Traverse City, MI
Population 15,491 · Michigan
About Traverse City, MI
Traverse City is a mid-sized city located in Michigan with a population of 15,491 residents according to the latest US Census Bureau American Community Survey data. The median household income is $71,731 per year, which is 5% below the national median of $75,149. The median age of 42.2 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 Traverse City features a median home value of $367,600, which is 50% above the national median of $244,900. This places Traverse City in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $983, 15% below the national average of $1,163/month. Of the 8,583 total housing units, 61% are owner-occupied (4,454 units) and 39% are renter-occupied (2,858 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Traverse City shows an unemployment rate of 4.5%, which is near the national rate of 3.7%. The poverty rate stands at 9.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Traverse City have an average one-way commute time of 18.8 minutes, one of the shorter commutes in the region.
Education & Demographics
47.0% of Traverse City 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 2.7% White, 2.0% Hispanic or Latino, 0.1% Black or African American, and 1.4% Asian residents, with 3.5% of the population being foreign-born.
Cost of Living in Traverse City, MI
Compared to national averages, Traverse City has a median household income of $71,731 (5% below the national median of $75,149). Home values average $367,600, which is 50% above the national median. Monthly rent at $983 is 15% below the US average of $1,163. Within Michigan, Traverse City's income is 9% above the state average of $66,017, and home values are 100% above the state median of $183,391.
Why Live in Traverse City, MI?
Traverse City offers rent that’s lower than the national average at $983/month, and a well-educated community where 47.0% of residents hold a bachelor’s degree or higher, and a low poverty rate of 9.1%, better than the national average. Additionally, the city features short commute times averaging just 18.8 minutes.
Potential considerations include median household income ($71,731) that falls below the national average, and a competitive housing market where the typical home costs $367,600. However, Traverse City’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Traverse City has a population of 15,491 with a median age of 42.2 years. Compare Traverse City with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Traverse City
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Mount Clemens | 15,567 | $57,663 | $169,000 | Compare |
| Northview | 15,225 | $82,853 | $262,200 | Compare |
| Harper Woods | 15,205 | $61,446 | $143,600 | Compare |
| Berkley | 15,084 | $113,103 | $289,200 | Compare |
| Hazel Park | 14,945 | $62,878 | $141,200 | Compare |
| Grandville | 16,135 | $78,551 | $251,100 | Compare |
| Grosse Pointe Woods | 16,177 | $129,442 | $322,500 | Compare |
| Owosso | 14,658 | $53,702 | $121,500 | 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 Traverse City With Other Cities
Frequently Asked Questions about Traverse City
What is the population of Traverse City, MI?
The population of Traverse City, MI is 15,491 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Michigan.
What is the median household income in Traverse City?
The median household income in Traverse City, MI is $71,731 per year, which is 5% below the national median of $75,149.
What is the median home value in Traverse City?
The median home value in Traverse City, MI is $367,600, which is 50% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Traverse City?
The median monthly rent in Traverse City, MI is $983, which is 15% below the national average of $1,163/month.
What is the unemployment rate in Traverse City?
The unemployment rate in Traverse City, MI is 4.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Traverse City, MI a good place to live?
Traverse City offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 15,491 and a median age of 42.2, the city appeals to a broad range of residents.
How educated is Traverse City, MI?
47.0% of residents in Traverse City 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 Traverse City?
Key cost-of-living indicators for Traverse City, MI: median home value is $367,600 (50% above national), median rent is $983/month, and median household income is $71,731. The home-value-to-income ratio is 5.1x, a moderate figure by national standards.
What is the poverty rate in Traverse City?
The poverty rate in Traverse City, MI is 9.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Traverse City, MI?
Traverse City's population is 2.7% White, 2.0% Hispanic or Latino, 0.1% Black or African American, 1.4% Asian, and 1.7% two or more races. 3.5% of residents are foreign-born.