Cost of Living in Troy, MI
Housing
The housing market plays a significant role in determining the cost of living in Troy, MI.
- Housing Index: 115.0 / 100
- Median Home Price is: $375000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1280 per month
Considering a move to Troy, MI? The housing index stands at 115.0, indicating a relatively competitive market. The median home price of 375000 suggests a significant investment, while rents for a 2-bedroom apartment and house average 1200 and 1280, respectively. These figures highlight a regional market that might lean towards renting for those not ready to purchase. It’s worth noting, however, that quality of life factors like job opportunities and community amenities also play a crucial role in your decision-making process. Be sure to factor these in!
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Troy, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Troy, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Troy is a financially viable option for your relocation.