Novi Township, MI is a beautiful midwestern city located in Oakland County. It is known for its diverse selection of businesses, including its local restaurants, retail stores and automotive parts suppliers. The cost of living in Novi Township is slightly higher than the US average due to higher rental prices and the Grocery Cost Index being two points higher. The average 2-bedroom rental rate in Novi township is $1,630 while it is only $1,430 on average throughout the US. This makes Novi an ideal place for those who are looking to rent as apartments tend to stay occupied for longer periods of time than other cities. Additionally, many popular companies like Chrysler and Ford have offices located within Novi Township which provides a great opportunity for employment near home. With its diverse business selection and relatively high rent rates, Novi Township can be an attractive option for people looking for a home or job in Michigan.
Novi township has an unemployment rate of 3.5%. The US average is 6.0%.
Novi township 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 38.0%, which is higher than the US average of 33.5%.
Tax Rates for Novi township
- The Sales Tax Rate for Novi township is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Novi township 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 township
- The average income of a Novi township resident is $50,683 a year. The US average is $28,555 a year.
- The Median household income of a Novi township resident is $144,375 a year. The US average is $69,021 a year.