Cost of Living in Troy, NY
Updated November 2026 · Rensselaer County · Albany-Schenectady-Troy, NY metro area · population 51,033
Prices in Troy are 2.0% below the US average (local index 98.0; the BEA index for the Albany-Schenectady-Troy, NY metro area is 99.6), with local housing the biggest saving at 94.6; a single adult's modelled budget is about $2,676 a month and the median rent is $1,175.
Prices by category
CostLiving local estimate. 100 = US average; 110 means prices are 10% higher. Housing reflects Troy's own median rent compared with the area's average rent; goods, utilities and other services are BEA's official price parities for the Albany-Schenectady-Troy, NY metro area, unchanged.
Troy price index by category, US average = 100: All items 98.0, Housing (rents) 94.6, Goods 99.7, Utilities 134.0, Other services 97.8
It is the 11th most expensive of the 19 New York cities in our data. Cheaper than 66% of the cities we cover.
| BEA index | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| All items | 99.4 | 99.0 | 99.0 | 96.6 | 98.2 | 99.6 |
Monthly budget by household type
1 adult · 1-bedroom · modelled estimate for Troy, NY
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $936 | $11,232 | 35% |
| Utilities | $328 | $3,936 | 12% |
| Food at home | $281 | $3,372 | 11% |
| Transportation | $621 | $7,452 | 23% |
| Health care | $344 | $4,128 | 13% |
| Clothing, personal care & supplies | $166 | $1,992 | 6% |
| Total | $2,676 | $32,112 | 100% |
2 adults · 2-bedroom · modelled estimate for Troy, NY
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $1,071 | $12,852 | 25% |
| Utilities | $523 | $6,276 | 12% |
| Food at home | $519 | $6,228 | 12% |
| Transportation | $1,230 | $14,760 | 29% |
| Health care | $637 | $7,644 | 15% |
| Clothing, personal care & supplies | $327 | $3,924 | 8% |
| Total | $4,307 | $51,684 | 100% |
2 adults + 2 children · 3-bedroom · modelled estimate for Troy, NY
| Category | Per month | Per year | Share |
|---|---|---|---|
| Housing (rent) | $1,112 | $13,344 | 22% |
| Utilities | $637 | $7,644 | 12% |
| Food at home | $740 | $8,880 | 14% |
| Transportation | $1,637 | $19,644 | 32% |
| Health care | $593 | $7,116 | 12% |
| Clothing, personal care & supplies | $421 | $5,052 | 8% |
| Total | $5,140 | $61,680 | 100% |
Modelled estimate of basic costs, excluding taxes, child care and savings. Housing is rent excluding tenant-paid utilities (counted under utilities). See how the budget is calculated.
Housing costs in Troy
Rent by number of bedrooms
| Size | Median rent |
|---|---|
| Studio | $1,152 |
| 1 bedroom | $1,072 |
| 2 bedrooms | $1,226 |
| 3 bedrooms | $1,273 |
| 4 bedrooms | $1,160 |
Median rent: Census ACS 2020-2024 median gross rent by bedrooms (rent plus tenant-paid utilities, all renters).
Rent, home values and affordability
| Measure | Value |
|---|---|
| Median gross rent | $1,175 |
| Median contract rent (excl. utilities) | $1,026 |
| Median home value | $206,500 |
| Owner costs with a mortgage | $1,774/mo |
| Median household income | $58,477 |
| Rent as % of renter income Expensive | 31.6% |
| Home value ÷ household income Affordable | 3.5× |
Census ACS 5-year 2020-2024.
Electricity and gas prices
Residential electricity in New York
28.65¢ per kWh, August 2026
12-month change: +7.5% (from 26.64¢) · US 18.16¢
Average household uses 586 kWh a month in New York ≈ $168/month. Source: EIA-861M (statewide average).
Regular gasoline
$4.22 per gallon, week of 2026-11-02
12-month change: +40.4% (from $3.00) · US $4.15
EIA weekly retail price survey.
Inflation in the Northeast
Consumer prices in the Northeast Census region rose +4.2% in the 12 months to September 2026 (US +3.7%). Nationally, food at home changed +1.8%, shelter +3.2% and energy +20.4%. Source: BLS CPI-U, not seasonally adjusted. CPI is published for regions and large metro areas, so the regional figure is shown.
Salary equivalent
Because prices in Troy are 2.0% below the US average, $60,000 here has the buying power of about $61,200 in an average-priced US area.
Formula: US-equivalent = salary × 100 ÷ 98.0. Based on the local cost index (CostLiving estimate from BEA RPP and Census rents); taxes not included.
Nearby cities
| City | Distance | Index | Budget (single) | Median rent |
|---|---|---|---|---|
| Albany, NY | 8 mi | 98.6 | $2,647 | $1,216 |
| Schenectady, NY | 14 mi | 97.5 | $2,594 | $1,145 |
| Saratoga Springs, NY | 24 mi | 102.3 | $3,022 | $1,470 |
| Chicopee, MA | 68 mi | 95.2 | $2,542 | $1,157 |
| Springfield, MA | 72 mi | 95.1 | $2,593 | $1,144 |
| West Hartford, CT | 82 mi | 107.2 | $3,178 | $1,756 |
Cities with a similar cost of living
| City | Index | Budget (single) | Median rent |
|---|---|---|---|
| Charlottesville, VA | 98.0 | $2,757 | $1,540 |
| Nampa, ID | 98.0 | $2,421 | $1,420 |
| Conroe, TX | 98.0 | $2,794 | $1,393 |
| Raleigh, NC | 98.0 | $2,883 | $1,572 |
| Taylor, MI | 97.9 | $2,491 | $1,101 |
| Bristol, CT | 98.1 | $2,685 | $1,338 |
Compare Troy with another city
Frequently asked questions
Is Troy, NY an expensive place to live?
Troy has a local cost of living index of 98.0, which is 2.0% below the US average. This CostLiving estimate starts from the BEA Regional Price Parities 2024 for the Albany-Schenectady-Troy, NY metro area (99.6) and adjusts housing to Troy's own rents. It is 9.9 points below the New York average. It is the 11th most expensive of the 19 New York cities in our data. Cheaper than 66% of the cities we cover.
How much money do you need to live in Troy?
Our modelled estimate of basic monthly costs is $2,676 for a single adult, $4,307 for a couple and $5,140 for a family of four, before taxes, child care and savings. A $60,000 salary in an average-priced US area buys about the same as $58,800 in Troy.
What is the average rent in Troy?
The median gross rent (rent plus tenant-paid utilities) is $1,175 a month (Census ACS 2020-2024). By size: 1 bedroom $1,072, 2 bedrooms $1,226, 3 bedrooms $1,273. The typical renter spends 31.6% of household income on rent (expensive).
How much does a house cost in Troy?
The median owner-estimated home value is $206,500, 3.5 times the median household income of $58,477 (affordable). Owners with a mortgage pay a median $1,774 a month in housing costs.
How much is electricity and gas in Troy?
New York residential electricity averaged 28.65¢ per kWh in August 2026 (US 18.16¢). Regular gasoline was $4.22 a gallon (New York average, week of 2026-11-02).
Sources and notes
- Local cost index: CostLiving estimate from BEA Regional Price Parities 2024 for the Albany-Schenectady-Troy, NY metropolitan statistical area (BEA index 99.6) with housing from Census ACS median rent (city figure); see the methodology.
- Rents, home values, income, population: U.S. Census Bureau ACS 5-year 2020-2024, Census place 3675484 (Troy city).
- Electricity: EIA-861M, New York residential average, August 2026.
- Gasoline: EIA weekly retail regular gasoline, New York, week of 2026-11-02.
- Inflation: BLS CPI-U Northeast region, September 2026.
- Budget baselines: BLS Consumer Expenditure Survey 2025; electricity use by household size: EIA RECS 2020.
Labels such as “county figure” or “state nonmetro figure” mark values that come from a larger area because the city-level figure is unavailable or unreliable. The monthly budget is a modelled estimate, not observed spending, and excludes taxes. This page is for general information and is not financial advice. Methodology · All sources