Troy, AL

Very Low · 67

Alabama · Population 17,733 · Updated March 2026

$943
Median Rent / Month
$47,595
Median Income
$214,100
Median Home Value
$943
Owner Costs / Month

Affordability

How far your income goes in Troy

23.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Alabama

State-level tax rates that affect your costs

5.0%
Income Tax (Top Rate)
4.0%
Sales Tax
0.41%
Property Tax Rate

Estimated Annual Costs

$11,316
Annual Rent
$2,380
State Income Tax
$878
Property Tax (est.)

Cost of Living Overview

Troy is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 67 (where 100 equals the national median), Troy residents can expect to pay median rent of $943/month while earning a median household income of $47,595/year.

The median home value in Troy, AL is $214,100, with typical monthly owner costs around $943 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Alabama has a moderate income tax rate of 5.0%. Combined with a 4.0% sales tax rate and 0.41% effective property tax rate, the overall tax environment is a factor in the total cost of living in Troy.

Frequently Asked Questions

Common questions about living costs in Troy

What is the cost of living in Troy, AL?
The cost of living index in Troy, AL is 67 (US average = 100). Median monthly rent is $943, median household income is $47,595/year, and the median home value is $214,100.
Is Troy, AL affordable?
Yes, Troy is more affordable than the national average with a cost index of 67. The rent-to-income ratio is 23.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Troy, AL?
The median gross rent in Troy, AL is $943 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,316.
What is the median household income in Troy?
The median household income in Troy, AL is $47,595 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Alabama?
Alabama has a top income tax rate of 5.0%, a sales tax of 4.0%, and an effective property tax rate of 0.41%.