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  1. Home
  2. /Browse ZIP Codes
  3. /Michigan
  4. /Troy, MI - 48084

Troy, MI—48084

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$492,000
3.8% YoY Growth
Household Income
$106,000
17.3% YoY Growth
Days on Market
37
3.0% Shorter YoY
Home Price Forecast
1.0%
Median Rent
$2,300
8.8% YoY Growth
1-Bed Rent
$1,450
47.4% YoY Growth
2-Bed Rent
$2,300
1.3% YoY Growth
3-Bed Rent
$2,600
10.6% YoY Growth

Other Zip Codes in Troy, MI

480854809848083
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Troy, MI

As of May '26, the median home price in Troy, MI is $492,000, with a year-over-year change of 3.8%. This indicates that home prices in Troy, MI are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$492,0003.8%
Single Family $550,0003.8%
Condos $285,0003.6%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$294,0002.1%
    3 Bed
    		$457,0003.2%
    4 Bed
    		$613,0003.5%
    5 Bed $778,6324.7%
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    % of Housing Stock

    Studio
    2.9%
    1 Bedroom
    16.9%
    2 Bedrooms
    35.7%
    3 Bedrooms
    16.5%
    4 Bedrooms
    25.3%
    5+ Bedrooms
    2.6%

    Rental Trends — Troy, MI

    As of July '25, Rentcast reports the average rent in Troy, MI is $2,490, with a year-over-year rent change of -8.8%. Per bedroom, the median rent as of July '25 in Troy, MI is studios: $1,450, 1-bedrooms: $1,750, 2-bedrooms: $2,310, 3-bedrooms: $2,770, 4-bedrooms: $3,840. The most common rental property sizes in Troy, MI are 2-bedroom and 1-bedroom, accounting for 54.8% and 30.9% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,300$2,490
    Studio Rent $1,450$1,450
    1 Bed Rent $1,450$1,750
    2 Bed Rent $2,300$2,310
    3 Bed Rent $2,600$2,770
    4 Bed Rent $3,400$3,840
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    % of Rental Stock

    Studio
    4.8%
    1 Bedroom
    30.9%
    2 Bedrooms
    54.8%
    3 Bedrooms
    7.6%
    4 Bedrooms
    1.9%

    Property Listings — Troy, MI

    As of May '26, Realtor.com reports that the median days on market for a home in Troy, MI is 37. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$370,000-29.0%
    Listing Count
    		4437.0%
    Listings as % of Homes0.1%37.0%
    Days on Market
    		37-3.0%
    Loading chart...

    Demographics — Troy, MI

    As of the latest ACS Survey released in 2023, Troy, MI has a population of 15,700, which has remained stable by -0.4% over the past 5 years. Troy, MI is a moderately popular place for families, as children make up 21.3% of the population. The area has a highly educated workforce, with 73.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.7% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		15,700-0.4%
    % Under 18
    		21.3%-7.0%
    % Seniors
    		13.5%-2.9%
    % WFH
    		21.7%456.4%
    % w/ College Degree
    		73.4%6.2%
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    As of the latest ACS Survey released in 2023, Troy, MI is a predominantly white area, with 53.3% of the population identifying as white. The white population has shrunk by 2.9% in the last 5 years. The second most common race or ethnicity in Troy, MI is asian, making up 33.5% of the population. Foreign-born residents account for 34.7% of the population in Troy, MI, and this percentage has decreased by 0.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		53.3%-2.9%
    % Black
    		5.9%25.5%
    % Hispanic
    		3.7%94.7%
    % Asian
    		33.5%-2.9%
    % Foreign Born
    		34.7%-0.6%
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    Mortgage and Risk — Troy, MI

    According to HUD data as of 2023, there were 195 mortgage originations in Troy, MI, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Troy, MI. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		195
    % Conventional Loans
    		98.0%
    % Government Loans
    		2.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		9.0%
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    Rentals and Section 8 — Troy, MI

    As of 2024, the percent of homes in Troy, MI under the Section 8 program is 0.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Troy, MI, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		17
    Total Units Section 8
    		2
    % Rentals under Section 8
    		0.1%
    % Occupied Section 8
    		N/A

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$40$1,450$1,490
    2 Bedroom-$410$2,300$1,890
    3 Bedroom-$280$2,600$2,320
    4 Bedroom-$890$3,400$2,510

    Affordability — Troy, MI

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.9
    Median Home Price$492,000
    Median Household Income$106,000

    Troy, MI — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Clawson, MI

    48017

    Troy, MI

    48098

    Royal Oak, MI

    48073

    Birmingham, MI

    48009

    Troy, MI

    48083

    Frequently Asked Questions