Cost of Living in Troy, MI
Population: 87,307 • 2026 Data
$119,299
Median Household Income
+54% vs national
$1,557
Median Monthly Rent
+16% vs national
$396,800
Median Home Value
+17% vs national
4.0%
Unemployment Rate
Housing in Troy
The median home value in Troy, MI is $396,800. Monthly rent for a typical unit averages $1,557, while total monthly housing costs (including utilities and insurance) average $1,538.
Rent-to-income ratio: 15.7%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Troy, MI is $119,299. The unemployment rate stands at 4.0%, with a labor force of 47,267 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.