Troy, MI Cost Of Living

Troy cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Troy	Michigan	National
Cost of living index	107	88	100
Index	Troy	Michigan	National
Goods & Services index	97	93	100
Groceries index	91	91	100
Health care index	94	94	100
Housing index	127	74	100
Transportation index	108	103	100
Utilities index	102	91	100

Here we can see a simple outline of the cost of living in Troy, MI. As you can see, with the average cost of living in Troy, MI being 107, that puts it 22% higher than the average of Michigan and 7% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Troy, MI, the price of goods and services are 5% higher than the average of Michigan as well as 3% lower than the nation's average.

Did you know?

The cost of living in Troy is 22% higher than the Michigan average.
The cost of living in Troy is 7% higher than the national average.
The cost of housing in Troy is 27% higher than the national average.
Michigan general sales tax is 18% higher than the national average.
Michigan state income tax is 91% higher than the national average.

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Salary Calculator

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator is used in order to provide a comparison of your current salary in Troy, MI to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Troy, MI, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Troy, MI salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$102,045	$8,504	$2,381	$3,062
Renters	$59,018	$4,918	$1,377	$1,771

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Troy, MI as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Troy, MI homeowners, is $102,045. This would allow for a maximum of $2,381 per month to be spent on housing costs. For renters, the median monthly income is $59,018 which would result in a maximum of $1,377 to be spent on rental costs.

Michigan Sales Tax

State	General Sales Tax	With Max Surtax
Michigan	6%	6%

Michigan Income Tax

State	Income Tax (Low)	Income Tax (High)
Michigan	4.25%	4.25%

The Michigan sales tax and Michigan income tax rates should definitely be considered when determining the overall cost of living in Troy, MI. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Michigan sales tax is 6% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Michigan income tax rates range from 4.25% to 4.25%.

Goods & Services

Item	Troy	National avg.	Difference
Haircut	$16.23	$16.09	0.9%
Beauty Salon	$47.07	$37.33	26.1%
Toothpaste	$2.18	$2.45	11.1%
Shampoo	$0.80	$1.00	20.0%
Movie	$10.62	$10.28	3.3%
Bowling	$3.44	$4.93	30.3%

Groceries

Item	Troy	National avg.	Difference
Ground Beef	$3.71	$3.80	2.4%
Fried Chicken	$1.15	$1.40	17.7%
Milk	$1.73	$2.01	14.0%
Potatoes	$2.37	$3.01	21.4%
Pizza	$10.56	$9.89	6.9%
Beer	$8.03	$8.90	9.8%

Health Care

Item	Troy	National avg.	Difference
Optometrist	$74.88	$102.16	26.7%
Doctor	$97.01	$108.36	10.5%
Dentist	$91.17	$92.53	1.5%
Ibuprofen	$8.27	$9.28	10.8%
Lipitor	$430.75	$425.82	1.2%

Housing

Item	Troy	National avg.	Difference
Home Price	$247,200.00	$184,700.00	33.8%
Avg. Mortgage Payment	$1,087.18	$1,202.44	9.6%
Apartment Rent	$1,069.00	$949.00	12.6%

Transportation

Item	Troy	National avg.	Difference
Gasoline	$2.40	$2.24	7.1%
Tire Balancing	$50.88	$46.29	9.9%

Utilities

Item	Troy	National avg.	Difference
All Electricity	$150.83	$165.96	9.1%
Phone	$33.31	$28.68	16.1%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Highland Park, MI	10,978	78	-22%
Hamtramck, MI	21,985	80	-20%
Center Line, MI	8,313	81	-19%
Pontiac, MI	59,920	82	-18%
Hazel Park, MI	16,587	83	-17%
Troy, MI	82,982	107	7%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Johns Creek, GA	82,930	124	24%
Santa Fe, NM	82,927	105	5%
Bloomington, IN	83,093	97	-3%
Buena Park, CA	82,771	143	43%
Hemet, CA	82,748	103	3%
Troy, MI	82,982	107	7%

Source: The Troy, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.

Troy, MI Cost of Living