Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 87,201 people, 33,000 houses or apartments, and a median cost of homes of $479,782, Troy real estate is some of the most expensive in Michigan, although Troy home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Troy, accounting for 71.87% of the city's housing units. Other types of housing that are prevalent in Troy include large apartment complexes or high rise apartments ( 17.44%), row houses and other attached homes ( 5.79%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.00%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Troy. Owner-occupied housing accounts for 74.80% of Troy's homes, and 70.91% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Troy built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Troy built between 1940-1969 ( 24.80%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.50%). There's also some housing in Troy built before 1939 ( 2.40%).
Appreciation rates for homes in Troy have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 91.33%, which ranks in the top 50% nationwide. This equates to an annual average Troy house appreciation rate of 6.70%.
NeighborhoodScout's data show that during the latest twelve months, Troy's appreciation rate, at 11.43%, has been at or slightly above the national average. In the latest quarter, Troy's appreciation rate has been 3.04%, which annualizes to a rate of 12.71%.
Relative to Michigan, our data show that Troy's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Troy differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Troy - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Troy real estate investment or home purchase decisions.
$479,782
for Michigan
for nation
33,000
$2,954 / per month