Traverse City, MI Profile: Facts & Data

The City of Traverse City had a population of 16,041 as of July 1, 2023. Traverse City ranks in the upper quartile for Population Density when compared to the other cities, towns and Census Designated Places (CDPs) in Michigan. See peer rankings below.

The primary coordinate point for Traverse City is located at latitude 44.7631 and longitude -85.6206 in Grand Traverse County. The formal boundaries for the City of Traverse City encompass a land area of 8.33 sq. miles and a water area of 0.33 sq. miles. Grand Traverse County is in the Eastern time zone (GMT -5).

While the primary coordinates for City of Traverse City are located in Grand Traverse County, it should be noted that the formal boundaries for this community also extend into and Leelanau County.

The City of Traverse City has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Traverse City, MI Data & Demographics (As of July 1, 2023)

POPULATION
Total Population	16,041 (100%)
Population in Households	15,150 (94.4%)
Population in Families	9,898 (61.7%)
Population in Group Quarters¹	891 ( 5.6%)
Population Density	1,938
Diversity Index²	24


INCOME
Median Household Income	$64,324
Average Household Income	$86,665
% of Income for Mortgage⁴	37%
Per Capita Income	$41,335
Wealth Index⁵	68
Socioeconomic Status Index⁶	Moderate (55.8)

HOUSING
Total HU (Housing Units)	8,630 (100%)
Owner Occupied HU	4,662 (54.0%)
Renter Occupied HU	2,893 (33.5%)
Vacant Housing Units	1,075 (12.5%)
Median Home Value	$397,980
Average Home Value	$467,986
Housing Affordability Index³	63

HOUSEHOLDS
Total Households	7,555
Average Household Size	2.01
Family Households	3,589
Average Family Size	3.00

NOTES

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.
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.
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.
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).
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.
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.

Traverse City, MI - Peer Comparisons by Rank and Percentile

The table below compares Traverse City 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.

GROWTH RATE / YEAR	2020-2023	2023-2028
Population	0.71%	0.32%
Households	0.74%	0.64%
Families		0.44%
Median Household Income		2.55%
Per Capita Income		2.03%
Owner Occupied HU		0.79%

Variable Description	Rank	Percentile
Total Population	# 70	91st
Population Density	# 143	81st
Median Household Income	# 262	65th
Housing Affordability Index	# 25	3rd
Per Capita Income	# 177	76th
Diversity Index	# 377	50th

Traverse City, MI Profile: Facts & Data

Traverse City, Michigan - Basic Facts

Traverse City, MI Data & Demographics (As of July 1, 2023)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Traverse City, MI - Peer Comparisons by Rank and Percentile

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