Living in Petoskey, Michigan
Cost of living, income, home prices, rent and demographics of Petoskey · Census data 2020–2024
Petoskey has 5,856 residents with a median age of 41. The median household income is $74,196 (about the same as the Michigan median), the median home value is $364,100, the median rent is $1,006/month.
Petoskey at a glance
- Population
- 5,856
- Median age
- 41State: 40.2
- Median household income
- $74,196State: $72,875
- Median home value
- $364,100State: $231,600
- Median rent
- $1,006/moState: $1,129
- Homeowners
- 61.1%
- Bachelor's degree or higher
- 53.4%
- Average commute
- 15 min
Is Petoskey a good place to live?
Pros: Median household income about the same as the Michigan median; an average commute of 15 minutes; unemployment of 1.6%; a poverty rate of 9%.
Cons: Home values 57% higher than the state median.
The weather is best in June to September.
Cost of living in Petoskey
Housing is the biggest part of the cost of living. In Petoskey the median home value is $364,100, 9% higher than the U.S. median. Renters pay a median of $1,006 per month, which is 28.8% of household income. Homeowners with a mortgage pay $1,669 a month in housing costs.
Petoskey median household income
The median household income in Petoskey is $74,196 and the income per person is $54,842. 9% of residents live below the poverty line (Michigan: 13.2%).
Housing in Petoskey: homes for sale and rent
- Housing units
- 3,069
- Owner-occupied
- 61.1%
- Renter-occupied
- 38.9%
- Vacant
- 13.7%Includes seasonal homes
- Median year built
- 1970
- Average household size
- 2.11
Petoskey demographics
- Population
- 5,856
- Median age
- 41
- Under 18
- 18.5%
- 65 and older
- 23.2%
- Households
- 2,648
- Foreign-born
- 3%
- Veterans
- 5.6%Adults 18+
Hispanic or Latino can be of any race. Population history of Petoskey ›
Education in Petoskey
53.4% of adults 25 and older in Petoskey have a bachelor's degree or higher (Michigan: 32.4%), and 25.5% have a graduate or professional degree.
Jobs and commute in Petoskey
- Unemployment rate
- 1.6%State: 5.7%
- Average commute
- 15 minState: 24 min
- Work from home
- 13.1%
- Drive alone
- 63.9%
- Public transit
- 0%
- Walk to work
- 9.6%
- Homes with broadband
- 91%
Petoskey vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Petoskey | 5,856 | $74,196 | $364,100 | $1,006 |
| Bay View | 164 | $236,500 | $375,500 | — |
| Harbor Springs | 1,086 | $75,417 | $415,700 | $1,027 |
| Bay Shore | 697 | $75,217 | $153,600 | $869 |
| Horton Bay | 374 | $69,926 | $345,500 | — |
| Walloon Lake | 294 | $87,303 | $285,400 | — |
| Conway | 237 | $77,000 | $425,000 | — |
| Boyne City | 3,825 | $64,855 | $249,000 | $906 |
| Advance | 377 | $110,417 | $563,800 | $1,375 |
More for people moving to Petoskey
Petoskey ZIP code ›Weather and climate ›Living in Petoskey: FAQ
What is the median household income in Petoskey, MI?
The median household income in Petoskey is $74,196, about the same as the Michigan median of $72,875 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Petoskey?
The median home value in Petoskey is $364,100, compared with $231,600 in Michigan.
How much is rent in Petoskey?
The median gross rent in Petoskey is $1,006 per month, about 28.8% of household income.
Is Petoskey, MI a good place to live?
Pluses: median household income about the same as the Michigan median; an average commute of 15 minutes; unemployment of 1.6%; a poverty rate of 9%. Minuses: home values 57% higher than the state median.
What is the median age in Petoskey?
The median age in Petoskey is 41 years (Michigan: 40.2).
How long is the commute in Petoskey?
The average commute to work in Petoskey is 15 minutes; 13.1% of workers work from home.
What is the unemployment rate in Petoskey?
The unemployment rate in Petoskey is 1.6% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Petoskey?
53.4% of adults in Petoskey have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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