Key Economic Benchmarks
Median Household Income
$58,477$4,873 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Troy, NY
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Troy, NY
Official FY2026 HUD Fair Market Rents for Albany-Schenectady-Troy, NY MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,217 | $14,604 | $48,680 | 25% |
| 1-Bedroom Apartment | $1,417 | $17,004 | $56,680 | 29.1% |
| 2-Bedroom ApartmentBenchmark | $1,702 | $20,424 | $68,080 | 34.9% |
| 3-Bedroom Home | $2,041 | $24,492 | $81,640 | 41.9% |
| 4-Bedroom Home | $2,253 | $27,036 | $90,120 | 46.2% |
50/30/20 Living Budget in Troy, NY
Based on the local median household income of $58,477/year ($4,873/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in New York
Explore net income after federal income tax, FICA, and New York state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across New York with official federal datasets:
Frequently Asked Questions About Living in Troy, NY
What is the median household income in Troy, NY?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Troy, NY is $58,477 per year (approximately $4,873 per month).
What is the average rent in Troy, NY?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Troy, NY are $1,217 for a studio, $1,417 for 1 bedroom, $1,702 for 2 bedrooms, $2,041 for 3 bedrooms, and $2,253 for 4 bedrooms.
How does the cost of living in Troy, NY compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Troy, NY is 99.6 (0.4% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Troy, NY?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,702/month) in Troy, NY requires a minimum gross household income of $68,080 per year ($5,673 per month).
What is a balanced 50/30/20 monthly budget in Troy, NY?
For a typical household earning the median income of $58,477/year ($4,873/month) in Troy, NY, a balanced 50/30/20 budget allocates $2,437/month to essential needs (rent, utilities, groceries), $1,462/month to discretionary spending, and $975/month to savings and debt repayment.
What are typical electricity and utility costs in Troy, NY?
Residential electricity rates in New York average 29.5¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $265 per month.