Petoskey, MI
Population 5,851 · Michigan
About Petoskey, MI
Petoskey is a small town located in Michigan with a population of 5,851 residents according to the latest US Census Bureau American Community Survey data. The median household income is $71,783 per year, which is 4% below the national median of $75,149. The median age of 42.9 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Petoskey features a median home value of $319,300, which is 30% above the national median of $244,900. This positions Petoskey in a moderately priced market relative to the rest of the country. Median monthly rent is $872, 25% below the national average of $1,163/month. Of the 3,202 total housing units, 60% are owner-occupied (1,548 units) and 40% are renter-occupied (1,019 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Petoskey shows an unemployment rate of 1.5%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 8.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Petoskey have an average one-way commute time of 15.9 minutes, one of the shorter commutes in the region.
Education & Demographics
52.8% of Petoskey residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.1% White, 5.6% Hispanic or Latino, 1.6% Black or African American, and 0.0% Asian residents, with 2.2% of the population being foreign-born.
How Petoskey Ranks in Michigan
Cost of Living in Petoskey, MI
Compared to national averages, Petoskey has a median household income of $71,783 (4% below the national median of $75,149). Home values average $319,300, which is 30% above the national median. Monthly rent at $872 is 25% below the US average of $1,163. Within Michigan, Petoskey's income is 9% above the state average of $66,017, and home values are 74% above the state median of $183,391.
Why Live in Petoskey, MI?
Petoskey offers rent that’s lower than the national average at $872/month, and a strong job market with an unemployment rate of just 1.5%, and a well-educated community where 52.8% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 8.4%, better than the national average, and short commute times averaging just 15.9 minutes.
Potential considerations include median household income ($71,783) that falls below the national average. However, Petoskey’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Petoskey has a population of 5,851 with a median age of 42.9 years. Compare Petoskey with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Petoskey
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Swartz Creek | 5,856 | $73,862 | $168,900 | Compare |
| Richmond | 5,839 | $61,715 | $228,000 | Compare |
| Buena Vista | 5,904 | $38,835 | $51,800 | Compare |
| Houghton Lake | 5,761 | $50,861 | $122,800 | Compare |
| Belding | 5,949 | $55,895 | $152,700 | Compare |
| Holly | 5,971 | $61,221 | $174,900 | Compare |
| Zeeland | 5,691 | $49,367 | $248,100 | Compare |
| Dowagiac | 5,677 | $38,433 | $110,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Petoskey With Other Cities
Frequently Asked Questions about Petoskey
What is the population of Petoskey, MI?
The population of Petoskey, MI is 5,851 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Michigan.
What is the median household income in Petoskey?
The median household income in Petoskey, MI is $71,783 per year, which is 4% below the national median of $75,149.
What is the median home value in Petoskey?
The median home value in Petoskey, MI is $319,300, which is 30% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Petoskey?
The median monthly rent in Petoskey, MI is $872, which is 25% below the national average of $1,163/month.
What is the unemployment rate in Petoskey?
The unemployment rate in Petoskey, MI is 1.5%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Petoskey, MI a good place to live?
Petoskey offers a moderate cost of living, a competitive housing market, and a strong job market. With a population of 5,851 and a median age of 42.9, the city appeals to a broad range of residents.
How educated is Petoskey, MI?
52.8% of residents in Petoskey aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Petoskey?
Key cost-of-living indicators for Petoskey, MI: median home value is $319,300 (30% above national), median rent is $872/month, and median household income is $71,783. The home-value-to-income ratio is 4.4x, a moderate figure by national standards.
What is the poverty rate in Petoskey?
The poverty rate in Petoskey, MI is 8.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Petoskey, MI?
Petoskey's population is 1.1% White, 5.6% Hispanic or Latino, 1.6% Black or African American, 0.0% Asian, and 1.1% two or more races. 2.2% of residents are foreign-born.