Novi, MI Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

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 113, with 100 being the average.

  • The cost of living index in Novi is 1.1x higher than the national average.

  • Novi ranks as the #165 cheapest in Michigan out of 175.

  • Novi ranks as the #4,363 cheapest out of 6,412 in the US.

  • The median home value in Novi is $336,000.

  • The median income in Novi is $100,311.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
113
Novi's Overall Cost Of Living
1.1x
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 113, which is 1.1x higher than the national index of 100.

Compared to Michigan, Novi has a cost of living index that's 1.2x higher than Michigan's index of 92.

The standard of living in Novi ranks as #165 most affordable out of the 175 places we measured in Michigan. By definition, that implies Novi ranks as the #10 most expensive place in the Wolverine State.

For more reading on life in Novi, check out:

165 out of 175
In Michigan
4,363 out of 6,412
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 107.

  • The Groceries index in Novi is 102.

  • The Health index in Novi is 97.

  • The Housing index in Novi is 138.

  • The Transportation index in Novi is 106.

  • The Utilities index in Novi is 96.

Living Expense Novi Michigan National Average
Overall 113 92 100
Services 107 96 100
Groceries 102 96 100
Health 97 94 100
Housing 138 80 100
Transportation 106 97 100
Utilities 96 100 100
For more reading on cost of living around Michigan, check out:
Novi Cost of Living Vs. MI

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 2017-2021. The key points are:

  • The Median Home Value in Novi is $336,000.

  • The Median Rent in Novi is $1,428.

  • The Median Income in Novi is $100,311.

  • The Home Value To Income in Novi is 3.3x.

  • The Rent To Monthly Income in Novi is 0.17x.

Statistic Novi Michigan United States
Median Home Value $336,000 $172,100 $244,900
Median Rent $1,428 $946 $1,163
Median Income $100,311 $63,202 $69,021
Home Value To Income 3.3x 2.7x 3.5x
Rent To Monthly Income 0.17x 0.18x 0.2x
Search Homes For Sale In Novi, MI
$336,000
Median Home Value
$1,428
Median Rent
$100,311
Median Income

Novi, MI Costs By Category

Detailed Novi Services Costs Vs. Michigan

Item Novi Michigan
Shampoo $0.94 $1.06
Movie $11.26 $10.68
Bowling $19.8 $14.67
Haircut $18.95 $18.62
Beauty Salon $54.27 $39.05

Detailed Novi Groceries Costs Vs. Michigan

Item Novi Michigan
Ground Beef $4.55 $4.22
Fried Chicken $1.13 $1.39
Milk $1.44 $2.05
Potatoes $4.18 $3.29
Pizza $10.82 $10.62
Beer $8.42 $9.38
Toothpaste $2.43 $2.34

Detailed Novi Health Costs Vs. Michigan

Item Novi Michigan
Optometrist $81.52 $108.57
Doctor $104.59 $116.17
Dentist $99.57 $99.13

Detailed Novi Transportation Costs Vs. Michigan

Item Novi Michigan
Gasoline $2.25 $2.22
Tire Balancing $58.95 $50.07

Detailed Novi Utilities Costs Vs. Michigan

Item Novi Michigan
All Electricity $159.51 $167.67
Phone $178.81 $175.64

Novi SnackAbility

9.5
/10
Overall SnackAbility
Jobs
8.5/10
Housing
9
Affordability
7
Diversity
9
Safety
8.5
Amenities
9
Education
9.5
Commute
6

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 113, 1.0x Novi.

  • Livonia, MI has a cost of living index of 102, 0.9x Novi.

  • Troy, MI has a cost of living index of 113, 1.0x Novi.

City Population Cost Of Living Vs. Novi
Ann Arbor, MI 122,731 113 1.0x
Livonia, MI 95,294 102 0.9x
Troy, MI 86,912 113 1.0x
Farmington Hills, MI 83,749 107 0.9x
Royal Oak, MI 58,368 101 0.9x
Birmingham, MI 21,728 134 1.2x
Wixom, MI 16,853 101 0.9x
Berkley, MI 15,234 102 0.9x
South Lyon, MI 11,786 101 0.9x
Clawson, MI 11,482 99 0.9x

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