Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $112,014 | $71,353 | $78,145 |
| Median Personal Income | $96,993 | $60,704 | $61,726 |
| Average income growth | 3.7% | 4.9% | 5.1% |
| Six-Figure Earners | 25.5% | 10.8% | 13.2% |
The median household income in Novi is about 57% higher than in Michigan. Income has been growing slower in Novi (3.7%/yr) than in Michigan (4.9%/yr).
About 26% of adults in Novi earn six figures ($100,000 or more) a year, higher than the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Novi, Michigan grew by 44.6% from 2009 to 2023, reaching $112,014 in 2023. That's an average of about 3.7% per year.
Economic Inequality in Novi | Gender Pay Gap | Gini Coefficient
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.554 | 0.556 | 0.570 |
| Male Median Income | $115,533 | $67,497 | $67,746 |
| Female Median Income | $76,779 | $52,846 | $54,793 |
| Gender Pay Gap | 33.5% | 21.7% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Novi, it is 0.554, about the same as Michigan's 0.556, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 50% more than women's income in Novi, Michigan. Over a 35-year career, a 50% wage gap accumulates to roughly $1,356,390 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Novi, Michigan has narrowed from about 40% to 34% in 2023. In dollar terms, the gap has widened by $5,182 since 2009.
Employment
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.8% | 5.8% | 5.2% |
| Working from Home | 18.7% | 12.0% | 13.4% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 1,353 people are unemployed in Novi, Michigan.
The average commute time in Novi is 23 minutes, longer than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Novi, Michigan has fallen from 7.0% to 3.8% in 2023.
Conclusion
Considering all these factors, Novi, Michigan has an overall wealth index grade of A, making it notably better than Michigan, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Novi, Michigan.
How Rich Is Novi, Michigan?
Novi has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $112,014, about 57% higher than the Michigan average of $71,353.
What is the current median household income in Novi, Michigan?
As of 2023, the median household income in Novi, Michigan is $112,014.
What was the median household income in Novi in 2023?
In 2023, the median household income in Novi, Michigan was $112,014.
What was the median household income in Novi in 2020?
In 2020, the median household income in Novi, Michigan was $95,196.
What is the Gini coefficient in Novi, Michigan?
The Gini coefficient in Novi is 0.554. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Novi, Michigan?
Since 2009, the income gap between men and women in Novi, Michigan has narrowed from about 40% to 34% in 2023. In dollar terms, the gap has widened by $5,182 since 2009.