Housing Market Overview
Housing market data including home prices, rent costs, affordability metrics, and housing stock characteristics.
$357,096
$1,557
Housing Market Overview
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $357,096 | $134,610 | $242,182 |
| Price Trend (Annual %) | 6.5% | 9.4% | 8.2% |
| Median Gross Rent | $1,557 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
Housing Cost & Rent Trends
Median Home Price Over Time
Troy
Michigan
United States
Median Rent Over Time
Troy
Michigan
United States
Affordability
On average, housing unit costs 3.0 yearly household incomes in Troy.
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $357,096 | $134,610 | $242,182 |
| Median Household Income | $120,421 | $71,353 | $78,145 |
| Price-to-Income Ratio | 3.0 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Home Prices
Household Income
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Household Income Growth %
Housing Cost Growth %
Occupancy & Tenure
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.7% | 64.1% | 58.2% |
| Rental Rate | 24.6% | 23.8% | 31.3% |
| Vacancy Rate | 4.7% | 12.2% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Housing Stock
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1978 | 1972 | 1978 |
| Median Number of Rooms | 6.7 | 5.8 | 5.5 |