Get & compare mortgage quotes anonymously Start in My Home

Safe Rate Local

Cost of Living in Troy

Is it better to rent or buy in Troy? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Troy Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$110,834
$1,159/mo

Median in area: $1,159

$270,639

Median in area: $270,639

$54,128

If you Rent

🔑
$1,404 /mo
Base Rent$1,159
Est. Utilities$245
% of Income15.2%
Pre-tax Residual$7,832

If you Buy

🏠
$2,233 /mo
P&I (6.991%)$1,439
Taxes & Ins$549
Est. Utilities$245
% of Income24.2%
Pre-tax Residual$7,003

Cost of Living FAQs

Is it cheaper to rent or buy in Troy?›

Based on median housing data, renting is currently more affordable on a monthly basis in Troy. The estimated all-in monthly cost for renting is $1,404, while owning a median-priced home with a 20% down payment is roughly $2,233 per month (a difference of $829).

How much do utilities cost in Troy?›

The average monthly utility cost (electricity and natural gas) for a typical home in Troy is approximately $245. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Troy?›

To comfortably afford the median rent and utilities in Troy without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $56,160 per year.