Troy, New York 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.
-
Median home price 80% below the New York median$95,333
-
Median rent 28% below the New York median$1,175
Housing Market Overview
| Metric | Troy | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $95,333 | $471,885 | $248,835 |
| Price Trend (Annual %) | -0.2% | 7.1% | 7.5% |
| Median Gross Rent | $1,175 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 4.2% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Troy is about 80% lower than in New York. Rent is about 28% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Troy: home prices fell about 0.2% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
Median rent in Troy rose about 39.5% between 2015 and 2024, from $842 to $1,175. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 1.6 yearly household incomes in Troy.
Buying the median-priced home in Troy costs roughly 6.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Troy. The price-to-rent ratio in New York is about 24.3.
| Metric | Troy | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $95,333 | $471,885 | $248,835 |
| Median Household Income | $58,966 | $86,556 | $80,455 |
| Price-to-Income Ratio | 1.6 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Troy fell about 18.2%, while median household income rose about 48.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Troy | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 32.0% | 48.8% | 58.5% |
| Rental Rate | 53.7% | 41.1% | 31.2% |
| Vacancy Rate | 14.3% | 10.1% | 10.2% |
| Median Tenure (years) | 11.0 | 17.0 | 15.0 |
| Median Year Moved In | 2015 | 2009 | 2011 |
Troy has a homeownership rate of 32.0%, lower than the New York average of 48.8%. Its housing vacancy rate is 14.3%, compared with 10.1% in New York.
Housing Stock
| Metric | Troy | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.13 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1949 | 1960 | 1978 |
| Median Number of Rooms | 5.1 | 5.0 | 5.5 |
The typical housing unit in Troy was built around 1949. On average, 2.1 people live in a home with about 5.1 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Troy, New York.
What is the median home price in Troy, New York?
The median home price in Troy, New York is $95,333, lower than the New York average of $471,885.
What is the average home price in Troy, New York?
The typical home price in Troy, New York, reported as the median sale price, is $95,333. 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, New York?
The median gross rent in Troy, New York is $1,175 per month, lower than the New York average of $1,621.
What was the median gross rent in Troy in 2020?
In 2020, the median gross rent in Troy, New York was $963 per month.
What is the price-to-rent ratio in Troy, New York?
The price-to-rent ratio in Troy, New York is about 6.8, meaning it would take roughly 6.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Troy.
Are home prices or rent rising faster in Troy, New York?
Home prices and rent are moving in opposite directions in Troy: home prices fell about 0.2% a year while rent rose about 4.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Troy, New York?
32.0% of households in Troy, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Troy, New York?
The housing vacancy rate in Troy, New York is 14.3%, higher than the New York average of 10.1%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →