New Troy, MI is an attractive city for those looking to rent or buy property. The two bedroom rent is significantly less than the US average at $930 per month, making it an affordable option for those looking to save money. Additionally, groceries in New Troy are slightly less expensive than the national average, with the grocery cost index sitting at 94 versus 100 in the US. Local companies in New Troy include Big Boy Restaurants, Binder Park Zoo and Eastwood Automotive. All three of these companies are well known within the community and contribute heavily to local economic growth. In conclusion, New Troy offers great affordability while still maintaining a high quality of life with its many local businesses.
New Troy has an unemployment rate of 5.8%. The US average is 6.0%.
New Troy has seen the job market increase by 0.1% over the last year. Future job growth over the next ten years is predicted to be 25.4%, which is lower than the US average of 33.5%.
Tax Rates for New Troy
- The Sales Tax Rate for New Troy is 6.0%. The US average is 7.3%.
- The Income Tax Rate for New 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 New Troy
- The average income of a New Troy resident is $17,897 a year. The US average is $28,555 a year.
- The Median household income of a New Troy resident is $56,875 a year. The US average is $69,021 a year.