Novi, MI Cost Of Living
Cost Of Living In Novi, MI Summary
Cost of living in Novi research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Novi is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Novi is 118, with 100 being the average.
The cost of living index in Novi is 1.2x higher than the national average.
Novi ranks as the #167 cheapest in Michigan out of 180.
Novi ranks as the #4,280 cheapest out of 6,489 in the US.
The median home value in Novi is $458,692.
The median income in Novi is $110,938.
Table Of Contents
Novi's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Novi, MI?
According to the most recent data on the cost of living, Novi has an overall cost of living index of 118, which is 1.2x higher than the national index of 100.
Compared to Michigan, Novi has a cost of living index that's 1.3x higher than Michigan's index of 90.
The standard of living in Novi ranks as #167 most affordable out of the 180 places we measured in Michigan. By definition, that implies Novi ranks as the #13 most expensive place in the Wolverine State.
For more reading on life in Novi, check out:
In Michigan
In America
Novi Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Novi. Here is how it fairs on each of the criteria:
The Services index in Novi is 102.
The Groceries index in Novi is 102.
The Health index in Novi is 101.
The Housing index in Novi is 167.
The Transportation index in Novi is 98.
The Utilities index in Novi is 92.
| Living Expense | Novi | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 118 | 90 | 100 | |
| Services | 102 | 93 | 100 | |
| Groceries | 102 | 97 | 100 | |
| Health | 101 | 91 | 100 | |
| Housing | 167 | 72 | 100 | |
| Transportation | 98 | 96 | 100 | |
| Utilities | 92 | 99 | 100 | |
Novi, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Novi is $458,692.
The Median Rent in Novi is $1,696.
The Median Income in Novi is $110,938.
The Home Value To Income in Novi is 4.1x.
The Rent To Monthly Income in Novi is 0.18x.
Median Home Value
Median Rent
Median Income
Novi, MI Costs By Category
Detailed Novi Services Costs Vs. Michigan
Detailed Novi Groceries Costs Vs. Michigan
Detailed Novi Health Costs Vs. Michigan
Detailed Novi Transportation Costs Vs. Michigan
Detailed Novi Utilities Costs Vs. Michigan
Novi SnackAbility
/10
Cost Of Living In Cities Around Novi
The cost of living varies in the cities and towns around Novi. Here's a quick look at the cost of living in the most populous nearby places:
Ann Arbor, MI has a cost of living index of 124, 1.1x Novi.
Livonia, MI has a cost of living index of 104, 0.9x Novi.
Troy, MI has a cost of living index of 120, 1.0x Novi.
| City | Population | Cost Of Living | Vs. Novi |
|---|---|---|---|
| Ann Arbor, MI | 121,179 | 124 | 1.1x |
| Livonia, MI | 94,058 | 104 | 0.9x |
| Troy, MI | 87,307 | 120 | 1.0x |
| Farmington Hills, MI | 83,316 | 114 | 1.0x |
| Royal Oak, MI | 57,880 | 107 | 0.9x |
| Birmingham, MI | 21,612 | 149 | 1.3x |
| Wixom, MI | 17,126 | 109 | 0.9x |
| Berkley, MI | 15,084 | 108 | 0.9x |
| South Lyon, MI | 11,825 | 106 | 0.9x |
| Farmington, MI | 11,472 | 108 | 0.9x |
