Median rent is 24% lower in Albany ($1,178/mo vs $1,557/mo). Buying is cheaper in Albany, where the median home runs $223,000 versus $396,800. Households earn more in Troy ($119,299 vs $59,485 a year). Overall, the two cities have a nearly identical cost of living index (96.6).
City A
Albany, NY
City B
Troy, MI
How much would you need to earn in Troy, MI to maintain your standard of living from Albany, NY?
Equivalent salary in Troy, MI
$75,000
Costs are about the same in both cities.
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
Albany
New York
Troy
Michigan
👥Population
💰Median Household Income
Annual
🏠Median Gross Rent
Per month
🏡Median Home Value
📊Cost of Living Index
US avg = 100
🔑1BR Fair Market Rent
HUD FMR
🔑2BR Fair Market Rent
HUD FMR
🔑3BR Fair Market Rent
HUD FMR
🌬️Air Quality Index
Lower = cleaner
🏛️Top State Income Tax
Top marginal rate
🧾State Sales Tax
Statewide base rate
🎂Median Age
Years
✓ = better value · Sources: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Renters will find significantly cheaper housing in Albany — median rent of $1,178/mo versus $1,557/mo in Troy, a 24% difference. Home buyers face a steeper market in Troy: the median home is $396,800 versus $223,000 in Albany — 44% more expensive.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
New York's top income tax rate is 10.90% versus 4.25% in Michigan, so Troy is more tax-friendly for high earners. Sales tax is 4.00% in New York and 6.00% in Michigan; Albany has the lower rate (local add-ons may apply in both).
Albany
Income tax: 10.90%
Sales tax: 4.00%
Troy
Income tax: 4.25%
Sales tax: 6.00%
Air quality data is not yet available for these cities.
Pick Troy if you prioritize higher median household income ($119,299/yr).
Pick Albany if you prioritize cheaper rent ($1,178/mo median).
Pick Troy if you prioritize lower state income tax (4.25%).
Is Albany cheaper than Troy?
Albany is cheaper overall, with a cost of living index of 96.6 versus 96.6 (US average = 100). That means prices run about 0% lower in Albany.
How much is rent in Albany vs Troy?
Median rent is $1,178/mo in Albany, NY and $1,557/mo in Troy, MI. Albany, NY has the lower rent by about 24%.
Which has higher salaries — Albany or Troy?
Median household income is $59,485 in Albany, NY and $119,299 in Troy, MI. Troy, MI has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — Albany or Troy?
New York's top income tax rate is 10.90% and Michigan's is 4.25%. Troy, MI has the lower rate.
What salary do I need in Troy to match my Albany income?
To maintain the same purchasing power, a salary of $100,000 in Albany, NY is equivalent to roughly $100,000 in Troy, MI (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology