Petoskey, MI Profile: Facts & Data

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.

Petoskey, MI Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	5,742 (100%)
Population in Households	5,456 (95.0%)
Population in Families	3,694 (64.3%)
Population in Group Quarters¹	286 ( 5.0%)
Population Density	1,116
Diversity Index²	25


INCOME
Median Household Income	$69,763
Average Household Income	$113,022
% of Income for Mortgage⁴	27%
Per Capita Income	$54,935
Wealth Index⁵	108
Socioeconomic Status Index⁶	Moderate (59.1)

HOUSING
Total HU (Housing Units)	3,547 (100%)
Owner Occupied HU	1,546 (43.6%)
Renter Occupied HU	1,240 (35.0%)
Vacant Housing Units	761 (21.5%)
Median Home Value	$299,289
Average Home Value	$386,336
Housing Affordability Index³	91

HOUSEHOLDS
Total Households	2,786
Average Household Size	1.96
Family Households	1,360
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.

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.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	-0.55%	-0.48%
Households	0.09%	-0.01%
Families		-0.76%
Median Household Income		2.06%
Per Capita Income		2.23%
Owner Occupied HU		1.04%

Variable Description	Rank	Percentile
Total Population	# 163	78th
Population Density	# 294	61st
Median Household Income	# 279	63rd
Housing Affordability Index	# 115	15th
Per Capita Income	# 78	90th
Diversity Index	# 317	57th

Petoskey, MI Profile: Facts & Data

Petoskey, Michigan - Basic Facts

Petoskey, MI Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Petoskey, MI - Peer Comparisons by Rank and Percentile

Petoskey, MI - Most Popular Things to Do

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Emmet County