Novi Township, Michigan median household income trends: 2010 to 2021
From 2010 to 2021, the median household income for Novi township increased by $22,816 (17.12%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.
Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 7 years and declined for 4 years.
The most significant year-by-year growth occured from 2019 to 2020, when the median household income increased by 70,078 (from $137,428 to $207,506). Similarly the most substantial year-by-year decline occured from 2018 to 2019, when the median household income decreased by 67,888 (from $205,316 to $137,428).
In Michigan, among cities with populations of fewer than 5,000 residents, Novi township ranks 9th out of 1133 for median household income. This rank highlight its position as one of the top-earning small cities within the state of Michigan.
Median household income in Novi Township, Michigan by household size
To gain deeper insights into the median household income for Novi township, we conducted an analysis of the most recent available data from the U.S. Census Bureau American Community Survey 5 year Estimates (the most recent data available).
Of the 7 household sizes (1 person to 7-or-more person households) reported by the census bureau, Novi township did not include 1, 5, 6, or 7-person households. Across the different household sizes in Novi township the mean income is $203,197, and the standard deviation is $69,230. The coefficient of variation (CV) is 34.07%. This high CV indicates high relative variability, suggesting that the incomes vary significantly across different sizes of households. Please note that the U.S. Census Bureau uses $250,001 as a JAM value to report incomes of $250,000 or more. In the case of Novi township, there were 1 household sizes where the JAM values were used. Thus, the numbers for the mean and standard deviation may not be entirely accurate and have a higher possibility of errors. However, to obtain an approximate estimate, we have used a value of $250,001 as the income for calculations, as reported in the datasets by the U.S. Census Bureau.
In the most recent year, 2021, The smallest household size for which the bureau reported a median household income was 2-person households, with an income of $131,961. It then further increased to $207,400 for 4-person households, the largest household size for which the bureau reported a median household income.
Novi township median household income by household size
The table below displays median household incomes for various household sizes, as reported by the U.S. Census Bureau. Explore how household income varies with the size of the family unit.
| Household Size | Median Household Income |
|---|---|
| 1-person households | 0 |
| 2-person households | 131,961 |
| 3-person households | 270,229 |
| 4-person households | 207,400 |
| 5-person households | 0 |
| 6-person households | 0 |
| 7-or-more-person households | 0 |
According to the Census Bureau data, the median household income reaches its peak among 3-person households, reaching $270,229 Please note that this income is a JAM value, as reported by the U.S. Census Bureau, and may not be entirely accurate. For your analysis, you can consider that the highest income in Novi township falls within the range of $250,000 or more, rather than being a specific, precise number.