Novi, Michigan Income Statistics
Novi Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
A
Novi Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $111,220 | $72,977 | $80,455 |
| Median Personal Income | $92,904 | $59,920 | $60,758 |
| Average Yearly Income Growth | 3.1% | 4.6% | 4.8% |
| Six-Figure Earners | 26.6% | 11.4% | 13.9% |
| $200k+ Households | 23.7% | 9.5% | 13.2% |
The median household income in Novi is about 52% higher than in Michigan. Income has been growing slower in Novi (3.1%/yr) than in Michigan (4.6%/yr).
About 27% of adults in Novi earn six figures ($100,000 or more) a year, higher than the Michigan average of 11%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Novi, Michigan grew by 43.5% from 2009 to 2024, reaching $111,220 in 2024. That's an average of about 3.1% per year.
Income Inequality and the Gender Pay Gap in Novi
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.529 | 0.539 | 0.552 |
| Male Median Income | $113,345 | $69,354 | $69,667 |
| Female Median Income | $80,779 | $54,749 | $56,850 |
| Gender Pay Gap | 28.7% | 21.1% | 18.4% |
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 0.529, lower than Michigan's 0.539, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 40% more than women's income in Novi, Michigan. Over a 35-year career, a 40% wage gap accumulates to roughly $1,139,810 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 29% in 2024. In dollar terms, the gap has narrowed by $1,006 since 2009.
Employment
| Metric | Novi | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 5.7% | 5.2% |
| Working from Home | 22.9% | 13.5% | 15.0% |
| Commute time (minutes) | 23 | 21 | 22 |
Approximately 1,500 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 4.3% in 2024. Over that period the rate fell as low as 2.8% in 2019.
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 $111,220, about 52% higher than the Michigan average of $72,977.
Are incomes growing in Novi, Michigan?
Between 2009 and 2024, the median household income in Novi, Michigan rose 44%, from $77,483 to $111,220. Over the same years, income here lagged behind Michigan as a whole: +44% against +50%.
What was the median household income in Novi in 2023?
In 2023, the median household income in Novi, Michigan was $112,069, up 1% from $110,888 in 2022. The Michigan median that year was $71,362.
What was the median household income in Novi in 2020?
In 2020, the median household income in Novi, Michigan was $95,235. By 2024 it had risen 17% to $111,220.
Do many residents of Novi, Michigan earn over $100,000?
Yes. 27% of adults in Novi, Michigan earn $100,000 or more a year (about 1 in 4), against 11% (about 1 in 9) in Michigan. 24% of households have a combined income of $200,000 or more, compared with 10% in Michigan.
How strong is the job market in Novi, Michigan?
Unemployment in Novi, Michigan is only 4.3%, well below the Michigan rate of 5.7%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Novi, Michigan?
The Gini coefficient in Novi is 0.529. 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 0.552, 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 29% in 2024. In dollar terms, the gap has narrowed by $1,006 since 2009.
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