Affordability evidence
Troy, MI home values, income, and owner costs
A borrower-focused reading of the latest ACS value, income, and owner-cost evidence for Troy, MI.
Source: U.S. Census Bureau
Last updated . Article facts reviewed through this date. Time-sensitive figures show their own as-of dates.
Start with the dated local finding: In Troy, MI, the 2024 ACS reports a median owner-occupied home value of $420,300, median household income of $120,045, and median selected monthly owner costs of $2,208 for owners with a mortgage. Together, those three reference points can nevertheless help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,208 measure combines recurring ownership expenses in place of real estate taxes alone. For borrower planning, a useful affordability review starts with $420,300, $120,045, and $2,208, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.
Troy, MI's $420,300 median home-value estimate is above the statewide $231,600 estimate, with a reported city-to-state gap of 81.5%. That 81.5% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Troy, MI.