Cost of Living in Troy, MI
Population 87,307 · Michigan · Data vintage 2023
(100 = US avg)
The Troy cost-of-living profile is closer to the US median than most headline-grabbing metros — typical homes around $397,000, rents near $1,557 a month.
Geographically, Troy sits roughly 6 miles west of Sterling Heights. Median home values run roughly 52% higher than Sterling Heights' $261,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Troy
The median home value in Troy is $396,800 — 30% above the national median of $305,000. Median rent runs $1,557/month, 18% higher than the national median of $1,314/month. The median household income of $119,299/year is 60% higher than the US median of $74,580. The local unemployment rate is 4.0%, below the national average of 4.8%. Michigan's top state income tax rate is 4.3% and the combined sales tax is 6.0%. Overall, Troy has a cost of living index of 125 versus the US average of 100, meaning it is 25% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Troy, MI?
Troy has a cost index of 125 (100 = national average). It is 25% above the national average.
What is average rent in Troy, MI?
The median gross rent in Troy is $1,557 per month based on 2023 Census data.
What is the average home price in Troy?
The median home value in Troy is $396,800 according to Zillow and Census data.
What is the median income in Troy?
The median household income in Troy is $119,299 per year (2023 ACS 5-year estimates).
What is the sales tax in Troy, MI?
The combined state and local sales tax rate in Troy is 6.0%. The Michigan state income tax top rate is 4.3%.
Is Troy, MI affordable?
Troy is above average in cost of living, with an index of 125 — about 25% higher than the national average.
Troy at a Glance
- Population
- 87,307
- Median Income
- $119,299
- Home Value
- $396,800
- Median Rent
- $1,557/mo
- Unemployment
- 4.0%
- Sales Tax
- 6.0%
Nearby Cities
Explore county-level cost of living data
Michigan Rankings
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