Novi, MI Real Estate
According to census data in the year 2000 there were 19,657 housing units in Novi.
This represents a 45% growth from 13,557 in 1990.
Of those housing units, 19,012 were located in either urbanized areas or urban clusters, and 645 were located in what is classified as a rural area.
Homeownership rate in Novi is about 70.9%.
Novi's vacancy rate, including seasonal lodging, is about 4.7%.
Average household size is 2.52 people.
The majority of houses, apartments or condos in Novi were built after 1984.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 1.30% |
| One Bedroom | 11.30% |
| Two Bedrooms | 30.10% |
| Three Bedrooms | 28.60% |
| Four Bedrooms | 26.80% |
| Five Bedrooms or more | 1.90% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.85 |
| Median year structure was built | 1983 |
| Median Value of occupied units | $236,300 |
| Median Price asked for vacant units | $296,400 |
Rented Homes, Apartments and Condos
| Average Household Size | 1.72 |
| Median year structure was built | 1986 |
| Median Monthly Rent asked for vacant units | $874 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.20% |
| Second Mortgage | 4.70% |
| Home Equity Loan | 14.30% |
| Simple Mortgage | 68.30% |
| Debt Free | 12.50% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 18.3% |
