An Overview of Cost of Living in Troy, IL
Are you thinking about relocating, but curious about the potential cost of living in Troy? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Troy stands at 96, making it 4% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
In Troy, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Troy will resemble that of an average city, contributing to a manageable cost of living.
Is Troy Affordable?
Wondering if Troy is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Troy, for example, the median home price is 4.9% higher than what folks pay nationally, and monthly rent is 8.7% lower than the usual rates. Plus, income levels matter too, with Troy boasting a median household income of $76,672, which is 38.6% higher than the national average.
What Factors can Influence the Cost of Living in Troy?
Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Troy, the utilities index stands at 1.7% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Troy, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Troy, the housing index comes in at 0.8% higher than the national average.
Where is the Data From?
The Troy cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.
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