Novi cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexNoviMichiganNational
Cost of living index10689100
IndexNoviMichiganNational
Goods & Services index9695100
Groceries index9092100
Health care index9996100
Housing index12873100
Transportation index9897100
Utilities index105100100
A general summary of the cost of living index in Novi, MI is shown above. Compared to the state average of Michigan the cost of living index in Novi, MI is 106, which is 19% higher than the average in Michigan and compared to the national average it is 6% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Novi, MI goods and services come in at 1% higher than the average in Michigan and are 4% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Novi is 19% higher than the Michigan average.
  • The cost of living in Novi is 6% higher than the national average.
  • The cost of housing in Novi is 28% higher than the national average.
  • Michigan general sales tax is 18% higher than the national average.
  • Michigan state income tax is 91% higher than the national average.

Find Real Estate Listings In Novi

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Novi

Compare Novi, MI Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in Novi, MI to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Novi, MI, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Novi, MI salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$105,657$8,805$2,465$3,170
Renters$55,074$4,590$1,285$1,652
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Novi, MI as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Novi, MI homeowners, is $105,657. This would allow for a maximum of $2,465 per month to be spent on housing costs. For renters, the median monthly income is $55,074 which would result in a maximum of $1,285 to be spent on rental costs.

Michigan Sales Tax

StateGeneral Sales TaxWith Max Surtax
Michigan6%6%

Michigan Income Tax

StateIncome Tax (Low)Income Tax (High)
Michigan4.25%4.25%
When you are determining the total cost of living in Novi, MI you will want to make sure you consider both the Michigan sales tax and the Michigan income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Michigan is 6%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Michigan have a range from 4.25% to 4.25%.

Goods & Services

ItemNoviNational avg.Difference
Haircut $16.10$14.5910.3%
Beauty Salon $48.30$34.6839.3%
Toothpaste $1.94$2.4721.6%
Shampoo $0.89$1.0212.9%
Movie $9.93$9.870.6%
Bowling $3.41$4.3922.4%

Groceries

ItemNoviNational avg.Difference
Ground Beef $4.26$4.484.8%
Fried Chicken $1.19$1.4618.7%
Milk $1.97$2.3616.4%
Potatoes $2.74$3.0610.5%
Pizza $9.00$9.242.6%
Beer $8.39$8.632.8%

Health Care

ItemNoviNational avg.Difference
Optometrist $81.50$99.7818.3%
Doctor $106.00$105.030.9%
Dentist $89.30$88.700.7%
Ibuprofen $8.22$9.4112.7%
Lipitor $309.77$298.503.8%

Housing

ItemNoviNational avg.Difference
Home Price $235,600.00$175,700.0034.1%
Avg. Mortgage Payment $927.72$1,081.0314.2%
Apartment Rent $1,053.00$920.0014.5%

Transportation

ItemNoviNational avg.Difference
Gasoline $1.95$2.096.9%
Tire Balancing $50.92$45.2912.4%

Utilities

ItemNoviNational avg.Difference
All Electricity$178.99$170.804.8%
Phone $29.99$28.266.1%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Inkster, MI25,05681-19%
Pontiac, MI59,65881-19%
Wayne, MI17,31482-18%
Westland, MI83,18886-14%
Dearborn Heights, MI57,06387-13%
Novi, MI56,8871066%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Ocala, FL56,91891-9%
Kokomo, IN56,95883-17%
Oak Lawn, IL56,9691077%
Medford, MA56,98114949%
Auburn, AL56,9861044%
Novi, MI56,8871066%
Source: The Novi, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.