Novi, MI

Above Avg · 121

Michigan · Population 66,224 · Updated March 2026

$1,696
Median Rent / Month
$110,938
Median Income
$399,100
Median Home Value
$1,636
Owner Costs / Month

Affordability

How far your income goes in Novi

18.3%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Michigan

State-level tax rates that affect your costs

4.25%
Income Tax (Top Rate)
6.0%
Sales Tax
1.38%
Property Tax Rate

Estimated Annual Costs

$20,352
Annual Rent
$4,715
State Income Tax
$5,508
Property Tax (est.)

Cost of Living Overview

Novi has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 121 (where 100 equals the national median), Novi residents can expect to pay median rent of $1,696/month while earning a median household income of $110,938/year.

The median home value in Novi, MI is $399,100, with typical monthly owner costs around $1,636 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.3% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Michigan has a moderate income tax rate of 4.25%. Combined with a 6.0% sales tax rate and 1.38% effective property tax rate, the overall tax environment is a factor in the total cost of living in Novi.

Frequently Asked Questions

Common questions about living costs in Novi

What is the cost of living in Novi, MI?
The cost of living index in Novi, MI is 121 (US average = 100). Median monthly rent is $1,696, median household income is $110,938/year, and the median home value is $399,100.
Is Novi, MI affordable?
No, Novi is more expensive than the national average with a cost index of 121. The rent-to-income ratio is 18.3%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Novi, MI?
The median gross rent in Novi, MI is $1,696 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $20,352.
What is the median household income in Novi?
The median household income in Novi, MI is $110,938 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Michigan?
Michigan has a top income tax rate of 4.25%, a sales tax of 6.0%, and an effective property tax rate of 1.38%.