City:

Troy, MO

Troy is a city in the state of missouri with a population of roughly 25,387. It is in Lincoln County, Missouri the St. Louis, MO-IL core-based statistical areas (CBSA), and the St. Louis-St. Charles-Farmington, MO-IL combined statistical area (CSA).Its Zip codes include 63379 .

Troy's Home Price Trends

Troy, Missouri is a city located in the eastern part of the state. The population was estimated to be around 100,000 people in 2014. Troy is known for its historical significance and has been home to many famous people, including General Ulysses S. Grant and President James K. Polk. The city is also home to several universities, including the University of Missouri-St. Louis and Washington University in St. Louis.

Real estate in Troy is generally expensive compared to other cities in Missouri, but this may be due to the city's high demand for housing and its proximity to major metropolitan areas such as St. Louis and Kansas City. There are a number of different types of real estate available in Troy, including single family homes, townhomes/condos, apartments, and commercial properties. The average price for a single family home in Troy was $169,000 as of 2016, while the average price for an apartment was $130 per square foot. Commercial properties can be found at a variety of prices depending on their size and location; the average price for a commercial property was $206 per square foot as of 2016.

The majority of residents living in Troy are homeowners; as of 2016, approximately 84% of residents were homeowners while 16% were renters. Homeownership rates tend to be higher in cities with more expensive real estate; as of 2016, the homeownership rate in Troy was 85% compared to an overall statewide homeownership rate of 63%. There are a number of factors that may contribute to higher homeownerhip rates in Troy: low levels of crime (the city had only two murders reported during the entire year 2015), strong job market (the unemployment rate was 3% as of December 2016), and low levels Of poverty (less than 10%of residents live below poverty level).

The availabilityof housing has become increasingly important since the recession hit America; accordingto Zillow®, "since 2007 [the] number one reason Americans move is because they can't find affordable housing." While there are still some areas within Troy that are considered affordable by most standards (for example neighborhoods near downtown), many neighborhoods have seen significant increasesin prices over recent years due to limited supply coupled with increasing demand from families looking for quality homes without spending too much money on rent or mortgage payments.. Asa resultof this trend,, many people who would have been ableto afford homes before now find themselves unableto do so due tounaffordability constraints or other reasons.. In order toprovide more affordable housing optionsfor everyone,, governments at all levels need touse innovative financing toolsand policies that encouragethe development oftremendous amounts oftresidential unitsrather than focusingonly ondevelopinghigh-rise apartmentsand other types oftremendous densityprojects..

Price Index: St. Louis, MO-IL

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