Troy, MI is a city located in the state of Michigan. It is located along the Detroit River and near Lake St. Clair, making it a desirable place to live. The median 2 bedroom rent price in Troy, MI is higher than other areas in the US at $1,670 per month. Additionally, the grocery cost index in Troy is 101 compared to 100 nationally. This indicates that grocery costs are higher than average for the area. Troy has become one of Michigan's most successful cities with many well-known companies headquartered here including Kmart Corporation and Flagstar Bank. There are also plenty of attractions for locals and visitors to enjoy such as Callahan's Music Hall and Splash Park at Troy Civic Center Park.
Troy has an unemployment rate of 2.9%. The US average is 6.0%.
Troy has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 39.6%, which is higher than the US average of 33.5%.
Tax Rates for Troy
- The Sales Tax Rate for Troy is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Troy is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Troy
- The average income of a Troy resident is $39,781 a year. The US average is $28,555 a year.
- The Median household income of a Troy resident is $107,550 a year. The US average is $69,021 a year.