $11,733
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $80

  • Conventional, 5% down $1,440a month

    Down payment
    $9,025
    Cash to close
    $14,440
    Rate
    7.18%
    Mortgage insurance
    PMI · $86

  • Conventional, 20% down, no PMI $1,171a month

    Down payment
    $36,100
    Cash to close
    $41,515
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,338a month

    Down payment
    $27,075
    Cash to close
    $32,490
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for New Albany and for Floyd County.

Property tax

Effective rate in New Albany

0.78%of the home’s value each year

$1,414 a year for the typical owner in New Albany.

  • New Albany 0.78%
  • Floyd 0.69%
  • Indiana 0.74%

What Indiana publishes Homestead standard deduction: the amount drops each year (Indiana Department of Local Government Finance (DLGF), Form HC10)

Exemptions and deadlines in Indiana

Flood risk in Floyd County

FEMA does not publish these numbers by city: they are for all of Floyd County.

Homes in the high-risk zone
1.5%
458
Of those, with NFIP insurance
23%
County Indiana U.S.
Homes in the high-risk zone 1.5% 2.3% 3.5%
Of those, with NFIP insurance 23% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in New Albany

Typical rent in New Albany is $1,026 a month: about the same as the county. In New Albany, 47% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Floyd County, by unit size. To pay the 2-bedroom one ($1,276 a month) without spending more than 30% of your income, you would need to earn $24.54 an hour working full time.

HUD fair market rent for all of Floyd County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $976 $18.77 $39,040
1 bedroom $1,058 $20.35 $42,320
2 bedrooms $1,276 $24.54 $51,040
3 bedrooms $1,629 $31.33 $65,160
4 bedrooms $1,874 $36.04 $74,960

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in New Albany

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). New Albany is in ZIP code 47150.

For 2 bedrooms it is $1,250: $26 less than the fair market rent for Floyd County ($1,276).

  • 47150 $1,250$1,600

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for New Albany when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in New Albany

HUD lists 11 buildings with rents for lower incomes in New Albany. These are the largest.

  • Parkview 1208 Minton Dr, New Albany 47150 446 homes, 439 low-income · Run by Housing Authority of the City of New Albany · Average payment: $265 a month · Average wait: 3 months (812) 206-2033
  • Valley Ridge Apts 200 Village Dr W, New Albany 47150 156 homes, 124 low-income · 1 bd: 16 · 2 bd: 60 · 3 bd: 80 · In service since 1999 · For families (812) 944-4313
  • Carriage House New Albany 4202 Grant Line Rd, New Albany 47150 120 low-income homes · For families (812) 944-0941
  • Riverview Towers 125 Fischer Dr, New Albany 47150 70 low-income homes · Run by Housing Authority of the City of New Albany (812) 206-2033
  • Brookview Glen Apts 1810 Graybrook Ln, New Albany 47150 66 homes, 63 low-income · Studio: 10 · 1 bd: 26 · 2 bd: 30 · In service since 2007

See all 12 buildings in Floyd County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in New Albany

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Floyd County; none says it serves in Spanish.

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in New Albany

No down payment, repair or rent-help program on our list is for New Albany or Floyd County. The ones below are statewide in Indiana: they work in New Albany the same as in the rest of the state.

Which programs do I qualify for? All programs in Indiana

  • Next Home

    Statewide in Indiana

    Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Type not stated

    See the program Official page

  • First Step

    Statewide in Indiana

    Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Deferred

    See the program Official page

Housing counselors near New Albany

The HUD-approved agencies closest to the center of New Albany, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • New Albany Housing Authority

    300 Erni Ave, New Albany · 1 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (812) 948-2319

  • Blue River Services Inc

    156 Autumn Ridge Dr NW, Corydon · 17 miles away · Spanish

    Also serves in Arabic, American Sign Language (ASL), Cambodian, Cantonese, and 19 more languages.

    • Budget and credit workshops
    • Fair housing pre-purchase workshops
    • and 6 more
    812-738-8016x104

  • Lincoln Hills Development Corporation

    302 Main St, Tell City · 57 miles away

    • Mortgage delinquency and default
    • Fair housing pre-purchase workshops
    • and 6 more
    (812) 547-3435

Every agency in Floyd County All counseling agencies in Indiana

Help in Spanish near New Albany

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of New Albany

HUD’s record names them for New Albany or Floyd County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the City of New Albany Public housing and Section 8 vouchers (812) 206-2033

All housing agencies in Indiana Source: HUD

Cities

Nearby cities

The cities closest to New Albany, with the typical home value.

Everything about Floyd County Housing in Indiana

Neighboring counties

If Floyd County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in New Albany.

All guides
A mother holds her laughing daughter on a grey sofa.

Questions

Housing questions about New Albany

Short answers with the numbers for New Albany and all of Floyd County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in New Albany?

The typical home value in New Albany is $180,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Floyd County it is $251,000.

How much does it cost to rent in New Albany?

Typical rent in New Albany is $1,026 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Floyd County is $1,276.

What is the FHA loan limit in New Albany?

New Albany uses the FHA limit for all of Floyd County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in New Albany?

The typical homeowner in New Albany pays $1,414 a year, according to the U.S. Census Bureau. That is 0.78% of the home’s value; in Floyd County, the rate is 0.69%.

Where can I find free help to buy or rent in New Albany?

There is 1 HUD-approved counseling agency with an office in Floyd County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).