Troy, MI Local Data & Statistics

State: MI

Total population: 87,898 Household income: $120,045 Rent: $1,602

Overview

Total population

87,898

Rent

$1,602

Year built

1977

Household income

$120,045

Per capita income

$58,119

Poverty rate

5.4%

Unemployment rate

3.2%

Household size

2.6 persons

Rent over 30% of income

32.3%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Data are sourced from the American Community Survey (ACS) 5-Year Estimates, 2024 release — the latest dataset currently available, with the exception of the unemployment rate, which is sourced from the Bureau of Labor Statistics (BLS). ACS 5-year estimates are published annually, about 6–12 months after the end of each reference year.

Demographics

State

Michigan

Total population

87,898

Adults over 25

61,631

Total households

33,372

Household size

2.6 persons

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Income & Poverty

Household income

$120,045

Per capita income

$58,119

Poverty rate

5.4%

Unemployment rate

3.2%

Rent over 30% of income

32.3%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Housing

Rent

$1,602

Year built

1977

Households that rent

26.7%

Households that own

73.3%

Rooms per home (all homes)

6.7

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Race

White

61.5%

Black

3.8%

Asian

27.8%

Two or more races

5.4%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Ethnicity

Hispanic or Latino

2.6%

Not Hispanic or Latino

97.4%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Commute

Commute rate

77.5%

Commute time to work

24 mins

Work from home

22.5%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Education

Less than high school

15.5%

High school graduate or GED

12.1%

Some college or associate degree

7.6%

Bachelor’s degree or higher

64.8%

Note: Rent, income, and year built are shown as median values, while household size is shown as an average (see explanations below).

Comparison of Troy, MI with: Michigan United States

Troy, MI

Total population87,898

Rent$1,602

Year built1977

Household income$120,045

Per capita income$58,119

Poverty rate5.4%

Unemployment rate3.2%

Michigan State

Total population10,077,761

Rent$1,129

Year built1972

Household income$72,875

Per capita income$40,735

Poverty rate13.2%

Unemployment rate4.7%

United States

Total population334,922,499

Rent$1,413

Year built1980

Household income$80,734

Per capita income$44,673

Poverty rate12.5%

Unemployment rate4%

Metric	CityTroy, MI	StateMichigan	CountryUnited States
Total population	87,898	10,077,761	334,922,499
Rent	$1,602	$1,129	$1,413
Year built	1977	1972	1980
Household income	$120,045	$72,875	$80,734
Per capita income	$58,119	$40,735	$44,673
Poverty rate	5.4%	13.2%	12.5%
Unemployment rate	3.2%	4.7%	4%

View the complete comparison of Troy, MI, Michigan and United States →

Summary for Troy, MI

Troy is located in Michigan.

Rent & Income

In Troy, the typical monthly rent is $1,602 and the typical household income is $120,045. Rent here is higher than in both Michigan and the U.S., and household income is also higher than in both. The estimated poverty rate is 5.4%, which is lower than in both Michigan and national.

Housing & Affordability

This area is primarily owner-occupied, with renters accounting for about 26.7% of households. Around 32.3% of renters are cost-burdened, indicating a moderate level of rent pressure.

Education & Employment

Educational attainment is very high, with about 64.8% of adults holding a bachelor’s degree or higher. The local unemployment rate is 3.2%, which is lower than both Michigan and the national rate.

Troy, MI — Rent vs Household Income

Troy, MI — Poverty vs Unemployment

How Troy, MI compares in Michigan (24 places)

Metric	This place	Rank	Starts from	Statewide range
Rent	$1,602	21 / 24	from lower rent	$915 – $1,747
Household income	$120,045	2 / 24	from higher income	$37,646 – $120,694
Poverty rate	5.4%	3 / 24	from lower poverty	4.7% – 34.1%
Unemployment rate	3.2%	5 / 24	from lower unemployment	2.4% – 13.1%

Rankings are calculated among cities and communities in Michigan with total population > 50,000 (year 2024).

Detailed Ranking Explanation for Troy, MI

Rent

Troy ranks 21st out of 24 large places in Michigan for rent. Statewide rents range from $915 in Flint, MI to $1,747 in Novi, MI.

Household income

For median household income, Troy is ranked 2nd out of 24 large areas. Statewide incomes span from $37,646 in Flint, MI to $120,694 in Rochester Hills, MI.

Poverty rate

In poverty comparisons, Troy ranks 3rd out of 24 large places. Statewide rates vary from 4.7% in Livonia, MI to 34.1% in Flint, MI.

Unemployment rate

In terms of unemployment, Troy is ranked 5th out of 24 major areas. Across Michigan, rates go from 2.4% in Royal Oak, MI up to 13.1% in Flint, MI.

💰 Rent in Troy, MI (with Utilities)

Estimated Monthly Rent: $1,602 ℹ️ What’s Included:
✅ Base rent, electricity, gas, water/sewer, and heating fuels
❌ Not included: internet, cable TV, renter's insurance, parking

💡 What does this rent estimate mean?

Explanation: This estimate shows what renters typically pay each month for housing, including the apartment or home and essential utilities such as heat, water, and electricity. Even when utilities are billed separately, an estimated average cost for utilities is included, in line with the U.S. Census Bureau’s (ACS) definition of gross rent.

Included in this number: Rent plus electricity, gas, water/sewer, and heating fuel.

Not included: Internet, cable, parking, renter’s insurance, or furniture rental.

Note: This cost does not depend on the number of people living in the home.

👨‍👧‍👦 Household Income in Troy, MI

Annual Household Income: $120,045

💡 What does Household Income mean?

Definition: This represents the middle value of all household incomes in this area — half of households earn less, and half earn more.

Includes: wages, salaries, self-employment income, Social Security, pensions, investments, unemployment, public assistance, and rental income.

Does NOT include: capital gains, non-cash benefits (like food stamps), or tax refunds.

Household = any group of people (or a single person) living in the same housing unit.

Example: A couple earning $40,000 and $30,000 together have a household income of $70,000. If that's in the middle of all local incomes, it's the value shown here.

📉 Poverty Rate in Troy, MI

Estimated Rate: 5.4%

💡 What does the Poverty Rate represent?

Definition: The percentage of people in this area living below the federal poverty threshold.

How it works: The threshold is a dollar amount set by the U.S. Census Bureau that varies by family size and age. If a household's income is below that level, everyone in it is included in this rate.

Example: In a town of 10,000 people, if 1,500 have incomes below the poverty line, the poverty rate is 15%.

Note: This statistic only includes people living in households; it does not count those in student housing, military barracks, or nursing homes.

🏘️ Renter vs. Owner Households in Troy, MI

In Troy, MI, households that rent: 8,926 (26.7%)

📊 What does the renter household percentage reveal about this area?

Household Type	Count	Share
Renter-Occupied	8,926	26.7%
Owner-Occupied	24,446	73.3%

Definition: This is the percentage of households that rent their home rather than own it. It includes only occupied housing units.

Why it matters: Areas with a high share of renter households often have younger populations, higher mobility, and different housing needs compared to mostly owner-occupied areas.

Example: If 65% of homes in an area are renter-occupied, it means 65 out of every 100 households rent their home.

📉 Renters Spending Over 30% of Income on Rent in Troy, MI

In Troy, MI, cost-burdened renters (households spending over 30% of income on housing): 2,884 (32.3%)

🏚️ What Does It Mean When Renters Spend Over 30% of Their Income on Housing?

Household Group	Households	Share
Cost-burdened renters (over 30%)	2,884	32.3%
Other renter households	6,042	67.7%
Total renter households	8,926	100%

Shares are calculated as a percentage of renter households.

This shows how many renters in this area are considered cost-burdened — meaning they spend more than 30% of their income on housing (rent and basic utilities).

It’s a sign that housing might be unaffordable in the area or that lower-income residents may be struggling with rent.

Data comes from the U.S. Census Bureau’s American Community Survey.

📊 Education Levels in Troy, MI

Less than High School: 9,528 people (15.5%)

Includes adults who did not complete high school.

High School Graduate or GED: 7,468 people (12.1%)

Includes adults whose highest education is a high school diploma or GED.

Some College or Associate Degree: 4,694 people (7.6%)

Includes adults who attended college without completing a bachelor’s degree (some college or associate degree).

Bachelor’s Degree or Higher: 39,941 people (64.8%)

Includes adults with a bachelor’s degree or higher (bachelor’s, master’s, professional, or doctoral degree).

👥 Total Adults (25+): 61,631

📊 Unemployment Rate in Troy, MI

Estimated Rate: 3.2%

💡 What does Unemployment Rate mean?

Definition: The unemployment rate is the percentage of people in the labor force who do not have a job but are actively looking for one.

Labor Force = Employed + Unemployed (aged 16+ and actively participating in the workforce).

Formula: (Unemployed ÷ Labor Force) × 100

Does NOT include: People who are retired, students not looking for work, homemakers, or otherwise not seeking employment.

Example: If there are 1000 people in the labor force and 80 are unemployed, then the unemployment rate is 8%.

Similar Population

Santa Barbara, CA88,024 Santa Fe, NM88,224 Lawrence, MA88,297 Springdale, AR87,388 Newton, MA88,504 San Leandro, CA88,531 Greenville, NC88,540 Citrus Heights, CA87,036 Champaign, IL88,822 Ogden, UT86,973

ℹ️ Have questions about how these statistics are calculated? See our data methodology & FAQs

Source: ACS 5-Year Estimates (U.S. Census Bureau) — unemployment rate from BLS. Some values are derived metrics.