This city on the eastern bank of the Hudson River offers several financial incentives for home buyers, including up to $9,500 in grants and $20,000 of funding for down payment and/or closing cost assistance.
Just minutes away from Albany, the state capital of New York, Troy is known as the birthplace of the Industrial Revolution. Victorian architecture is found throughout the city, and several churches feature stained glass windows by Louis Comfort Tiffany. Today, innovation continues through the region’s tech boom. The city is located on the eastern bank of the Hudson River, and along with nearby Albany and Schenectady comprises the Capital District.
Living in Troy, the seat of Rensselaer County, means getting to enjoy all the perks of urban living, but with a small town feel. It has the youngest median age in the region – 31.6 years – and in 2017 was voted by Times Union readers as the “Best neighborhood to live in without a car.” New York City, Boston and Montreal are within a three hour drive.
You’ll find an abundance of cultural and arts attractions, including the Arts Center, Children’s Museum of Science and Technology, Troy Savings Bank Music Hall, and the RPI Fieldhouse. There’s also the Ingalls Avenue Boat Launch, Troy Waterfront Farmers’ Market, and the Frear Park Municipal Golf Course.
The city also hosts special events throughout the year. Rockin on the River is a free, Wednesday-night concert series. Troy Night Out, held the last Friday of each month, introduces participants to local arts and cultural attractions. The Make It Up State Market offers a rotating line up of goods, food and art vendors, along with live music. The nation’s best BBQ teams descend on Troy each year to battle it out during the two-day Troy Pig Out. The annual Troy Turkey Trot has become one of the region’s largest races. And the Victorian Stroll transforms the streets of downtown into a family friendly event filled with song and dance.
Outdoor enthusiasts will find an abundance of opportunities, with the Adirondack Mountains, Catskills, Massachusetts’ Berkshires, and Vermont’s Green Mountains all within an hour of Troy. All of these offer skiing, snowboarding, mountain-biking, and hiking trails.
The Troy School District serves 4,300 students in eight buildings. Higher education opportunities include Rensselaer Polytechnic Institute, Hudson Valley Community College, and Russell Sage College.
The city population is 51,655. The median household income is $48,834, and the median property value is $149,900. For first time home buyers, the city has several programs that can help with funding.
Through its Homebuyer Incentive Program (HIP), the city of Troy makes federal funds available to income-eligible first-time homebuyers. The program offers downpayment and/or closing cost assistance in the amounts of $15,000 and $20,000. A separate program called the Homebuyer DREAM Program (HDP) offers grant amounts of up to $9,500. Learn more about the city’s various home buying incentives here.