70th most affordable of 199 in Metro Detroit
Cost of Living in Troy, MI
A typical home in Troy costs about $1,905 a month, 19.0% of the median household income of $120,045. That makes Troy the 22nd most affordable of 56 places in Oakland County and 70th of 199 across Metro Detroit.
- Median rent a month
- $1,602
- Median home value
- $420,300
- Owner cost with a mortgage
- $2,208
- Of income on housing
- 19.0%
Troy against Oakland County and the metro
| Census median | Troy | Oakland County | Metro Detroit |
|---|---|---|---|
| Median rent (monthly) | $1,602 | $1,376 | $1,207 |
| Median home value | $420,300 | $343,600 | $249,700 |
| Owner cost with a mortgage (monthly) | $2,208 | $1,998 | $1,720 |
| Median household income (yearly) | $120,045 | $97,760 | $76,664 |
| Share of income on housing | 19.0% | 20.7% | 22.9% |
Ranked 22nd most affordable of 56 in Oakland County. See all 56.
Cost of living near Troy
The towns around Troy, each with its own page.
- Auburn Hills Rent $1,477 · Home $245,000 126th most affordable in the metro
- Warren Rent $1,225 · Home $193,400 167th most affordable in the metro
- Shelby Township Rent $1,346 · Home $354,500 131st most affordable in the metro
- Rochester Hills Rent $1,644 · Home $409,800 73rd most affordable in the metro
- Royal Oak Rent $1,381 · Home $328,700 80th most affordable in the metro
- Birmingham Rent $1,902 · Home $698,300 112th most affordable in the metro
- Madison Heights Rent $1,176 · Home $199,100 129th most affordable in the metro
- Clawson Rent $1,253 · Home $267,100 88th most affordable in the metro
Living in Troy
- Homes for sale in Troy Listings and off-market deals
- Rentals in Troy Houses and apartments for rent
- Troy neighborhoods Every neighborhood on a map
- Troy crime rate From Troy's own police reports
- Troy cost of living by neighborhood Every neighborhood ranked, updated monthly
- Most expensive neighborhoods in Troy The last 12 months
- Least expensive neighborhoods in Troy The last 12 months
- Cost of living in Oakland County Every town in the county, ranked
- Most affordable cities in Metro Detroit All six counties, ranked
- Troy city guide Pros, homes and city services
Troy cost of living questions
5 questions
Is Troy, MI expensive to live in?
A typical home in Troy takes 19.0% of the median household income, against 22.9% across Metro Detroit, which ranks it 70th most affordable of 199 places.
What is the average rent in Troy?
The median gross rent is $1,602 a month, rent plus the utilities the renter pays, 33% above the metro.
How much does a house cost in Troy?
Owners put the median home value at $420,300, 68% above the metro. With a mortgage, the median owner pays $2,208 a month for the mortgage, taxes, insurance and utilities.
What income do you need to live in Troy?
Spending no more than 30% of income on housing, the usual rule, a typical Troy home at $1,905 a month calls for about $76,000 a year. The median household here earns $120,045.
Where do these numbers come from?
The U.S. Census Bureau's American Community Survey 2020-2024 5-year estimates for Troy. They are medians, half above and half below, and today's listings and rents can differ.
Source: U.S. Census Bureau, American Community Survey 2020-2024 5-year estimates.