Cost of Living in Novi, MI
Housing
The housing market plays a significant role in determining the cost of living in Novi, MI.
- Housing Index: 120.0 / 100
- Median Home Price is: $325,000
- Average Rent (2 BR Apartment): $1800 per month
- Average Rent (2 BR House): $2000 per month
When considering a move to Novi, MI, the housing market presents a significant cost challenge. With a housing index of 120.0, it's higher than the national average, suggesting an increased demand. The median home price sits at 325000, which implies a competitive real estate market for buyers. Renters can expect to pay around 1800 for a 2-bedroom apartment or 2000 for a 2-bedroom house, which may impact budget planning. Overall, evaluate your financial readiness and consider factors like job market opportunities and local amenities in your decision-making process.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Novi, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Novi, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Novi is a financially viable option for your relocation.