F
Overall 11%
Goods & Services 6%
Housing 27%
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Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
IndexTroyMichiganNational
Cost of living11189100
Goods & Services10694100
Groceries10291100
Health care9695100
Housing12774100
Transportation106102100
Utilities99102100

Key findings

  • The cost of living in Troy is 24% higher than the Michigan average
  • The cost of living in Troy is 11% higher than the national average
  • Troy housing is 27% higher than the national average
  • Michigan general sales tax is 18% higher than the national average
  • Michigan state income tax is 72% higher than the national average

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Compare Troy, MI Cost of Living

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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

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax 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 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
      Michigan6%6%

      Michigan Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Michigan4.25%4.25%

      Goods & Services

      ItemTroyNational avg.Difference
      Haircut $19.53$20.273.6%
      Beauty Salon $54.83$40.3935.7%
      Toothpaste $2.86$2.3621.1%
      Shampoo $0.96$1.0810.8%
      Movie $10.98$10.990.0%
      Bowling $19.73$15.4927.4%

      Groceries

      ItemTroyNational avg.Difference
      Ground Beef $4.52$4.305.1%
      Fried Chicken $1.31$1.406.4%
      Milk $1.53$2.2030.4%
      Potatoes $4.58$3.2242.2%
      Pizza $10.99$10.742.3%
      Beer $8.74$9.608.9%

      Health Care

      ItemTroyNational avg.Difference
      Optometrist $83.30$109.7324.1%
      Doctor $107.85$118.348.9%
      Dentist $102.97$100.942.0%
      Ibuprofen $9.06$9.938.8%
      Lipitor $497.03$469.535.9%

      Housing

      ItemTroyNational avg.Difference
      Home Price $247,200.00$184,700.0033.8%
      Avg. Mortgage Payment $1,261.54$1,229.622.6%
      Apartment Rent $1,069.00$949.0012.6%

      Transportation

      ItemTroyNational avg.Difference
      Gasoline $2.71$2.710.0%
      Tire Balancing $60.60$51.8616.8%

      Utilities

      ItemTroyNational avg.Difference
      All Electricity$169.73$170.840.7%
      Phone $182.37$187.182.6%
      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

      CityPopulationCost of Living IndexNational Avg.
      Highland Park, MI10,9788217.9%
      Hamtramck, MI21,9858416.0%
      Center Line, MI8,3138514.9%
      Pontiac, MI59,9208614.3%
      Hazel Park, MI16,5878713.0%
      Troy, MI82,98211110.7%

      Cities with similar population

      CityPopulationCost of Living IndexNational Avg.
      New Westminster, BC82,940n/a 
      Johns Creek, GA82,93012424.5%
      Santa Fe, NM82,9271054.8%
      Bloomington, IN83,0931000.5%
      Buena Park, CA82,77114141.4%
      Troy, MI82,98211110.7%
      Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.