Market Research Albany | Key Statistics and Data

September 14, 2017

Do business in Albany, NY and get excited about data? Us too! Which probably isn't too surprising considering we love market research.

 

In the following post, Drive Research will uncover key statistics and demographic data for Albany, NY. Drive Research is a market research company serving Albany, NY that specializes in custom qualitative and quantitative research. Check out details about the services offered.

 

The secondary market research data below is focused on the Albany market area. Market research companies use this type of data to enhance decision-making for various types of projects. Oftentimes, it is used to strengthen analysis and recommendations. Knowing insight is paramount, secondary market research data is vital to success. Drive Research accesses this data from a proprietary in-house data system available to use on all market research projects.

 

Below is insight into key statistics and demographic data in Albany, NY.

 

 Geographic area of Albany NY Designated Market Area (DMA). Often referred to as the Capital District or Capital Region of Upstate New York.

Population

Well Albany, looks like your population is on the rise again! According to the US Census, the population in Albany, NY has increased over the past 10+ years. In 2000, the population in the Albany market area was 1,343,742, which increased by 3.5% in 2010 to 1,390,892. Estimates for 2016 recorded the population as 1,397,256, which increased 2.0% in 2021 to 1,425,612. While the largest increase occurred between 2000 and 2010, it's clear population intends to increase in the future.

 

Population segments are becoming more diverse in Albany, NY, and this trend is projected to continue. In 2000, the Albany population was 91.3% white, 4.7% black, 2.4% Hispanic, 1.4% Asian/Native Hawaiian/Other Pacific Islander, and 0.2% Native American or Alaska Native.

 

Fast forwarding to 2016, estimates recorded the population in Albany was 86.2% white, 6.4% black, 4.9% Hispanic, 3.0% Asian/Native Hawaiian/Other Pacific Islander, and 0.3% Native American.

 

Projections for 2021 predict the population in Albany will be 85.3% white, 6.4% black, 5.4% Hispanic, 3.3% Asian/Native Hawaiian/Other Pacific Islander, and 0.3% Native American or Alaska Native.

 

 

Gender

The gender split in the Albany market area is becoming slightly more balanced. In 2016, estimates recorded the gender split in Albany, NY to be 50.8% females and 49.2% male. Projections for 2021 predict a 50.7% female and 49.3% male population in Albany.

 

 

Age

Data shows the median age for the population in the Albany market area is rising. In 2000, the median age was 38.1 which rose to 41.2 in 2010. Estimates in 2016 reported the median age was 41.9 and in 2021 projections indicate the median age will rise to 42.6.

 

Significant changes from 2016 to 2021 lie within the older age groups. In 2016 those aged 65 to 74 made up 9.6% of the Albany population or 134,249 people. In 2021 the 65 to 74 age group is expected to rise to 11.1% of the Albany population or 158,279 people (an increase of 17.9%). Similarly, the 75 to 84 age group in 2016 made up 4.9% of the Albany population or 134,249 people. In 2021 the 75 to 84 age group is projected to increase to 5.5% of the population or 78,560 people (an increase of 13.7%).

 

 

 Age data for Albany, NY

 

 

Income

Average household income in the Albany market area has been on the rise since 2000 and projections predict that will continue. In 2000, the average household income in Albany was $53,017 which rose to $69,902 in 2010. Estimates for 2016 reported that the average household income in Albany was $77,048 which is projected to increase to $88,120 in 2021. 

 

The most significant changes from 2016 to 2021 happen within the bottom and top two income brackets. From 2016 to 2021, projections predict an 15.8% decrease in those who make an annual household income of $0 to $15,000. Those who make $100,000 to $149,999 are expected to see a 29.8% increase from 2016 to 2021. Similarly, those who make $150,000 or more are projected to see a 32.2% increase from 2016 to 2021.

 

Those who work blue collar versus white collar jobs are expected to see minimal changes from 2016 to 2021. Blue collar workers in Albany will continue to make up roughly two-thirds of the population, while white collar workers will make up one-third of the population.

 

 

Housing Units

Similar to years prior, total housing units in Albany, NY are expected to increase in the coming years. In 2000, a total of 626,178 housing units were available, which rose to 672,600 in 2010. Estimates in 2016 reported 679,977 total housing units available which is projected to increase to 701,921 in 2021. 

 

Wondering about occupancy? Us too. Total occupied housing is expected to remain steady. In 2016, estimates reported 84.3% of houses were occupied. In 2021, projections predict 84.1% of houses being occupied. 

 

 

Educational Attainment

In Albany, slight changes to educational attainment are expected in the coming years. From 2016 to 2021, the percentage of those with a high school diploma are expected to see an increase of 3.0%, and the percentage of those with some college but no degree are expected to see an increase of 3.5%. Similarly, from 2016 to 2021, the percentage of those with an associates degree (increase of 3.9%), Bachelor's degree (increase of 4.6%), and graduate degree (increase of 4.7%) are expected to rise. 

 

 

 

 Educational attainment data for Albany, NY

 

MOSAIC Group

MOSAIC groups are segments of the population with key traits. In the Albany market area, 2016 estimates reported that the top MOSAIC group are those within the group named Autumn Years, which makes up nearly one out of five households (19.8%).

 

Those within the Autumn Years group can be described as mature couples (many are older than 65) who are excited for their retirement years. Much of these people have lived in the same house for most of their life and feel strong ties to their community. They can be characterized as living quiet, simple, leisure lives. In regards to digital media usage, those in Autumn Years use the internet sparingly. When they do use the internet, it is typically for banking, weather, lottery results, and gaming. 

 

 

Contact Drive Research

Ready for more? Have questions for our team?  We are always ready to help!

 

Drive Research is a market research company in Albany, NY offering custom qualitative and quantitative research services

 

Contact us at 315-303-2040 or email us at info@driveresearch.com.