Cost of Living in Troy, OH

An Overview of Cost of Living in Troy, OH

Knowing the cost of living in Troy allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Troy stands at 94, marking it 6% lower than the national average.

In Troy, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Troy will resemble that of an average city, contributing to a manageable cost of living.

What Do Locals Say About the Cost of Living in Troy?

Locals have the inside scoop on their city. So, we polled 5 residents in Troy to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 20% find it reasonable with decreasing prices, but 80% think it's quite pricey, with prices that continue to rise.

Is Troy Affordable?

Is Troy affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Troy, the median home price is 22% lower than the national average and monthly rent prices are 17.6% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Troy boasting a median household income of $61,216, 10.7% higher than the national average.

What Factors can Influence the Cost of Living in Troy?

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Troy, the healthcare costs are 6.6% higher than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Troy, the housing index comes in at 20.7% lower than the national average.

Where is the Data From?

The cost of living in Troy, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.