What percentage of people rent in Troy, MI?
26.7% (±1.5 points) of the occupied homes in Troy, MI are rented (2020–2024 American Community Survey).
That is 8,926 renting households against 24,446 that own their home.
In Troy, the share of households that rent went from 26.2% in 2015–2019 to 26.7% in 2020–2024 (+0.5 percentage points), not a measurable change.
Figures last updated on .
- Households that rent
- 26.7% (±1.5 points)
- Renting households
- 8,926 (±579)
- Median renter income
- $73,004 (±$5,204)
Who rents and who owns in Troy
| Troy | Oakland County | Michigan | United States | |
|---|---|---|---|---|
| Renter-occupied share | 26.7% (±1.5 points) | 27.3% (±0.4 points) | 26.8% (±0.2 points) | 34.8% |
| Renting households | 8,926 (±579) | 144,960 (±2,325) | 1,092,179 (±7,674) | 45,017,354 |
| Owning households | 24,446 (±590) | 385,500 (±2,513) | 2,984,190 (±12,886) | 84,210,142 |
| Average renter household size | 2.1 (±0.1) | 1.9 (±0.0) | 2.1 (±0.0) | 2.3 |
| Average owner household size | 2.8 (±0.1) | 2.6 (±0.0) | 2.5 (±0.0) | 2.6 |
| Median renter household income | $73,004 (±$5,204) | $59,047 (±$1,564) | $42,352 (±$376) | $52,966 |
| Median owner household income | $148,194 (±$5,627) | $118,600 (±$1,461) | $87,130 (±$344) | $100,009 |
In Troy, the renter share is not measurably different from Oakland County (27.3%).
It is not measurably different from Michigan (26.8%).
It is lower than the national figure (34.8%).
In Oakland County, Troy ranks 18 of 50 places with a published estimate, from highest to lowest renter share.
Statewide, it ranks 262 of 1,520.
Rankings use the estimates alone; where margins of error overlap, neighboring ranks may not truly differ.
How renting in Troy has changed since 2015–2019
| 2015–2019 | 2020–2024 | Amount of change | Verdict | |
|---|---|---|---|---|
| Households that rent | 26.2% (±1.2 points) | 26.7% (±1.5 points) | +0.5 percentage points | Not a measurable change |
| Median gross rent | $1,215 (±$23) | $1,602 (±$51) | +31.9% | Up after inflation |
| Median household income | $101,882 (±$2,626) | $120,045 (±$5,601) | +17.8% | No measurable change after inflation |
The Census Bureau publishes 2015–2019 dollars in 2019 dollars and 2020–2024 dollars in 2024 dollars.
Prices (the CPI-U, US Bureau of Labor Statistics) rose 22.7% between 2019 and 2024, so a dollar figure’s verdict compares the two after raising the earlier one by that much, using the Census Bureau’s test for a difference.
The two periods do not overlap, as the Census Bureau recommends for 5-year estimates.
Households that rent in places near Troy
| Place | Distance | Households that rent | Compared with this place |
|---|---|---|---|
| Troy | — | 26.7% (±1.5 points) | — |
| Clawson | 3.3 mi | 24.6% (±3.4 points) | Not measurably different |
| Birmingham | 4.5 mi | 22.9% (±3.3 points) | Lower |
| Bloomfield Hills | 5.1 mi | 14.2% (±6.1 points) | Lower |
| Royal Oak | 5.3 mi | 32.0% (±1.9 points) | Higher |
| Rochester Hills | 5.5 mi | 23.3% (±1.7 points) | Lower |
| Madison Heights | 5.7 mi | 35.2% (±3.8 points) | Higher |
| Sterling Heights | 5.9 mi | 24.2% (±1.4 points) | Lower |
| Berkley | 6.2 mi | 12.1% (±2.4 points) | Lower |
Nearby places with a measurably lower figure: Birmingham, MI (22.9%), Bloomfield Hills, MI (14.2%), Rochester Hills, MI (23.3%).
Nearby places with a measurably higher figure: Royal Oak, MI (32.0%), Madison Heights, MI (35.2%).
Distance is measured in a straight line between the Census Bureau’s internal points for each place.
Households that rent across Oakland County, place by place
| Rank | Place | Households that rent |
|---|---|---|
| 12 | Madison Heights | 35.2% (±3.8 points) |
| 13 | Hazel Park | 33.9% (±4.9 points) |
| 14 | Novi | 33.7% (±2.3 points) |
| 15 | Ferndale | 33.4% (±3.5 points) |
| 16 | Rochester | 32.9% (±3.7 points) |
| 17 | Royal Oak | 32.0% (±1.9 points) |
| 18 | Troy | 26.7% (±1.5 points) |
| 19 | Clawson | 24.6% (±3.4 points) |
| 20 | Waterford Charter Township | 24.2% (±1.6 points) |
| 21 | Rochester Hills | 23.3% (±1.7 points) |
| 22 | Birmingham | 22.9% (±3.3 points) |
| 23 | Independence Charter Township | 20.6% (±3.2 points) |
| 24 | Holly Township | 20.3% (±5.9 points) |
Showing 13 of 50 places in Oakland County, ranked from highest to lowest.
Survey years: 2020–2024 (American Community Survey 5-year estimates), compared with 2015–2019.
Margins of error are at the 90% confidence level.
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Questions about Troy
How many renters are there in Troy?
Troy has an estimated 8,926 (±579) renting households, 26.7% of its occupied homes (2020–2024 American Community Survey).
Is renting growing in Troy?
In Troy, the share of households that rent went from 26.2% in 2015–2019 to 26.7% in 2020–2024 (+0.5 percentage points), not a measurable change.
How big are renting households in Troy?
A renting household in Troy has 2.1 people on average, against 2.8 in an owned home.
How much do renters earn in Troy?
The median renting household in Troy, MI has an income of $73,004 (±$5,204) a year, against $148,194 for households that own their home.
Sources
- Selected Housing Characteristics (DP04), 2020–2024 ACS 5-year estimates — Troy city, Michigan
- Median Household Income by Tenure (B25119), 2020–2024 ACS 5-year estimates — Troy city, Michigan
- Selected Housing Characteristics (DP04), 2015–2019 ACS 5-year estimates — Troy city, Michigan
- Median Gross Rent (B25064), 2015–2019 ACS 5-year estimates — Troy city, Michigan
- Median Household Income (B19013), 2015–2019 ACS 5-year estimates — Troy city, Michigan
- Consumer Price Index for All Urban Consumers (CPI-U), US city average, all items, US Bureau of Labor Statistics: annual averages 2019 and 2024
To check these figures in the Census Bureau’s own API, request the variables below from the 2024 ACS 5-year data profile (acs/acs5/profile) and detailed tables (acs/acs5) for Troy city, Michigan (place:80700, in state:26).
Each estimate (E or PE) has a margin of error beside it (M or PM).
The 2015–2019 figures are DP04_0047PE, DP04_0047PM, B25064_001E, B25064_001M, B19013_001E, B19013_001M from the 2019 release.
The API needs a free key.
DP04_0047PE, DP04_0047PM, DP04_0047E, DP04_0047M, DP04_0046E, DP04_0046M, DP04_0049E, DP04_0049M, DP04_0048E, DP04_0048M, B25119_003E, B25119_003M, B25119_002E, B25119_002M
This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.
Figures last updated on .
Related
- Housing in Troy at a glance
- Median rent in Troy
- Rent by bedrooms in Troy
- Rent burden in Troy
- Income and affordability in Troy
- Home values in Troy
- Homeowner costs in Troy
- Property taxes in Troy
- Types of homes in Troy
- Bedrooms in Troy
- Age of homes in Troy
- Vacancy rate in Troy
- Heating fuel in Troy
- Commute and cars in Troy
- Crime reported to police in Troy
- Population growth in Troy
- How long people stay in Troy
- Crowding and facilities in Troy
- Fair Market Rent in Troy
- Michigan landlord and tenant rules
- Housing across Oakland County
- Michigan places ranked by share of renters
- Housing data for every place in Michigan