Cost of Living in Petoskey, MI
Population 5,851 · Michigan · Data vintage 2023
(100 = US avg)
Petoskey is a smaller Michigan community of around 6000 residents, where median household incomes of $71,783 and housing costs ($319,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. The labor market has been unusually tight, with unemployment around 1.5% — below most comparable cities in the state.
Located 155 miles east of Green Bay, Petoskey is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 67% higher than Green Bay's $192,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Petoskey
The median home value in Petoskey is $319,300 — 5% above the national median of $305,000. Median rent runs $872/month, 34% lower than the national median of $1,314/month. The median household income of $71,783/year is 4% lower than the US median of $74,580. The local unemployment rate is 1.5%, below the national average of 4.8%. Michigan's top state income tax rate is 4.3% and the combined sales tax is 6.0%. Overall, Petoskey has a cost of living index of 89 versus the US average of 100, meaning it is 11% less expensive.
Petoskey has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Petoskey, MI?
Petoskey has a cost index of 89 (100 = national average). It is 11% below the national average.
What is average rent in Petoskey, MI?
The median gross rent in Petoskey is $872 per month based on 2023 Census data.
What is the average home price in Petoskey?
The median home value in Petoskey is $319,300 according to Zillow and Census data.
What is the median income in Petoskey?
The median household income in Petoskey is $71,783 per year (2023 ACS 5-year estimates).
What is the sales tax in Petoskey, MI?
The combined state and local sales tax rate in Petoskey is 6.0%. The Michigan state income tax top rate is 4.3%.
Is Petoskey, MI affordable?
Yes, Petoskey is generally considered affordable, with a cost of living index of 89 — about 11% below the US national average of 100.
Petoskey at a Glance
- Population
- 5,851
- Median Income
- $71,783
- Home Value
- $319,300
- Median Rent
- $872/mo
- Unemployment
- 1.5%
- Sales Tax
- 6.0%
Nearby Cities
Explore county-level cost of living data
Michigan Rankings
Similar Cost Cities
Cities in other states with comparable housing costs