According to the most recent data on the cost of living, Novi has an overall cost of living index of 113 which is 1.1x higher than the national index of 100.
Compared to only Michigan, Novi has a cost of living index that's 1.2x higher than Michigan's index of 91.
The standard of living in Novi ranks as #4,365 most affordable out of the 6,418 places we measured in Michigan. By definition, that implies Novi ranks as the #2,053 most expensive place in the Wolverine State.
|Living Expense||Novi||Michigan||National Average|
Housing swings affordability the most between places in Michigan, so we broke down the statistics around housing costs into more detail. It's also important to consider median household incomes to make apples-to-apples comparisons across locations.
Home and income come data comes from the most recent US Census ACS 2014-2018.
|Median Home Value||$325,500||$162,600||$229,800|
|Home Value To Income||3.5x||2.7x||3.5x|
|Rent To Monthly Income||0.17x||0.18x||0.2x|
|City||Population||Cost Of Living||Vs. Novi|
|Ann Arbor, MI||121,093||113||1.0x|
|Farmington Hills, MI||80,937||107||0.9x|
|Royal Oak, MI||59,256||101||0.9x|
|South Lyon, MI||11,818||101||0.9x|