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Rental Insights for ZIP Code 48374 (Novi, MI)

Housing Rentals in ZIP Code 48374 (Novi, MI)

48374 ZIP Code in Michigan

Learn About Housing Rentals in the ZIP Code 48374

ZIP Code 48374 is primarily located in Novi, MI in Oakland County. This region of Michigan has an estimated median housing rent of $1,945 per month. Approximately 11.5% of housing units in the region are renter-occupied, and this this Oakland County ZIP Code has an estimated rental vacancy rate of zero.

The median rent in ZIP Code 48374 of $1,945 per month is 123% higher than the aggregate Michigan median monthly rent of $871, and is 83% higher than the $1,062 the median monthly rent in the U.S. overall. An estimated 41.3% of residents in ZIP Code 48374 have a monthly rent payment between $1,500 and $1,999. That is 588% higher than in Michigan overall, in which 6.0% of total state residents pay between $1,500 and $1,999 per month for housing. Only 1.0% of ZIP Code 48374 renters pay between $500 and $999 for monthly rent.

ZIP Code 48374 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 48374

See the chart below for a comparison of monthly rental costs in ZIP Code 48374, Michigan, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 48374 along with those in the state of Michigan and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 48374

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 48374 Michigan U.S.
Less than $500 0.0% 11.9% 9.4%
$500 to $999 1.0% 52.7% 36.2%
$1,000 to $1,499 12.3% 26.6% 30.0%
$1,500 to $1,999 41.3% 6.0% 14.0%
$2,000 to $2,499 21.7% 1.7% 5.6%
$2,500 to $2,999 21.9% 0.5% 2.4%
$3,000 or more 1.8% 0.7% 2.4%

Rent Cost vs. Income in ZIP Code 48374

Renters in ZIP Code 48374 use an estimated 24.82% of their income to cover their monthly rent payments. That is about 16% lower than in Michigan overall. The estimate for Michigan overall is 29.56% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 48374 renters use about 17% less of their income to cover rent expense. Household income figures for ZIP Code 48374 come in higher than in Michigan as a whole. The median annual household income in ZIP Code 48374 of $138,979 sits approximately 143% higher than the overall Michigan median income of $57,144 and approximately 121% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 48374

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 48374, Michigan, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 48374 along with the same calculations in the state of Michigan and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 48374

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 48374 Michigan U.S.
Less than 15.0 percent 11.3% 13.9% 13.1%
15.0 to 19.9 percent 26.9% 13.1% 12.9%
20.0 to 24.9 percent 25.5% 12.7% 12.9%
25.0 to 29.9 percent 7.0% 11.5% 11.6%
30.0 to 34.9 percent 11.8% 8.8% 9.1%
35.0 percent or more 17.6% 40.0% 40.5%

Household Income in ZIP Code 48374

See the table below for the regional comparison of annual household income in ZIP Code 48374.

Income ZIP 48374 Michigan U.S.
Less than $10,000 4.0% 6.6% 6.0%
$10,000 to $14,999 0.7% 4.4% 4.3%
$15,000 to $24,999 1.0% 9.6% 8.9%
$25,000 to $34,999 3.3% 9.8% 8.9%
$35,000 to $49,999 5.5% 13.5% 12.3%
$50,000 to $74,999 5.3% 18.3% 17.2%
$75,000 to $99,999 10.8% 12.7% 12.7%
$100,000 to $149,999 23.9% 14.2% 15.1%
$150,000 to $199,999 18.2% 5.6% 6.8%
$200,000 or more 27.3% 5.2% 7.7%

Household Income in ZIP Code 48374

See the chart below for a comparison of annual household income figures in ZIP Code 48374, Michigan, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 48374 alongside the same figures for the state of Michigan and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 48374

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 48374.

ZIP 48374 Michigan U.S.
Median Housing Rent $1,945 $871 $1,062
Renter-Occupied Housing Units 11.5% 28.8% 36.0%
Rental Vacancy Rate 0.0% 5.1% 6.0%
Average Size of Renter-Occupied Unit 2.91 2.26 2.49
Average # of Bedrooms Per Unit 3.76 2.79 2.75
Percent of Income Spent on Rent 24.82% 29.56% 29.83%
Per Capita Income $54,580 $31,713 $34,103
Median Household Income $171,483 $78,400 $88,607
Living Below the Poverty Line 3.6% 9.9% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 48374

In ZIP Code 48374 (Novi, MI), and estimated 11.5% of housing units are occupied by renters. This region has an approximate rental vacany rate of 0.0%.

The per capita income in 48374 is estimated at $54,580, which goes along with an estimated median household income of $171,483. About 3.6% of residents in this Oakland County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.91 occupants, while the units have an aggregate average size of 3.76 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 24.82% of their income on housing rental costs.

Rental FAQs for ZIP Code 48374

1

What is the median monthly rent in ZIP Code 48374?

Median rent for housing in ZIP Code 48374 in Oakland County in Michigan is approximately $1,945 per month.
2

Is it expensive to rent in ZIP Code 48374?

Rent in ZIP Code 48374 is higher than average in the state of Michigan overall. The median monthly rent of $1,945 in ZIP Code 48374 is approximately 123% higher than the Michigan median of $871. Additionally, median rent in this Novi, MI region ($1,945) is about 83% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 48374?

High-priced rentals are more common in ZIP Code 48374 than in Michigan overall. The percentage of rentals in ZIP Code 48374 that cost $3,000 or more per month (1.8%) is about 157% higher than the Michigan rate of 0.7% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 25% higher than the aforementioned 48374 rate of 1.8%.
4

Are affordable rentals common in ZIP Code 48374?

Affordable rentals are less common in ZIP Code 48374 than in Michigan overall. The percentage of housing rentals in ZIP Code 48374 costing $999 or less per month (1%) is approximately 98% lower than the Michigan rate of 64.6% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 98% higher than the previously mentioned 48374 rate of 1%.
5

What is the most common cost range that rentals fall into in ZIP Code 48374?

The most common range for rental cost in ZIP Code 48374 is between $1,500 and $1,999 per month. About 41.3% of renters in 48374 pay in this range for monthly rent. In comparison, approximately 6.0% of renters in the state of Michigan fall in the between $1,500 and $1,999 range, and 14.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 48374 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 48374 is lower than the rental vacancy rate in the state of Michigan overall. Rental vacancy of 0.0% in ZIP Code 48374 is about 100% lower than the Michigan rate of 5.1%. Looking more broadly, rental vacancy in this Novi, MI region (0.0%) is an estimated 100% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 48374? How does it compare to other Michigan regions?

Median household income in ZIP Code 48374 is higher than in the state of Michigan overall. Annual household income of $138,979 in ZIP Code 48374 is about 143% higher than the Michigan median of $57,144. Additionally, median household income in this Novi, MI region ($138,979) is approximately 121% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 48374 spend on housing costs?

Renters in ZIP Code 48374 spend a lower amount of their income on rent costs than do renters in Michigan overall. Renters in ZIP Code 48374 spend an estimated 24.82% of their income on rent payments, which is about 16% lower than the overall Michigan estimated rate of 29.56%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 17% higher than the ZIP Code 48374 estimated rate of 24.82%.
9

Do renters in ZIP Code 48374 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 48374 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 48374 spending 30 percent or more of their income on rent costs (29.4%) is approximately 40% lower than the Michigan rate of 48.8% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 41% higher than the aforementioned 48374 rate of 29.4%.
10

What is the average household size of renter-occupied units in ZIP Code 48374?

The average household size of renter-occupied units in ZIP Code 48374 is higher than in the state of Michigan overall. Annual household size of 2.91 in ZIP Code 48374 is about 29% higher than the Michigan median of 2.26. Additionally, median household size in this Novi, MI region (2.91) is approximately 17% higher than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Michigan ZIP Codes