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City · 87,898 residents · Oakland County, Michigan

Troy , Michigan

In Troy, a typical home is worth $420,300 and typical rent is $1,602 a month. Compared with all of Oakland County, typical household income is 23% higher and the typical home value is 22% higher.

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  • Typical home value

    $420,300

    22% above the county

    81% above Michigan

    • Troy
    • Oakland
    • Michigan

  • Typical rent

    $1,602a month

    16% above the county

    42% above Michigan

    • Troy
    • Oakland
    • Michigan

  • Typical household income

    $120,045a year

    23% above the county

    65% above Michigan

    • Troy
    • Oakland
    • Michigan

  • Households that own their home

    73%

    1 points above the county

    About the same as Michigan

    • Troy
    • Oakland
    • Michigan

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$454,091
1.9% more than 12 months ago
Typical rent
$1,854 a month
3.4% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Troy is in Oakland County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Oakland County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Troy apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Madison Heights, the typical home value is $199,100: 53% less than in Troy ($420,300).

  2. Troy has the 9th smallest share of rent-burdened renters of the 168 cities in Michigan with more than 5,000 people (34%).

  3. Nearby, in Madison Heights, the typical rent is $1,176: 27% less than in Troy ($1,602).

  4. The typical household income in Troy is $120,045, 23% more than in Oakland County as a whole ($97,760).

  5. The typical home in Troy is worth $420,300, 22% more than in Oakland County as a whole ($343,600).

  6. The typical rent in Troy is $1,602 a month, 16% more than in Oakland County as a whole ($1,376).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Troy

What homes there are in Troy, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house rules in Troy: 71% of homes, more than in Oakland County (68%).

Year built

In Troy, half of the homes were built before 1977; in Oakland County, before 1975.

There is more room for a big family here: 74% of homes have 3 bedrooms or more, against 66% in Oakland County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 73% of owner-occupied homes in Troy are worth less than the FHA loan limit for Oakland County ($541,287).

Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Oakland County is $1,459: about 41% of rents in Troy are below it.

With a mortgage

$2,208 a month

Oakland County: $1,998 a month

Without a mortgage

$815 a month

Oakland County: $778 a month

Owners with a mortgage

61%

Oakland County: 65%

The typical cost for an owner with a mortgage in Troy is $2,208 a month, more than in Oakland County ($1,998); without one, $815.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Troy rose 39% since 2015–2019, about the same as in Oakland County (42%).

The typical rent in Troy rose 32% over the same time; in Oakland County, it rose 27%.

The typical household income in Troy rose 18%: less than home values (+39%) and rent (+32%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureTroyOakland CountyMichiganUnited States
Rental vacancy 6.1%7.4%5.1%5.5%
Homeowner vacancy Unreliable estimate0.4%0.8%0.9%
More than one person per room 2.3%1.2%1.6%3.4%
People per household 2.632.392.422.53
Drive alone 69%71%74%69%
Carpool 6%6%8%9%
Public transit Unreliable estimate0%1%3%
Walk or bike Unreliable estimate1%2%3%
Work from home 23%20%14%15%
Other means 1%1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

There is little rental housing open in Troy: only 6.1% is empty and offered for rent, against 7.4% in Oakland County.

More households are short on space in Troy: 2.3% have more than one person per room; in Oakland County, 1.2%.

Households in Troy are bigger: 2.63 people on average; in Oakland County, 2.39.

To get to work, 69% of workers in Troy drive alone; in Oakland County, 71%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Troy?

A typical home is tight for the typical income

We start with a typical home in Troy, worth $420,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 36% of the typical household income in Troy, which is $120,045 a year. For that payment to be 28% of income, a household would need to earn about $154,051 a year.

The calculator's FHA and conventional loan limits are those of all of Oakland County.

Your numbers

Local data
$

Starts at the typical home value in Troy. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $14,711 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,595

at 7.18% · 30 years

Loan amount
$412,687
Total interest
$593,759
Paid off in
November 2056

Includes $7,098 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,801 a month

  • Tight

    $2,801 to $3,601 a month

    Your payment · 36%

  • Hard

    more than $3,601 a month

Compared with the typical household income in Troy ($120,045 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,595
Principal & interest$2,796
Property tax$438
Home insurance$175
FHA mortgage insurance (MIP)$186

You need at least $14,711 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Troy and Oakland County

Troy is in Oakland County, Michigan. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Troy's own numbers

Typical home value
$420,300
Typical monthly rent
$1,602
Typical yearly household income
$120,045
Households that own their home
73%
Effective property tax rate
1.25%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Oakland County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,459
Price change over 5 years (FHFA)
+45%
Homes in a high flood-risk zone
0.4%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Oakland County.

Everything about Oakland County

Buying

Buying a home in Troy

A typical home in Troy is worth $420,300: 22% above the county and 81% above Michigan. With the typical household income in Troy ($120,045 a year), a typical home costs 3.5 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Troy 3.5 years
  • Oakland 3.5 years
  • Michigan 3.2 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Oakland County

According to FHFA’s house price index, home prices in Oakland County rose 85% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Oakland County.

Period County Michigan U.S.
Last year (2025) +4.2% +4.7% +2.9%
5 years (2020–2025) +45% +52% +47%
10 years (2015–2025) +85% +97% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Troy next to Oakland County, Michigan and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Troy $420,300
  • Oakland $343,600
  • Michigan $231,600
  • United States $332,700
Typical monthly rent
  • Troy $1,602
  • Oakland $1,376
  • Michigan $1,129
  • United States $1,413
Typical yearly household income
  • Troy $120,045
  • Oakland $97,760
  • Michigan $72,875
  • United States $80,734
See the full table
Troy next to Oakland County and Michigan
Measure Troy Oakland County Michigan U.S.
Typical home value $420,300 $343,600 $231,600 $332,700
Typical monthly rent $1,602 $1,376 $1,129 $1,413
Typical yearly household income $120,045 $97,760 $72,875 $80,734
Households that own their home 73% 73% 73% 65%
Typical yearly property tax $5,267 $4,371 $2,904 $3,119
Effective property tax rate 1.25% 1.27% 1.25% 0.94%
Renters with high rent for their income 34% 45% 50% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Oakland County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Troy

For a typical $420,300 home in Troy, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Troy's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,595a month

    Least cash to close
    Down payment
    $14,711
    Cash to close
    $27,320
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $186

  • Conventional, 5% down $3,517a month

    Down payment
    $21,015
    Cash to close
    $33,624
    Rate
    7.18%
    Mortgage insurance
    PMI · $200

  • Conventional, 20% down, no PMI $2,891a month

    Down payment
    $84,060
    Cash to close
    $96,669
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,279a month

    Down payment
    $63,045
    Cash to close
    $75,654
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Troy and for Oakland County.

Property tax

Effective rate in Troy

1.25%of the home’s value each year

$5,267 a year for the typical owner in Troy.

  • Troy 1.25%
  • Oakland 1.27%
  • Michigan 1.25%

What Michigan publishes Principal Residence Exemption (PRE) from school operating tax (Michigan Legislature (Michigan Compiled Laws))

Exemptions and deadlines in Michigan

Flood risk in Oakland County

FEMA does not publish these numbers by city: they are for all of Oakland County.

Homes in the high-risk zone
0.4%
1,809
Of those, with NFIP insurance
21%
County Michigan U.S.
Homes in the high-risk zone 0.4% 1.6% 3.5%
Of those, with NFIP insurance 21% 18% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Troy

Typical rent in Troy is $1,602 a month: 16% above the county. In Troy, 34% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Oakland County, by unit size. To pay the 2-bedroom one ($1,459 a month) without spending more than 30% of your income, you would need to earn $28.06 an hour working full time.

HUD fair market rent for all of Oakland County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,047 $20.13 $41,880
1 bedroom $1,167 $22.44 $46,680
2 bedrooms $1,459 $28.06 $58,360
3 bedrooms $1,777 $34.17 $71,080
4 bedrooms $1,929 $37.10 $77,160

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Troy

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Troy has 4 ZIP codes with their own.

For 2 bedrooms it runs from $1,810 in 48083 to $2,190 in 48085.

4 of the 4 are above the fair market rent for Oakland County ($1,459).

  • 48083 $1,810$2,200
  • 48084 $2,100$2,560
  • 48085 $2,190$2,670
  • 48098 $2,000$2,440

A ZIP code counts for Troy when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Troy

HUD lists 6 buildings with rents for lower incomes in Troy. These are the largest.

  • Oakland Park Towers II 930 John R Rd, Troy 48083 300 homes, 297 low-income · For older adults (248) 585-9340
  • 920 on the Park 920 John R Rd, Troy 48083 297 homes, 287 low-income · 1 bd: 255 · 2 bd: 42 · In service since 2004 · For older adults, families (810) 588-7611
  • Bethany Villa Apartments 1974 Jackson Dr, Troy 48083 238 low-income homes · 1 bd: 202 · 2 bd: 36 · In service since 2018 · For older adults
  • Bethany Villa Apartments II 1662 Jackson Dr, Troy 48083 119 homes, 71 low-income · For older adults (248) 689-5838
  • American House Troy 2300 Grand Haven Dr, Troy 48083 146 homes, 59 low-income · 1 bd: 108 · 2 bd: 38 · In service since 2000

See all 107 buildings in Oakland County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Troy

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 7 HUD-approved agencies with an office in Oakland County; 5 say they serve in Spanish.

A man smiles on a bench outside his apartment building.

HUD counseling is free or low-cost

Assistance programs in Troy

No down payment, repair or rent-help program on our list is for Troy or Oakland County. The ones below are statewide in Michigan: they work in Troy the same as in the rest of the state.

Which programs do I qualify for? All programs in Michigan

  • MI 10K DPA Loan

    Statewide in Michigan

    Michigan state agency loan of up to $10,000, with no interest and no monthly payments, for the down payment, closing costs and prepaid expenses; it goes with MSHDA's MI Home Loan mortgage and is repaid in certain cases, such as when you pay off the first mortgage, sell or refinance the home, or no longer live in it. Offered by Michigan State Housing Development Authority (MSHDA).

    Deferred

    See the program Official page

  • Mortgage Credit Certificate (MCC)

    Statewide in Michigan

    Michigan state authority certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, for the life of the loan; you apply with an approved lender before you buy. Offered by Michigan State Housing Development Authority (MSHDA).

    Tax credit

    See the program Official page

Housing counselors near Troy

The HUD-approved agencies closest to the center of Troy, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Community Housing Network, Inc

    5505 Corporate Dr Ste 300, Troy · 2 miles away · Spanish

    Also serves in Arabic, American Sign Language (ASL), Cambodian, Cantonese, and 19 more languages.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (248) 269-1333

  • Gesher Human Services

    29699 Southfield Rd, Southfield · 7 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (248) 233-4299

  • Habitat for Humanity of Oakland County, Inc.

    150 Osmun St, Pontiac · 8 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 5 more
    (248) 338-1843

Every agency in Oakland County All counseling agencies in Michigan

Help in Spanish near Troy

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Troy

In HUD’s record, no housing authority with an office in Oakland County is named for Troy or Oakland County.

5 other authorities have an office in Oakland County: see the list Source: HUD

Cities

Other cities in Oakland County

These cities are also in Oakland County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Oakland County Housing in Michigan
See 11 more cities in Oakland County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Troy, with the typical home value.

Neighboring counties

If Oakland County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Troy.

All guides
A man and two girls read a book together on the sofa.

Questions

Housing questions about Troy

Short answers with the numbers for Troy and all of Oakland County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Troy?

The typical home value in Troy is $420,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Oakland County it is $343,600.

How much does it cost to rent in Troy?

Typical rent in Troy is $1,602 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Oakland County is $1,459.

What is the FHA loan limit in Troy?

Troy uses the FHA limit for all of Oakland County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Troy?

The typical homeowner in Troy pays $5,267 a year, according to the U.S. Census Bureau. That is 1.25% of the home’s value; in Oakland County, the rate is 1.27%.

Where can I find free help to buy or rent in Troy?

There are 7 HUD-approved counseling agencies with an office in Oakland County. 5 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).