Troy, Michigan Housing Market Prices
Troy Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 156% above the Michigan median$355,241
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Median rent 42% above the Michigan median$1,601
Housing Market Overview
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $355,241 | $138,713 | $248,835 |
| Price Trend (Annual %) | 5.6% | 8.6% | 7.5% |
| Median Gross Rent | $1,601 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Troy is about 156% higher than in Michigan. Rent is about 42% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Troy, up about 5.6% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Troy rose about 55.3% between 2015 and 2024, from $1,031 to $1,601. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Troy.
Buying the median-priced home in Troy costs roughly 18.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Troy. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $355,241 | $138,713 | $248,835 |
| Median Household Income | $120,914 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.9 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Troy rose about 64.0%, while median household income rose about 31.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.1% | 64.6% | 58.5% |
| Rental Rate | 25.6% | 23.6% | 31.2% |
| Vacancy Rate | 4.3% | 11.8% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Troy has a homeownership rate of 70.1%, higher than the Michigan average of 64.6%. Its housing vacancy rate is 4.3%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1979 | 1972 | 1978 |
| Median Number of Rooms | 6.7 | 5.9 | 5.5 |
The typical housing unit in Troy was built around 1979. On average, 2.6 people live in a home with about 6.7 rooms, staying for about 17.0 years on average.
Troy, MI Housing Compared With Nearby Cities
Troy, MI is the largest of the 5 cities compared here, 87,876 residents against a local median of 42,982. The measure that sets Troy, MI apart most is median home price: $355,241, 90% above the local median of $186,953.
The cities themselves spread $652,516 on median home price, so Troy, MI sits at one end of an already wide local range rather than apart from it. Troy, MI has the 2nd highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Troy, MI | 87,876 | $355,241 #2/5 | $1,601 #3/5 | 73.3% #3/5 |
| Royal Oak, MI | 57,530 | $87,356 | $1,380 | 68.0% |
| Birmingham, MI | 21,130 | $739,872 | $1,900 | 76.8% |
| Rochester Hills, MI | 77,315 | $228,576 | $1,644 | 76.7% |
| Madison Heights, MI | 28,434 | $145,331 | $1,175 | 64.8% |
Frequently Asked Questions
Common questions about the housing market in Troy, Michigan.
What is the median home price in Troy, Michigan?
The median home price in Troy, Michigan is $355,241, higher than the Michigan average of $138,713.
What is the average home price in Troy, Michigan?
The typical home price in Troy, Michigan, reported as the median sale price, is $355,241. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Troy, Michigan?
The median gross rent in Troy, Michigan is $1,601 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Troy in 2020?
In 2020, the median gross rent in Troy, Michigan was $1,238 per month.
What is the price-to-rent ratio in Troy, Michigan?
The price-to-rent ratio in Troy, Michigan is about 18.5, meaning it would take roughly 18.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Troy.
Are home prices or rent rising faster in Troy, Michigan?
Both home prices and rent are rising in Troy, up about 5.6% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Troy, Michigan?
70.1% of households in Troy, Michigan own their home, higher than the Michigan average of 64.6%.
What is the vacancy rate in Troy, Michigan?
The housing vacancy rate in Troy, Michigan is 4.3%, lower than the Michigan average of 11.8%.
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