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.
Cost of living index10989100
Goods & Services index10495100
Groceries index9388100
Health care index9394100
Housing index12774100
Transportation index114106100
Utilities index9499100
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 109, that puts it 22% higher than the average of Michigan and 9% 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 9% higher than the average of Michigan as well as 4% higher than the nation's average.
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Did you know?

  • The cost of living in Troy is 22% higher than the Michigan average.
  • The cost of living in Troy is 9% 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.

Compare Troy, MI Cost of living To Other Cities


      Salary Calculator

      This is how much you would need to earn in
      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 IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      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

      StateGeneral Sales TaxWith Max Surtax

      Michigan Income Tax

      StateIncome Tax (Low)Income Tax (High)
      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

      ItemTroyNational avg.Difference
      Haircut $17.38$17.490.6%
      Beauty Salon $52.83$38.1738.4%
      Toothpaste $1.97$2.3215.1%
      Shampoo $0.94$1.017.1%
      Movie $11.09$10.723.4%
      Bowling $19.60$13.8641.4%


      ItemTroyNational avg.Difference
      Ground Beef $3.92$3.900.5%
      Fried Chicken $1.12$1.4019.8%
      Milk $1.27$1.9635.3%
      Potatoes $3.10$3.182.6%
      Pizza $10.49$10.390.9%
      Beer $8.15$9.2311.7%

      Health Care

      ItemTroyNational avg.Difference
      Optometrist $83.25$106.3421.7%
      Doctor $100.00$115.2513.2%
      Dentist $93.78$98.384.7%
      Ibuprofen $8.31$9.2610.3%
      Lipitor $488.12$466.474.6%


      ItemTroyNational avg.Difference
      Home Price $247,200.00$184,700.0033.8%
      Avg. Mortgage Payment $1,257.59$1,273.321.2%
      Apartment Rent $1,069.00$949.0012.6%


      ItemTroyNational avg.Difference
      Gasoline $2.90$2.5911.9%
      Tire Balancing $59.77$48.9022.2%


      ItemTroyNational avg.Difference
      All Electricity$152.80$167.608.8%
      Phone $175.97$163.427.7%
      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, StatePopulationCost of Living IndexNational Avg.
      Highland Park, MI10,97880-20%
      Hamtramck, MI21,98582-18%
      Center Line, MI8,31383-17%
      Pontiac, MI59,92084-16%
      Hazel Park, MI16,58785-15%
      Troy, MI82,9821099%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Johns Creek, GA82,93012626%
      Santa Fe, NM82,9271033%
      Bloomington, IN83,09397-3%
      Buena Park, CA82,77114242%
      Hemet, CA82,7481033%
      Troy, MI82,9821099%
      Source: The Troy, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.