| Index | Troy | Ohio | National |
| Cost of living | 91 | 89 | 100 |
| Groceries | 97 | 97 | 100 |
| Health care | 96 | 96 | 100 |
| Housing | 80 | 74 | 100 |
| Transportation | 94 | 96 | 100 |
| Utilities | 98 | 96 | 100 |
| Lifestyle & Entertainment | 92 | 95 | 100 |
| Household Items | 95 | 97 | 100 |
| Education & Childcare | 97 | 93 | 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 91, making it 9% 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.
The cost of living in Troy aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Troy residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
The real experts on a city are its residents. That's why we reached out to 5 locals to get their views on the cost of living in Troy. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 20% found it budget-friendly with decreasing prices, while 80% said it's simply not affordable as prices have continued to rise.
Is Troy affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Troy, for instance, where the median home price falls 20.8% lower than the national average, and monthly rent rates are 17.3% lower than usual. Additionally, median income levels contribute to the equation, with Troy flaunting a median household income of $90,623, 11.4% higher than the national norm.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Troy, the general sales tax rate starts at 5.75%, and income tax rates begin at 2.76%.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from 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 crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
The cost of living estimates displayed for Troy are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across cities.
| 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 | $113,226 | $9,436 | $2,642 | $3,397 |
| Renters | $55,790 | $4,649 | $1,302 | $1,674 |
| State | General Sales Tax | With Max Surtax |
| Ohio | 5.75% | 8% |
| State | Income Tax (Low) | Income Tax (High) |
| Ohio | 2.76% | 3.99% |
| City | Population | Cost of Living Index | National Avg. |
| Highland Holiday, OH | 704 | 79 | 21.1% |
| Casstown, OH | 213 | 83 | 17.0% |
| Christiansburg, OH | 491 | 83 | 16.9% |
| Gettysburg, OH | 672 | 84 | 16.3% |
| New Carlisle, OH | 5,716 | 84 | 15.9% |
| Troy, OH | 27,108 | 91 | 9.1% |
| City | Population | Cost of Living Index | National Avg. |
| Lincoln, ON | 27,082 | n/a | |
| Clarence-Rockland, ON | 27,082 | n/a | |
| Daphne, AL | 27,160 | 104 | 3.6% |
| Sainte-Thérèse, QC | 27,055 | n/a | |
| University Park, FL | 27,166 | 114 | 13.8% |
| Troy, OH | 27,108 | 91 | 9.1% |
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