The typical owner-occupied home in Novi is worth about $421,900, 82% above the Michigan median of $231,600 and 27% above the national median of $332,700. Owners pay a median $5,770 a year in property taxes, about 1.37% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $110,723 a year, so the median home costs 3.8 times the median income (3.2 times for Michigan). 66% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Novi at a glance
| Novi | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $421,900 | $231,600 | $332,700 |
| Median property tax paid per year | $5,770 | $2,904 | $3,119 |
| Property tax as a share of value | 1.37% | 1.25% | 0.94% |
| Median household income | $110,723 | $72,875 | $80,734 |
| Homes lived in by their owners | 66% | 73% | 65% |
| Owner homes with a mortgage | 59% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $2,495 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 19.3% | 19.3% | 21.0% |
| Median rent | $1,747 | $1,129 | $1,413 |
| Rent as a share of renters' income | 26.3% | 30.2% | 30.6% |
| Median year homes were built | 1993 | 1972 | 1980 |
| Vacant homes | 5.5% | 11.8% | 10.1% |
| Population | 66,717 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Novi
At this week's average 30-year rate of 7.11%, buying the median Novi home of $421,900 with 20% down costs about $2,928 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,631, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $125,485 for the 20%-down payment. That payment is 32% of the median Novi household income of $110,723; at that income and 20% down, the 28% guideline points to a home of about $372,000.
The median rent here is $1,747 a month, so owning the median home costs about $1,181 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $84,380 |
|---|---|
| Loan amount | $337,520 |
| Principal and interest | $2,271 |
| Property taxes (1.37% a year) | $482 |
| Homeowners insurance (our estimate, 0.5% a year) | $176 |
| PMI | $0 |
| Total per month | $2,928 |
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| Down payment | $14,766 |
|---|---|
| Loan amount | $414,258 |
| Principal and interest | $2,787 |
| Property taxes (1.37% a year) | $482 |
| Homeowners insurance (our estimate, 0.5% a year) | $176 |
| FHA mortgage insurance | $187 |
| Total per month | $3,631 |
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Questions about home buying in Novi
What is the median home value in Novi?
About $421,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Novi?
Homeowners pay a median $5,770 a year, which is about 1.37% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Novi?
For the median home with 20% down at 7.11%, the payment is about $2,928 a month. Keeping that under 28% of gross income takes about $125,485 a year.
More about Novi
- Mortgage Refinance in Novi
- Debt Relief in Novi
- Home Equity Loans in Novi
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data