Troy, Michigan Income Statistics
Troy Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
A
Troy Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $120,914 | $72,977 | $80,455 |
| Median Personal Income | $93,497 | $59,920 | $60,758 |
| Average Yearly Income Growth | 3.9% | 4.6% | 4.8% |
| Six-Figure Earners | 25.0% | 11.4% | 13.9% |
| $200k+ Households | 24.5% | 9.5% | 13.2% |
The median household income in Troy is about 66% higher than in Michigan. Income has been growing slower in Troy (3.9%/yr) than in Michigan (4.6%/yr).
About 25% of adults in Troy earn six figures ($100,000 or more) a year, higher than the Michigan average of 11%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Troy, Michigan grew by 35.2% from 2009 to 2024, reaching $120,914 in 2024. That's an average of about 3.9% per year.
Income Inequality and the Gender Pay Gap in Troy
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.539 | 0.552 |
| Male Median Income | $109,618 | $69,354 | $69,667 |
| Female Median Income | $77,286 | $54,749 | $56,850 |
| Gender Pay Gap | 29.5% | 21.1% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Troy, it is 0.541, about the same as Michigan's 0.539, so income here is about as evenly distributed as there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 42% more than women's income in Troy, Michigan. Over a 35-year career, a 42% wage gap accumulates to roughly $1,131,620 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Troy, Michigan has narrowed from about 30% to 29% in 2024. Over that period the gap was widest at 35% in 2019, and was narrowest at 28% in 2023. In dollar terms, the gap has widened by $8,109 since 2009.
Employment
| Metric | Troy | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.4% | 5.7% | 5.2% |
| Working from Home | 22.5% | 13.5% | 15.0% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 2,073 people are unemployed in Troy, Michigan.
The average commute time in Troy is 22 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Troy, Michigan has fallen from 7.8% to 4.4% in 2024. Over that period the rate peaked at 8.5% in 2013 and fell as low as 3.5% in 2019.
Troy, MI Wealth 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 income growth: 3.9%/yr, 18% below the local median of 4.8%/yr. That is the weaker end of the local range on this measure.
The cities themselves spread 1.8%/yr on income growth, so Troy, MI sits at one end of an already wide local range rather than apart from it. Troy, MI has the 5th highest income growth of the 5 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Troy, MI | 87,876 | $120,914 #2/5 | 3.9%/yr #5/5 | 4.4% #5/5 | 0.541 #5/5 |
| Royal Oak, MI | 57,530 | $101,778 | 5.0%/yr | 3.5% | 0.469 |
| Birmingham, MI | 21,130 | $154,078 | 4.2%/yr | 4.3% | 0.477 |
| Rochester Hills, MI | 77,315 | $120,798 | 4.6%/yr | 4.2% | 0.540 |
| Madison Heights, MI | 28,434 | $69,481 | 6.0%/yr | 2.8% | 0.482 |
Conclusion
Considering all these factors, Troy, Michigan has an overall wealth index grade of A, making it notably better than Michigan, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Troy, Michigan.
How Rich Is Troy, Michigan?
Troy has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $120,914, about 66% higher than the Michigan average of $72,977.
How fast is household income rising in Troy, Michigan?
Between 2009 and 2024, the median household income in Troy, Michigan rose 35%, from $89,446 to $120,914. Over the same years, income here lagged behind Michigan as a whole: +35% against +50%.
What was the median household income in Troy in 2023?
In 2023, the median household income in Troy, Michigan was $120,434, up 3% from $116,735 in 2022. The Michigan median that year was $71,362.
What was the median household income in Troy in 2020?
In 2020, the median household income in Troy, Michigan was $104,649. By 2024 it had risen 16% to $120,914.
How many people earn six figures in Troy, Michigan?
Yes. 25% of adults in Troy, Michigan earn $100,000 or more a year (about 1 in 4), against 11% (about 1 in 9) in Michigan. 24% of households have a combined income of $200,000 or more, compared with 10% in Michigan.
Is unemployment high in Troy, Michigan?
Unemployment in Troy, Michigan is only 4.4%, well below the Michigan rate of 5.7%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Troy, Michigan?
The Gini coefficient in Troy is 0.541. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Troy, Michigan?
Since 2009, the income gap between men and women in Troy, Michigan has narrowed from about 30% to 29% in 2024. Over that period the gap was widest at 35% in 2019, and was narrowest at 28% in 2023. In dollar terms, the gap has widened by $8,109 since 2009.
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