salaryRent is higher than in 65% of U.S. cities. A typical house costs about 3.2 years of household income. It is a highly educated city: 64.8% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $77,320 a year. That is $37 an hour at a full-time job.
Is rent cheaper than other Michigan cities?
No. Rent here is more expensive than in most of Michigan. It is number 165 of 179 cities from cheapest to most expensive.
How much do households earn in Troy?
Share of households by yearly income. 48.5% of households earn $100,000 or more.
Rent by apartment size in Troy
| Size | Troy | U.S. average |
|---|---|---|
| Studio | $1,442 | $1,338 |
| 1 bedroom | $1,401 | $1,324 |
| 2 bedrooms | $1,863 | $1,509 |
| 3 bedrooms | $2,122 | $1,698 |
| 4 bedrooms | $3,330 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Troy overall?
Everyday prices in the Detroit-Warren-Dearborn metro area are same as the U.S. average (index 100.3, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Troy
Life in Troy
What jobs pay in Troy
| Job | Median pay | Rent / pay |
|---|---|---|
| Pharmacist | $137,770 | 16.8% |
| Lawyer | $134,980 | 17.2% |
| Nurse Practitioner | $134,390 | 17.3% |
| Physician Assistant | $131,830 | 17.6% |
| Software Developer | $130,760 | 17.7% |
| Operations Manager | $104,010 | 22.3% |
| Computer Systems Analyst | $103,670 | 22.4% |
| Registered Nurse | $97,280 | 23.8% |
| Civil Engineer | $92,550 | 25.1% |
| Plumber | $86,370 | 26.9% |
| Dental Hygienist | $84,480 | 27.5% |
| Electrician | $81,990 | 28.3% |
| Accountant | $80,650 | 28.8% |
| Police Officer | $78,450 | 29.6% |
| Market Research Analyst | $77,100 | 30.1% |
| Licensed Practical Nurse | $69,300 | 33.5% |
| Carpenter | $65,810 | 35.2% |
| Elementary School Teacher | $65,210 | 35.6% |
| HVAC Technician | $63,170 | 36.7% |
| Firefighter | $62,730 | 37.0% |
| Truck Driver | $59,120 | 39.2% |
| Customer Service Representative | $44,730 | 51.9% |
| Warehouse Worker | $40,330 | 57.5% |
| Nursing Assistant | $39,900 | 58.1% |
| Medical Assistant | $39,410 | 58.9% |
| Server (Waiter/Waitress) | $37,490 | 61.9% |
| Restaurant Cook | $37,410 | 62.0% |
| Retail Salesperson | $35,130 | 66.0% |
| Cashier | $30,090 | 77.1% |
Is it cheaper to rent or buy in Troy?
Renting is cheaper right now: about $983 a month less.
Owning assumes a typical $420,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $42,030 for the down payment.
Frequently asked questions
What is the average rent in Troy, MI?
Renting in Troy costs a median of about $1,933 a month in 2026, including utilities. The Michigan median is $1,314.
How much do I need to make to live in Troy?
To keep rent under 30% of income, you need about $77,320 a year, or $37 an hour at a full-time job.
Is Troy cheap or expensive?
Troy is rated Cheap: rent takes 17.9% of the typical household income of $129,469. It ranks 165th cheapest of 179 Michigan cities we track.
How much are property taxes in Troy?
The median homeowner in Troy pays $5,267 a year in property taxes, about 1.25% of the median home value.
Is Troy more expensive than the national average?
Overall prices in the metro area are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Troy?
The median home value in Troy is $420,300, about 3.2 times the typical yearly household income.
87,898 people live in Troy. Numbers are typical (middle) values.