Troy, NY
Population 51,054 · New York
About Troy, NY
Troy is a mid-sized city located in New York with a population of 51,054 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,688 per year, which is 23% below the national median of $75,149. The median age of 33 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Troy features a median home value of $192,500, which is 21% below the national median of $244,900. This positions Troy in a moderately priced market relative to the rest of the country. Median monthly rent is $1,134, 2% below the national average of $1,163/month. Of the 25,066 total housing units, 37% are owner-occupied (7,856 units) and 63% are renter-occupied (13,467 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Troy shows an unemployment rate of 9.4%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 23.8%, above the national average of 12.4%. Workers in Troy have an average one-way commute time of 21.1 minutes.
Education & Demographics
36.8% of Troy residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 1.3% White, 0.9% Hispanic or Latino, 6.1% Black or African American, and 2.0% Asian residents, with 9.7% of the population being foreign-born.
How Troy Ranks in New York
Cost of Living in Troy, NY
Compared to national averages, Troy has a median household income of $57,688 (23% below the national median of $75,149). Home values average $192,500, which is 21% below the national median. Monthly rent at $1,134 is 2% below the US average of $1,163. Within New York, Troy's income is 41% below the state average of $96,987, and home values are 50% below the state median of $387,181.
Why Live in Troy, NY?
Troy offers affordable housing with a median home value of $192,500, below the US average of $244,900, and rent that’s lower than the national average at $1,134/month, and a well-educated community where 36.8% of residents hold a bachelor’s degree or higher. Additionally, the city features short commute times averaging just 21.1 minutes.
Potential considerations include median household income ($57,688) that falls below the national average. However, as a mid-sized city, Troy provides access to a wide range of amenities and services.
Troy has a population of 51,054 with a median age of 33 years. Compare Troy with other cities to see how it stacks up, or explore all cities in New York.
Similar Cities Near Troy
Cities in New York with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Levittown | 51,557 | $139,696 | $564,000 | Compare |
| Irondequoit | 50,438 | $76,871 | $169,000 | Compare |
| Niagara Falls | 48,198 | $48,535 | $104,400 | Compare |
| Binghamton | 47,357 | $44,331 | $117,400 | Compare |
| West Seneca | 45,329 | $75,465 | $215,000 | Compare |
| Tonawanda Town | 56,973 | $76,644 | $199,400 | Compare |
| Freeport | 44,102 | $118,755 | $479,700 | Compare |
| Hicksville | 43,868 | $148,008 | $617,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New York
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, NY?
The population of Troy, NY is 51,054 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in New York.
What is the median household income in Troy?
The median household income in Troy, NY is $57,688 per year, which is 23% below the national median of $75,149.
What is the median home value in Troy?
The median home value in Troy, NY is $192,500, which is 21% below the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Troy?
The median monthly rent in Troy, NY is $1,134, which is 2% below the national average of $1,163/month.
What is the unemployment rate in Troy?
The unemployment rate in Troy, NY is 9.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Troy, NY a good place to live?
Troy offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 51,054 and a median age of 33, the city appeals to young professionals and families.
How educated is Troy, NY?
36.8% 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, NY: median home value is $192,500 (21% below national), median rent is $1,134/month, and median household income is $57,688. 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, NY is 23.8%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Troy, NY?
Troy's population is 1.3% White, 0.9% Hispanic or Latino, 6.1% Black or African American, 2.0% Asian, and 15.6% two or more races. 9.7% of residents are foreign-born.