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Petoskey, MI Profile: Facts & Data

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Petoskey, Michigan - Basic Facts

The City of Petoskey had a population of 5,686 as of July 1, 2024.

The primary coordinate point for Petoskey is located at latitude 45.3733 and longitude -84.9553 in Emmet County. The formal boundaries for the City of Petoskey encompass a land area of 5.11 sq. miles and a water area of 0.2 sq. miles. Emmet County is in the Eastern time zone (GMT -5).

The City of Petoskey 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.


Jump to... (On This Page!)
  1. Petoskey 2024 Demographic Data
  2. Growth Rates for Petoskey (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 - 2024 Demographics
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Petoskey, MI Data & Demographics (As of July 1, 2024)

POPULATION

Total Population 5,686 (100%)
Population in Households 5,398 (94.9%)
Population in Families 3,613 (63.5%)
Population in Group Quarters1 288 ( 5.1%)
Population Density 1,105
Diversity Index2 26
 
 

INCOME

Median Household Income $69,761
Average Household Income $105,283
% of Income for Mortgage4 29%
Per Capita Income $52,003
Wealth Index5 90
Socioeconomic Status Index6 Moderate (61.0)
 

HOUSING

Total HU (Housing Units) 3,540 (100%)
Owner Occupied HU 1,577 (44.5%)
Renter Occupied HU 1,226 (34.6%)
Vacant Housing Units 737 (20.8%)
Median Home Value $324,321
Average Home Value $407,703
Housing Affordability Index3 80
 

HOUSEHOLDS

Total Households 2,803
Average Household Size 1.93
Family Households 1,330
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

 2020-2025 2025-2030
Population -0.63% -0.30%
Households 0.19% 0.08%
Families   0.40%
Median Household Income   1.23%
Per Capita Income   1.53%
Owner Occupied HU   1.35%

Petoskey, MI - Peer Comparisons by Rank and Percentile

The table below compares Petoskey to the other 745 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2024 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 # 165 78th
Population Density # 297 60th
Median Household Income # 295 61st
Housing Affordability Index # 80 11th
Per Capita Income # 101 87th
Diversity Index # 325 56th

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

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