Our City in Numbers

Latest data from the Census Bureau can help tell the story of our community

Late last month, the U. S. Census Bureau released data for small cities collected through their annual American Community Survey (ACS). While the ACS is not decennial census, it does provide insights on the nation’s communities. ACS data is collected annually from voluntary surveys sent to households all across the country, using these surveys the Census Bureau creates estimates of certain data points for all communities.

And with all estimates, they can be wrong and most smart demogrpaphers and statisticians don’t look at one year of ACS data in a vacuum. Rather, ACS data is best viewed in collection with data from other years to look at trends in certain communities. These demographic and economic shifts and changes can help tell the story of different communities around the country.

Troy is no different and the ACS data shows that the community has experienced some significant demographic and economic changes over the past decade. This publication examined the last ten years of ACS data and found some key trends, providing insights into the city's growth, challenges, and opportunities.

Population Growth and Age Distribution

Troy's population has grown steadily, increasing from 25,134 in 2013 to 26,716 in 2023, representing a 6.3% growth over the decade. This consistent growth suggests Troy remains an attractive place to live and work.The median age of Troy residents has fluctuated, peaking at 40.4 years in 2016 before declining to 37.6 years in 2023. This trend indicates a gradual shift towards a younger population, potentially due to an influx of younger families or working professionals.

The percentage of residents under 18 has increased from 23.5% in 2013 to 25.6% in 2023, while the percentage over 65 has also risen from 14.3% to 16.2%. This dual increase suggests growing populations at both ends of the age spectrum, which may impact demand for youth and senior services.

Economic Indicators

Troy's economic landscape has shown notable improvements. The median income has risen significantly, from $24,319 in 2013 to $40,748 in 2023, representing a 67.6% increase. This growth outpaces inflation and suggests improving economic conditions for many residents. Median household income has also seen substantial growth, rising from $48,570 in 2013 to $70,450 in 2023, a 45% increase. This rise indicates growing prosperity among Troy's families.

And while those two data sets show improvements, it is important to note that income distribution in Troy has become more polarized. The percentage of households earning less than $20,000 has decreased from 19% to 15.5%, while households earning more than $100,000 have increased dramatically from 13.2% to 33.2%. This shift suggests a growing middle and upper-middle class, but also highlights potential income inequality issues.

Using the ACS data, the gini coefficient data was calculated for the community. The Gini coefficient, is a recognized measure of income inequality and this figure has increased from 33.48 in 2013 to 42.18 in 2023, confirming the growing income disparity within the city, though this measure would not be considered “high” by most standards. Ohio’s Gini coefficient is reported to be 45.60 and the country’s figure stands at 47.00. In other words, income inequality is not as pronounced here as it is throughout the state or the entire country.

Housing and Poverty

The homeownership rate in Troy has increased from 60% in 2013 to 65.3% in 2023, indicating a trend towards more stable, long-term residency. However, median monthly housing costs have also risen, from $791 to $1,002, potentially putting pressure on lower-income residents.

The poverty rate has fluctuated over the decade, peaking at 16.2% in 2013 and reaching its lowest point of 8.8% in 2021. The rate has since increased slightly to 11.3% in 2023, suggesting ongoing challenges in ensuring economic stability for all residents.

Fertility and Family Formation

The fertility rate in Troy has shown considerable variation, ranging from a low of 3.5% in 2013 to a high of 9.7% in 2020. The 2023 rate of 7.7% suggests a relatively stable level of family formation, which could contribute to future population growth and demand for family-oriented services.

Our story in numbers is that Troy has experienced positive growth in population and overall economic indicators over the past decade. However, the city faces challenges related to income inequality, rising housing costs, and the need to balance services for a growing population of both young families and seniors. These trends will likely shape Troy's policy priorities and community development efforts in the coming years.

In tomorrow’s newsletter, we will spend time discussion some potential recommendations that our community could undertake to address some of these issues. In the meantime, if there are specific data sets you want to know about in the ACS, please let us know — we will take some time to look it up.

What Do You Think?

What do you think about these numbers? Our paid subscribers are more than welcome to leave their favorite story in the comment section.

As always, if there is something in our community that you want to bring attention to and want to write a full opinion piece, without the limits of word counts or paywalls, this publication has a policy of publishing all submissions. Just send your ideas and insights to pinnaclestrategiesltd@gmail.com.

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