Total monthly cost of ownership
Cost to Own a Home in Troy, Alabama
A $214,000 home here costs
$1,804per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $77,500 a year.
A standard mortgage calculator would have told you $1,167. The real number is $637 higher every month, 55% more than the payment most buyers budget for.
Compare Pike County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Troy against Pike County and Alabama
| Measure | Troy | Pike County |
|---|---|---|
| Median home value | $214,100 | $149,000 |
| Median property tax | $697 | $403 |
| Effective tax rate | 0.326% | 0.270% |
| Median gross rent | $943 | $855 |
| Population | 17,733 | 32,953 |
The weather behind that power bill
Troy sits in Pike County, which averages a high of 89.6°F in its hottest month and a low of 36.8°F in its coldest, with 54.59" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,990 cooling and 2,163 heating degree days, which is what sets the $187 electricity line above.
See the full climate breakdown for Pike County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Pike County
Talk to someone who works this market
These are Troy averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Troy every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Troy?
A $214,000 home in Troy, Alabama costs approximately $1,804 per month with 20% down at 7.24%. That is $1,167 principal and interest, $58 property tax, $146 homeowners insurance, $255 utilities and $178 set aside for maintenance.
What is the property tax rate in Troy?
Troy has an effective property tax rate of 0.326%, based on a median home value of $214,100 and median real estate taxes of $697. That is higher than the Pike County average of 0.270%.
What is the average home price in Troy?
The median owner-occupied home value in Troy, Alabama is $214,100, against $149,000 across Pike County.
Is it cheaper to rent or buy in Troy?
Median gross rent in Troy is $943 a month, against $1,804 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Troy?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Troy, Alabama at today's rate takes a household income of roughly $77,500 a year. That covers the full $1,804 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Troy, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Alabama.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.