Cost of Living in Novi, MI
Population: 66,224 • 2026 Data
$110,938
Median Household Income
+43% vs national
$1,696
Median Monthly Rent
+26% vs national
$399,100
Median Home Value
+18% vs national
3.8%
Unemployment Rate
Housing in Novi
The median home value in Novi, MI is $399,100. Monthly rent for a typical unit averages $1,696, while total monthly housing costs (including utilities and insurance) average $1,636.
Rent-to-income ratio: 18.3%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Novi, MI is $110,938. The unemployment rate stands at 3.8%, with a labor force of 35,261 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.