A+
4%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
1%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Troy Illinois National
Cost of living9696100
Goods & Services9297100
Groceries9798100
Health care8995100
Housing10195100
Transportation94103100
Utilities10289100

An Overview of Cost of Living in Troy, IL

Are you thinking about relocating, but curious about the potential cost of living in Troy? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Troy stands at 96, making it 4% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

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.

Is Troy Affordable?

Wondering if Troy is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Troy, for example, the median home price is 4.9% higher than what folks pay nationally, and monthly rent is 8.7% lower than the usual rates. Plus, income levels matter too, with Troy boasting a median household income of $76,672, which is 38.6% higher than the national average.

What Factors can Influence the Cost of Living in Troy?

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Troy, the utilities index stands at 1.7% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Troy, the standard sales tax rate starts at 6.25%, and the income tax rates commence at 4.95%.

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 0.8% higher than the national average.

Where is the Data From?

The Troy cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Troy is equal to the Illinois average
  • The cost of living in Troy is 4% lower than the national average
  • Troy housing is 1% higher than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Troy

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Compare Troy, IL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$97,008$8,084$2,263$2,911
      Renters$30,757$2,563$718$923
      The affordability of the housing market in Troy, IL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Troy homeowners, the median income is $97,008. This indicates that a monthly maximum of $2,263 should be spent by homeowners on all housing related costs. Renters have a median income of $30,757. This indicates that renters would have a maximum of $718 for their rent related monthly costs.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Troy National avg. Difference
      Haircut $21.19$24.2612.7%
      Beauty Salon $40.57$45.5611.0%
      Toothpaste $3.75$3.701.3%
      Shampoo $1.11$1.2813.3%
      Movie $11.28$12.137.1%
      Bowling $16.92$18.006.0%

      Groceries

      Item Troy National avg. Difference
      Ground Beef $6.40$5.849.7%
      Fried Chicken $1.36$1.5713.3%
      Milk $4.50$4.673.7%
      Potatoes $5.28$4.936.9%
      Pizza $10.84$12.0910.3%
      Beer $9.47$10.419.1%

      Health Care

      Item Troy National avg. Difference
      Optometrist $125.72$125.680.0%
      Doctor $124.51$135.788.3%
      Dentist $100.78$113.2911.0%
      Ibuprofen $10.14$10.654.8%
      Lipitor $520.16$468.6011.0%

      Housing

      Item Troy National avg. Difference
      Home Price $193,700.00$184,700.004.9%
      Avg. Mortgage Payment $1,737.43$2,346.6926.0%
      Apartment Rent $866.00$949.008.7%

      Transportation

      Item Troy National avg. Difference
      Gasoline $3.20$3.467.6%
      Tire Balancing $50.00$59.9216.6%

      Utilities

      Item Troy National avg. Difference
      All Electricity $133.84$193.9931.0%
      Phone $188.69$192.251.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Brooklyn, IL4287327.0%
      East St. Louis, IL26,3597723.4%
      Alorton, IL2,0777723.2%
      Centreville, IL4,9467722.9%
      Sauget, IL2337722.7%
      Troy, IL10,278963.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Pella, IA10,279972.9%
      Arden Hills, MN10,27611615.9%
      Gig Harbor, WA10,28015252.3%
      Bee Ridge, FL10,28311212.5%
      Mapleton, UT10,27013433.9%
      Troy, IL10,278963.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.