The typical owner-occupied home in Troy is worth about $96,800, 56% below the Indiana median of $218,200 and 71% below the national median of $332,700. Owners pay a median $535 a year in property taxes, about 0.55% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $52,639 a year, so the median home costs 1.8 times the median income (3.0 times for Indiana). 75% of occupied homes here are lived in by their owners, and 42% of those owners still have a mortgage.
Troy at a glance
| Troy | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $96,800 | $218,200 | $332,700 |
| Median property tax paid per year | $535 | $1,614 | $3,119 |
| Property tax as a share of value | 0.55% | 0.74% | 0.94% |
| Median household income | $52,639 | $71,957 | $80,734 |
| Homes lived in by their owners | 75% | 71% | 65% |
| Owner homes with a mortgage | 42% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,015 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 27.8% | 18.1% | 21.0% |
| Median rent | $939 | $1,062 | $1,413 |
| Rent as a share of renters' income | 24.0% | 29.1% | 30.6% |
| Median year homes were built | 1966 | 1976 | 1980 |
| Vacant homes | 6.5% | 8.8% | 10.1% |
| Population | 608 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Troy
At this week's average 30-year rate of 7.11%, buying the median Troy home of $96,800 with 20% down costs about $606 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $767, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $25,956 for the 20%-down payment. That payment is 14% of the median Troy household income of $52,639; at that income and 20% down, the 28% guideline points to a home of about $196,000.
The median rent here is $939 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,360 |
|---|---|
| Loan amount | $77,440 |
| Principal and interest | $521 |
| Property taxes (0.55% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| PMI | $0 |
| Total per month | $606 |
Change the numbers in the calculator
| Down payment | $3,388 |
|---|---|
| Loan amount | $95,047 |
| Principal and interest | $639 |
| Property taxes (0.55% a year) | $44 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| FHA mortgage insurance | $43 |
| Total per month | $767 |
Change the numbers in the calculator
Questions about home buying in Troy
What is the median home value in Troy?
About $96,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Troy?
Homeowners pay a median $535 a year, which is about 0.55% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Troy?
For the median home with 20% down at 7.11%, the payment is about $606 a month. Keeping that under 28% of gross income takes about $25,956 a year.
More about Troy
- Mortgage Refinance in Troy
- Debt Relief in Troy
- Home Equity Loans in Troy
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data