Where are Android Emulator Images 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.