Total monthly cost of ownership
Cost to Own a Home in Troy, Alabama
A $214,000 home here costs
$1,701per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,100. The real number is $601 higher every month — 55% more than the payment most buyers budget for.
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 $151 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
Common questions
How much does it cost to own a home in Troy?
A $214,000 home in Troy, Alabama costs approximately $1,701 per month with 20% down at 6.66%. That is $1,100 principal and interest, $58 property tax, $146 homeowners insurance, $219 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 $1,701 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.