| Index | Troy | Michigan | National |
| Cost of living | 116 | 91 | 100 |
| Groceries | 96 | 98 | 100 |
| Health care | 99 | 97 | 100 |
| Housing | 164 | 76 | 100 |
| Transportation | 92 | 96 | 100 |
| Utilities | 98 | 100 | 100 |
| Lifestyle & Entertainment | 98 | 96 | 100 |
| Household Items | 95 | 98 | 100 |
| Education & Childcare | 94 | 95 | 100 |
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 116, making it 16% higher 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.
Housing costs are a very significant part of the Troy cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 64.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
When it comes to knowing a city, its residents are the experts. We conducted a survey with 7 locals to understand their opinions on the cost of living in Troy. The results indicated that 86% found it reasonably priced with decreasing prices of goods and services, while 14% viewed it as quite expensive, with increasing prices.
Is Troy an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Troy is 78.5% higher than the national average, while the average monthly rent prices are 30.5% higher than average. The affordability of any location can also be influenced by median income levels. Troy has a median household income of $157,380, which is 93.5% higher than the national average.
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 2.2% lower 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 household expenses, 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%, and the income tax rates commence at 4.25%.
Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas with fewer subsidy offerings might experience an elevation in their cost of living.
The Troy cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $181,179 | $15,098 | $4,227 | $5,436 |
| Renters | $108,367 | $9,031 | $2,528 | $3,251 |
| State | General Sales Tax | With Max Surtax |
| Michigan | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Michigan | 4.25% | 4.25% |
| City | Population | Cost of Living Index | National Avg. |
| Highland Park, MI | 11,056 | 80 | 20.3% |
| Hamtramck, MI | 22,199 | 84 | 16.2% |
| Pontiac, MI | 61,764 | 84 | 16.2% |
| Center Line, MI | 8,398 | 86 | 14.0% |
| Hazel Park, MI | 16,845 | 87 | 12.7% |
| Troy, MI | 87,197 | 116 | 16.3% |
| City | Population | Cost of Living Index | National Avg. |
| Bloomington, MN | 87,234 | 112 | 12.0% |
| Hemet, CA | 87,279 | 118 | 17.7% |
| Redwood City, CA | 87,093 | 269 | 168.7% |
| Johns Creek, GA | 87,090 | 133 | 32.6% |
| Clifton, NJ | 87,331 | 133 | 33.4% |
| Troy, MI | 87,197 | 116 | 16.3% |
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