Salary & Cost of Living in Troy, MI
Troy, MI: $51,669 median salary, cost of living index 87.2, $10.33/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$51,669
$25/hr
Cost of Living
87.2
US avg = 100
Minimum Wage
$10.33
per hour
Unemployment
3.6%
rate
Troy, MI Overview
Population
87,294
Median Salary
$51,669
Average Salary
$57,869
Avg Commute
20 min
Median Home Price
$215,000
Median Rent
$904/mo
Job Growth
+2.9%
Sales Tax
6%
Troy is located in Michigan with a population of 87,294. The median household salary is $51,669 per year ($25/hour), which is $7,715 below the national median of $59,384. The average commute time is 20 minutes, and the city has a job growth rate of +2.9%.
Troy Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Troy, MI, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$41,245
$3,437.08/month · $1,586.34/biweekly · Effective Rate: 20.2%
Gross Pay
$51,669
Federal Tax
-$4,162
State Tax
-$2,196
Local Tax
-$114
FICA
-$3,953
Net Pay
$41,245
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $4,305.75 | $51,669.00 |
| Federal Income Tax | -$346.82 | -$4,161.78 |
| Michigan State Tax (4.25%) | -$182.99 | -$2,195.93 |
| Local Tax (0.22%) | -$9.47 | -$113.67 |
| Social Security (6.2%) | -$266.96 | -$3,203.48 |
| Medicare (1.45%) | -$62.43 | -$749.20 |
| Net Take-Home Pay | $3,437.08 | $41,244.94 |
Salary Comparison: Troy vs Other Cities
See how Troy's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Troy, MI | $51,669 | 87.2 | $59,253 |
| National Average | $59,384 | 100 | $59,384 |
| Dunedin, FL | $51,661 | 101.7 | $50,797 |
| Beaverton, OR | $51,690 | 105.9 | $48,810 |
| Springfield, OH | $51,617 | 86.9 | $59,398 |
| Friendswood, TX | $51,585 | 95.4 | $54,072 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Troy
Troy's cost of living index is 87.2 (national average = 100). Living in Troy is 12.799999999999997% less expensive than the national average.
Median Home Price
$215,000
Median Monthly Rent
$904
Annual Rent Cost
$10,848
Your Salary's Purchasing Power
Your $41,245 annual take-home pay in Troy has the purchasing power of approximately $47,299 in an average-cost US area. Your $51,669 salary stretches further here than in most US cities.
Top Industries in Troy
Troy's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $51,669.
Salary Tips for Troy Workers
- Your salary goes further here. Troy has a cost of living 12.799999999999997% below the national average. A salary of $51,669 here has the purchasing power of about $59,253 in an average-cost area.
- Research top industries. Troy's top industries include Automotive, Manufacturing, Agriculture. Targeting roles in these sectors can help you earn above the $51,669 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
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Frequently Asked Questions
What is the median salary in Troy, MI?
The median salary in Troy, MI is $51,669 per year, or $25 per hour. The average salary is $57,869. This is $7,715 below the national median of $59,384.
What is the cost of living in Troy, MI?
Troy's cost of living index is 87.2 (national average = 100), meaning it is 12.799999999999997% less expensive compared to the national average. The median home price is $215,000 and the median monthly rent is $904.
What are the best industries in Troy?
The top industries in Troy, MI include Automotive, Manufacturing, Agriculture. The city has a job growth rate of 2.9% and an unemployment rate of 3.6%. Workers in these industries often earn above the city's median salary of $51,669.
How does Troy's salary compare to other cities?
Troy's median salary of $51,669 is 13.0% below the national median of $59,384. However, when adjusted for cost of living (index: 87.2), the real purchasing power is approximately $59,253.
What is the minimum wage in Troy, MI?
The minimum wage in Troy, MI is $10.33 per hour. This equals approximately $21,486 per year for a full-time worker (40 hours/week). This is $3.08 above the federal minimum wage of $7.25/hour.