Total monthly cost of ownership
Cost to Own a Home in Troy, New York
A $193,000 home here costs
$1,891per 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 $81,000 a year.
A standard mortgage calculator would have told you $1,052. The real number is $839 higher every month, 80% more than the payment most buyers budget for.
Compare Rensselaer 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 Rensselaer County and New York
| Measure | Troy | Rensselaer County |
|---|---|---|
| Median home value | $192,500 | $244,300 |
| Median property tax | $4,840 | $5,357 |
| Effective tax rate | 2.514% | 2.193% |
| Median gross rent | $1,134 | $1,182 |
| Population | 51,054 | 160,341 |
The weather behind that power bill
Troy sits in Rensselaer County, which averages a high of 77.8°F in its hottest month and a low of 14.2°F in its coldest, with 47.14" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 348 cooling and 7,197 heating degree days, which is what sets the $164 electricity line above.
See the full climate breakdown for Rensselaer County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Rensselaer County
Full Rensselaer County cost breakdown · Every county in New York
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 $193,000 home in Troy, New York costs approximately $1,891 per month with 20% down at 7.24%. That is $1,052 principal and interest, $404 property tax, $42 homeowners insurance, $232 utilities and $161 set aside for maintenance.
What is the property tax rate in Troy?
Troy has an effective property tax rate of 2.514%, based on a median home value of $192,500 and median real estate taxes of $4,840. That is higher than the Rensselaer County average of 2.193%.
What is the average home price in Troy?
The median owner-occupied home value in Troy, New York is $192,500, against $244,300 across Rensselaer County.
Is it cheaper to rent or buy in Troy?
Median gross rent in Troy is $1,134 a month, against $1,891 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, New York at today's rate takes a household income of roughly $81,000 a year. That covers the full $1,891 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 New York.
- 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.