Living in Troy, Michigan
Cost of living, income, home prices, rent and demographics of Troy · Census data 2020–2024
Troy has 87,898 residents with a median age of 42. The median household income is $120,045 (65% higher than the Michigan median), the median home value is $420,300, the median rent is $1,602/month.
Troy at a glance
- Population
- 87,898
- Median age
- 42State: 40.2
- Median household income
- $120,045State: $72,875
- Median home value
- $420,300State: $231,600
- Median rent
- $1,602/moState: $1,129
- Homeowners
- 73.3%
- Bachelor's degree or higher
- 64.8%
- Average commute
- 24 min
Is Troy a good place to live?
Pros: Median household income 65% higher than the Michigan median; an average commute of 24 minutes; unemployment of 4.4%; a poverty rate of 5.4%.
Cons: Home values 81% higher than the state median.
The weather is best in June to September.
Cost of living in Troy
Housing is the biggest part of the cost of living. In Troy the median home value is $420,300, 26% higher than the U.S. median. Renters pay a median of $1,602 per month, which is 25.7% of household income. Homeowners with a mortgage pay $2,208 a month in housing costs.
Troy median household income
The median household income in Troy is $120,045 and the income per person is $58,119. 5.4% of residents live below the poverty line (Michigan: 13.2%).
Housing in Troy: homes for sale and rent
- Housing units
- 34,883
- Owner-occupied
- 73.3%
- Renter-occupied
- 26.7%
- Vacant
- 4.3%Includes seasonal homes
- Median year built
- 1977
- Average household size
- 2.63
Troy demographics
- Population
- 87,898
- Median age
- 42
- Under 18
- 20.6%
- 65 and older
- 17.9%
- Households
- 33,372
- Foreign-born
- 30.9%
- Veterans
- 3.7%Adults 18+
Hispanic or Latino can be of any race. Population history of Troy ›
Education in Troy
64.8% of adults 25 and older in Troy have a bachelor's degree or higher (Michigan: 32.4%), and 31.9% have a graduate or professional degree.
Jobs and commute in Troy
- Unemployment rate
- 4.4%State: 5.7%
- Average commute
- 24 minState: 24 min
- Work from home
- 22.5%
- Drive alone
- 69.3%
- Public transit
- 0.2%
- Walk to work
- 0.7%
- Homes with broadband
- 95.9%
Troy vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Troy | 87,898 | $120,045 | $420,300 | $1,602 |
| Clawson | 11,374 | $88,636 | $267,100 | $1,253 |
| Birmingham | 21,763 | $153,510 | $698,300 | $1,902 |
| Bloomfield Hills | 4,415 | $189,942 | $947,900 | $3,501 |
| Royal Oak | 57,950 | $101,109 | $328,700 | $1,381 |
| Rochester Hills | 77,089 | $120,694 | $409,800 | $1,644 |
| Madison Heights | 28,419 | $69,503 | $199,100 | $1,176 |
| Sterling Heights | 133,573 | $79,909 | $274,300 | $1,292 |
| Berkley | 15,149 | $116,239 | $316,700 | $1,526 |
More for people moving to Troy
Troy ZIP code ›Weather and climate ›Living in Troy: FAQ
What is the median household income in Troy, MI?
The median household income in Troy is $120,045, 65% higher than the Michigan median of $72,875 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Troy?
The median home value in Troy is $420,300, compared with $231,600 in Michigan.
How much is rent in Troy?
The median gross rent in Troy is $1,602 per month, about 25.7% of household income.
Is Troy, MI a good place to live?
Pluses: median household income 65% higher than the Michigan median; an average commute of 24 minutes; unemployment of 4.4%; a poverty rate of 5.4%. Minuses: home values 81% higher than the state median.
What is the median age in Troy?
The median age in Troy is 42 years (Michigan: 40.2).
How long is the commute in Troy?
The average commute to work in Troy is 24 minutes; 22.5% of workers work from home.
What is the unemployment rate in Troy?
The unemployment rate in Troy is 4.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Troy?
64.8% of adults in Troy have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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