Living in Traverse City, Michigan
Cost of living, income, home prices, rent and demographics of Traverse City · Census data 2020–2024
Traverse City has 15,593 residents with a median age of 42.7. The median household income is $74,087 (about the same as the Michigan median), the median home value is $415,400, the median rent is $995/month.
Traverse City at a glance
- Population
- 15,593
- Median age
- 42.7State: 40.2
- Median household income
- $74,087State: $72,875
- Median home value
- $415,400State: $231,600
- Median rent
- $995/moState: $1,129
- Homeowners
- 63.7%
- Bachelor's degree or higher
- 47.4%
- Average commute
- 17 min
Is Traverse City a good place to live?
Pros: Median household income about the same as the Michigan median; an average commute of 17 minutes; unemployment of 5.2%; a poverty rate of 12.3%.
Cons: Home values 79% higher than the state median.
The weather is best in June to September.
Cost of living in Traverse City
Housing is the biggest part of the cost of living. In Traverse City the median home value is $415,400, 25% higher than the U.S. median. Renters pay a median of $995 per month, which is 29.8% of household income. Homeowners with a mortgage pay $1,817 a month in housing costs.
Traverse City median household income
The median household income in Traverse City is $74,087 and the income per person is $53,432. 12.3% of residents live below the poverty line (Michigan: 13.2%).
Housing in Traverse City: homes for sale and rent
- Housing units
- 8,479
- Owner-occupied
- 63.7%
- Renter-occupied
- 36.3%
- Vacant
- 15.2%Includes seasonal homes
- Median year built
- 1964
- Average household size
- 2.06
Traverse City demographics
- Population
- 15,593
- Median age
- 42.7
- Under 18
- 16.6%
- 65 and older
- 23.9%
- Households
- 7,191
- Foreign-born
- 2.5%
- Veterans
- 4%Adults 18+
Hispanic or Latino can be of any race. Population history of Traverse City ›
Education in Traverse City
47.4% of adults 25 and older in Traverse City have a bachelor's degree or higher (Michigan: 32.4%), and 22.7% have a graduate or professional degree.
Jobs and commute in Traverse City
- Unemployment rate
- 5.2%State: 5.7%
- Average commute
- 17 minState: 24 min
- Work from home
- 19.4%
- Drive alone
- 58.3%
- Public transit
- 1.1%
- Walk to work
- 5.9%
- Homes with broadband
- 91.2%
Traverse City vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Traverse City | 15,593 | $74,087 | $415,400 | $995 |
| Greilickville | 1,519 | $93,750 | $418,500 | $1,859 |
| Chums Corner | 1,186 | $100,855 | $372,700 | — |
| Grawn | 800 | $57,908 | $209,400 | $1,348 |
| Interlochen | 791 | $104,883 | $166,900 | — |
| Hardwood Acres | 611 | $109,196 | $276,700 | — |
| Kingsley | 1,785 | $67,321 | $268,800 | $982 |
| Lake Ann | 273 | $70,625 | $338,900 | $1,200 |
| Elk Rapids | 1,624 | $70,938 | $393,400 | $1,056 |
More for people moving to Traverse City
Traverse City ZIP code ›Weather and climate ›Living in Traverse City: FAQ
What is the median household income in Traverse City, MI?
The median household income in Traverse City is $74,087, 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 Traverse City?
The median home value in Traverse City is $415,400, compared with $231,600 in Michigan.
How much is rent in Traverse City?
The median gross rent in Traverse City is $995 per month, about 29.8% of household income.
Is Traverse City, MI a good place to live?
Pluses: median household income about the same as the Michigan median; an average commute of 17 minutes; unemployment of 5.2%; a poverty rate of 12.3%. Minuses: home values 79% higher than the state median.
What is the median age in Traverse City?
The median age in Traverse City is 42.7 years (Michigan: 40.2).
How long is the commute in Traverse City?
The average commute to work in Traverse City is 17 minutes; 19.4% of workers work from home.
What is the unemployment rate in Traverse City?
The unemployment rate in Traverse City is 5.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Traverse City?
47.4% of adults in Traverse City 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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