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Novi city, MI

ZIP 48374 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Wealthy AreaLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 48374

Median Home Value
$551,500
Median Rent
$2,537
Affordability Snapshot
$152,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$3,543/mo PITI).

16%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.0x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

18.1 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 48374 in Novi city, MI, a household would need roughly $152,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $3,543. That sits below the local median household income ($185,203), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
90.7%+39% vs US avg
x
Vacancy Rate
4.8%-53% vs US avg
x
Broadband Access
97.5%+12% vs US avg
x
4+ Bedrooms
13.5%-9% vs US avg
x
Built Pre-1939
0.3%-97% vs US avg
x
Built Post-2014
1.9%-72% vs US avg
x
Rent Burden >30%
25.3%-49% vs US avg
x
Mortgage-Free
32.1%-16% vs US avg
x
$551,500
Home Value
$2,537
Rent
1998
Year Built
2013
Moved In

Residents have lived here since ~2013 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached76.4%
  • 1-unit attached8.2%
  • 2-9 units1.4%
  • 10+ units2.3%
  • Mobile home & other11.7%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$551,500
Median rent$2,537
Owner-occupied90.7%
Vacant4.8%
Price-to-income3.0x
Est. income to buy$152,000