Where are Android Emulator Image Stored?

From the AVD documentation:

By default, the android tool creates the AVD directory inside ~/.android/avd/ (on Linux/Mac), C:\Documents and Settings\<user>\.android\ on Windows XP, and C:\Users\<user>\.android\ on Windows 7 and Vista.

Update (2020-02-22): This wording isn’t on the current documentation page anymore, but the location appears to be the same (C:\Users\<user>\.android\) on Windows 8 and 10.

Not obvious thing in official documentation

The system images are downloaded in [ {android_version_home_dir}/sdk/system-images/{android-version-number}/system.img> ]

and the avd are created in C:\Users\.android\avd\ (windows) or ~/.android/avd/ (linux/mac)