Dollar Bay, MI Profile: Facts & Data

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Dollar Bay, Michigan - Basic Facts

The Dollar Bay CDP(1) had a population of 1,054 as of July 1, 2023. Dollar Bay ranks in the lower quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Michigan. See peer rankings below.

The primary coordinate point for Dollar Bay is located at latitude 47.1196 and longitude -88.5115 in Houghton County. The formal boundaries for the Dollar Bay Census Designated Place encompass a land area of 4.07 sq. miles and a water area of 0.56 sq. miles.

The Dollar Bay Census Designated Place has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

The Dollar Bay Census Designated Place is located within Township of Franklin, a minor civil division (MCD) of Houghton County.


  1. A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Jump to... (On This Page!)
  1. Dollar Bay 2023 Demographic Data
  2. Growth Rates for Dollar Bay (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Michigan Research Tools (Easy Tools & Current Data)
  3. Michigan Data Comparison Tool - 2023 Demographics
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Dollar Bay, MI Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 1,054 (100%)
Population in Households 1,054 (100.0%)
Population in Families 817 (77.5%)
Population in Group Quarters1 0
Population Density 268
Diversity Index2 11
 
 

INCOME

Median Household Income $56,175
Average Household Income $93,216
% of Income for Mortgage4 25%
Per Capita Income $37,941
Wealth Index5 94
Socioeconomic Status Index6 Moderate (54.0)
 

HOUSING

Total HU (Housing Units) 468 (100%)
Owner Occupied HU 331 (70.7%)
Renter Occupied HU 98 (20.9%)
Vacant Housing Units 39 ( 8.3%)
Median Home Value $229,500
Average Home Value $262,462
Housing Affordability Index3 97
 

HOUSEHOLDS

Total Households 429
Average Household Size 2.46
Family Households 257
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population -0.20% -0.29%
Households -0.36% -0.19%
Families   -0.08%
Median Household Income   4.66%
Per Capita Income   2.22%
Owner Occupied HU   0.30%

Dollar Bay, MI - Peer Comparisons by Rank and Percentile

The table below compares Dollar Bay to the other 745 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 419 44th
Population Density # 634 15th
Median Household Income # 425 43rd
Housing Affordability Index # 114 15th
Per Capita Income # 232 69th
Diversity Index # 718 4th

Additional comparisons and rankings can be made with a VERY EASY TO USE Michigan Census Data Comparison Tool.

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