Troy, MI

Yes — Troy is about 23% more expensive than the national average, with an overall Cost Index of 123. Housing is the biggest factor: the typical home here is valued around $447,005, and monthly rents average roughly $1,875. Day-to-day costs like groceries and utilities tend to run closer to the national norm.

Start with housing. Typical monthly rent is $1,875, while local median household income is $119,299. That implies a rent-burden proxy of about 19% before utilities and other costs. For a specific job offer, filing status, or take-home pay scenario, use salary.city.

Michigan has a progressive state income tax with a top rate of 4.25%. The effective property tax rate is 1.38%. On a home worth $447,005, that translates to roughly $6,169 per year in property taxes. Sales tax (state + local) averages around 6% on everyday purchases.

The typical monthly rent in Troy is around $1,875. That's about 39% higher than the $1,348 national median. For comparison, the median home value here is $447,005, so buyers should also factor in mortgage payments, property taxes, and insurance.

The median home in Troy is valued at $447,005. With 20% down and a 6.5% mortgage rate, you'd be looking at roughly $2,260/month for principal and interest alone — before property taxes and insurance. About 74% of residents here own their homes.

Grocery prices in Troy are about average compared to the rest of the US (index: 99, where 100 is the national average). Utility bills (electricity, gas, water) are about typical (index: 107). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.

Troy is a smaller city with a population of about 87,307. The median age of residents is 42.2, skewing somewhat older — common in established suburban communities. The local poverty rate is 5.3%, well below the national average of 12.4%.