Cost of Living in Troy, AL

With a cost of living index of 78, Troy, AL is a very affordable place to live. Living here is 22% cheaper than the national average and 4% above the Alabama state average of 74. Troy is a smaller community of 17,733 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Troy's cost of living. The median monthly rent is $943 (29% below the US median of $1,319), and the median home value sits at $214,100 (30% below the national median of $304,900). At current prices, the median home costs roughly 4.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Troy is $47,595, which is 37% lower than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Troy. The area sees an average annual temperature of 64.5°F, with summers averaging 79°F and winters around 50°F. Annual rainfall totals 54.6 inches spread over roughly 0 days. The mild climate is a draw for many residents and keeps utility costs moderate year-round.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.