Troy, MI
Population 87,307 · Michigan
About Troy, MI
Troy is a mid-sized city located in Michigan with a population of 87,307 residents according to the latest US Census Bureau American Community Survey data. The median household income is $119,299 per year, which is 59% above the national median of $75,149. The median age of 42.2 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Troy features a median home value of $396,800, which is 62% above the national median of $244,900. This places Troy in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,557, 34% above the national average of $1,163/month. Of the 34,997 total housing units, 74% are owner-occupied (24,749 units) and 26% are renter-occupied (8,620 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Troy shows an unemployment rate of 4.0%, which is near the national rate of 3.7%. The poverty rate stands at 5.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Troy have an average one-way commute time of 24.6 minutes.
Education & Demographics
64.1% of Troy residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.7% White, 0.8% Hispanic or Latino, 0.2% Black or African American, and 0.7% Asian residents, with 29.8% of the population being foreign-born.
How Troy Ranks in Michigan
Cost of Living in Troy, MI
Compared to national averages, Troy has a median household income of $119,299 (59% above the national median of $75,149). Home values average $396,800, which is 62% above the national median. Monthly rent at $1,557 is 34% above the US average of $1,163. Within Michigan, Troy's income is 81% above the state average of $66,017, and home values are 116% above the state median of $183,391.
Why Live in Troy, MI?
Troy offers a strong local economy with a median household income of $119,299, well above the national average, and a well-educated community where 64.1% of residents hold a bachelor’s degree or higher, and a low poverty rate of 5.3%, better than the national average. Additionally, the city features short commute times averaging just 24.6 minutes.
Potential considerations include a competitive housing market where the typical home costs $396,800. However, as a mid-sized city, Troy provides access to a wide range of amenities and services.
Troy has a population of 87,307 with a median age of 42.2 years. Compare Troy with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Troy
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Westland | 84,155 | $62,216 | $176,500 | Compare |
| Farmington Hills | 83,316 | $101,863 | $333,200 | Compare |
| Flint | 80,835 | $36,194 | $47,600 | Compare |
| Livonia | 94,058 | $96,317 | $265,300 | Compare |
| Wyoming | 76,865 | $72,163 | $203,900 | Compare |
| Rochester Hills | 76,086 | $119,054 | $377,400 | Compare |
| Southfield | 76,025 | $65,848 | $226,900 | Compare |
| Kalamazoo | 73,132 | $48,965 | $164,500 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Troy With Other Cities
Frequently Asked Questions about Troy
What is the population of Troy, MI?
The population of Troy, MI is 87,307 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Michigan.
What is the median household income in Troy?
The median household income in Troy, MI is $119,299 per year, which is 59% above the national median of $75,149.
What is the median home value in Troy?
The median home value in Troy, MI is $396,800, which is 62% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Troy?
The median monthly rent in Troy, MI is $1,557, which is 34% above the national average of $1,163/month.
What is the unemployment rate in Troy?
The unemployment rate in Troy, MI is 4.0%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Troy, MI a good place to live?
Troy offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 87,307 and a median age of 42.2, the city appeals to a broad range of residents.
How educated is Troy, MI?
64.1% of residents in Troy aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Troy?
Key cost-of-living indicators for Troy, MI: median home value is $396,800 (62% above national), median rent is $1,557/month, and median household income is $119,299. The home-value-to-income ratio is 3.3x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Troy?
The poverty rate in Troy, MI is 5.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Troy, MI?
Troy's population is 1.7% White, 0.8% Hispanic or Latino, 0.2% Black or African American, 0.7% Asian, and 4.1% two or more races. 29.8% of residents are foreign-born.