Novi, MI is a family-friendly city located in Oakland County known for its excellent school district, numerous recreational activities, and diverse dining options. The two bedroom rent cost is $1,630 per month; slightly higher than the national average of $1,430. Despite this increase in rent prices, Novi remains an affordable place to live due to its lower grocery cost index compared to the national average. Residents can enjoy low cost groceries at stores such as Kroger and Meijer while having access to top name brands like Apple and Microsoft in the Twelve Oaks Mall. There are plenty of other local amenities available including several wineries and breweries, multiple golf courses, bike trails along with outdoor activities such as fishing and skiing. All these features combined make Novi a great place to live.
Novi has an unemployment rate of 2.4%. The US average is 6.0%.
Novi has seen the job market increase by 0.3% over the last year. Future job growth over the next ten years is predicted to be 41.1%, which is higher than the US average of 33.5%.
Tax Rates for Novi
- The Sales Tax Rate for Novi is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Novi is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Novi
- The average income of a Novi resident is $44,800 a year. The US average is $28,555 a year.
- The Median household income of a Novi resident is $100,311 a year. The US average is $69,021 a year.