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City Report · AL

Troy

Pop. 17,716·64th most expensive in Alabama·One of the most affordable rental markets in the US
Median rent (all units)
$1,038/mo
Year-over-Year
Stable
Month-over-Month
+2.1%
vs US Median
-$924
Rising (Monthly)
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Most AffordableMost Expensive
Troy · $1,038
More affordable than 97% of US cities · National median $1,962/mo
Affordability
25% of income
AFFORDABLE
0%30% benchmark60%+

At $1,038/mo, rent takes about 25% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$42,000/yr
Local median income
$50,717/yr
Based on the 30%-of-income rule using Troy's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$750
1 BR
$770
2 BR
$1,000
3 BR
$1,210
4 BR+
$1,330
Fair Market Rent (HUD)
$1,000/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,038 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$12,456/yr
At $1,038/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +2.1% MoM), not inventory.
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Demographics

Who lives here

Troy, AL is roughly split between renters and owners, skews toward younger working-age adults, has a median income below the national average, 39.7% of residents hold a bachelor's degree or higher.

Population
17,716
Median income
$50,717
Median age
25.3
Renters
52.7%
Age distribution
15.3%
46.7%
17.4%
Under 1815.3%
18–3446.7%
35–5417.4%
55–649.2%
65+11.4%
Gender
46.9%
53.1%
Male46.9%
Female53.1%
Race & ethnicity
50.7%
41.7%
White50.7%
Black41.7%
Hispanic2.4%
Asian3.2%
Other2%
Education (25+)
25.8%
27%
39.7%
No HS diploma7.5%
HS diploma25.8%
Some college27%
Bachelor's+39.7%
Housing tenure
47.3%
52.7%
Owner47.3%
Renter52.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Troy, AL has changed in 5 years

Income
$36,409 → $50,717
up 39.3%
Population
17,765 → 17,716
down 0.3%
Renter share
52.2% → 52.7%
+0.5 pts
Bachelor's+
38.2% → 39.7%
+1.5 pts

Census figures show median household income at $50,717 today, compared with $36,409 five years earlier.

Community

Discussions about Troy

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View Troy rent history (2015–2026) →
Salary vs rent

Can you afford rent in Troy on your salary?

At $1,038/mo, how Troy rent compares to typical pay (30% rule).

By apartment size

Troy rent by bedroom count

Median rent for each apartment size in Troy. Click any size for full breakdown.

Local insights

Tips for renters in Troy

About renting in Troy, AL

Last updated: August 17, 2026

The median rent in Troy is $1,038/mo as of August 2026. A studio apartment averages $750/mo while a 2-bedroom runs $1,000/mo. One-bedroom apartments average $770/mo and 3-bedroom units go for $1,210/mo.

At 25% of local median household income ($50,717/yr), Troy ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Troy an affordable city for renters?

Troy is considered affordable for renters. At $1,038/mo, rent takes approximately 25% of the local median household income ($50,717/yr). The standard benchmark is 30%. Troy falls comfortably within that range.

How much income do you need to rent in Troy?

To keep rent at or below 30% of gross income, you would need to earn at least $42,000/year (~$20/hour full-time) to afford the median rent of $1,038/mo in Troy. The local median household income is $50,717/yr, meaning the typical Troy household meets that threshold.

Is rent going up or down in Troy?

Rent in Troy has been relatively stable over the past year, with a 0.0% change year over year as of August 2026.

How does Troy rent compare to other cities in Alabama?

Troy is one of the more affordable cities in Alabama for rent, ranking #64 out of 70 tracked cities at $1,038/mo.

Which nearby cities are cheaper to rent in than Troy?

Daleville is nearby and more affordable at $958/mo, which is $80 less than Troy.

What percentage of Troy residents rent vs. own?

According to Census data, approximately 52.7% of Troy households are renters, while 47.3% are owner-occupied. With a majority renter population, Troy has a strong rental market.

How does Troy rent compare to the national average?

Troy's median rent of $1,038/mo is $924 (47%) below the US national median of $1,962/mo. Within Alabama, it ranks #64 out of 70 tracked cities.
Income Affordability
25%
AFFORDABLE

At $1,038/mo, rent takes ~25% of Troy's median household income ($50,717/yr). The standard benchmark is 30%.

Troy 25%Benchmark 30%
State income tax2–5%
Run the Troy affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Troy, AL

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