Petoskey, MI Cost Of Living
Cost Of Living In Petoskey, MI Summary
Cost of living in Petoskey research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Petoskey is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Petoskey is 91, with 100 being the average.
The cost of living index in Petoskey is 0.9x lower than the national average.
Petoskey ranks as the #94 cheapest in Michigan out of 175.
Petoskey ranks as the #1,804 cheapest out of 6,412 in the US.
The median home value in Petoskey is $219,300.
The median income in Petoskey is $60,054.
Table Of Contents
Petoskey's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Petoskey, MI?
According to the most recent data on the cost of living, Petoskey has an overall cost of living index of 91, which is 0.9x lower than the national index of 100.
Compared to Michigan, Petoskey has a cost of living index that's 1.0x lower than Michigan's index of 92.
The standard of living in Petoskey ranks as #94 most affordable out of the 175 places we measured in Michigan. By definition, that implies Petoskey ranks as the #81 most expensive place in the Wolverine State.
For more reading on life in Petoskey, check out:
- Living In Petoskey
- Petoskey Crime Report
- Search Homes For Sale In Petoskey, MI
In Michigan
In America
Petoskey Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Petoskey. Here is how it fairs on each of the criteria:
The Services index in Petoskey is 94.
The Groceries index in Petoskey is 92.
The Health index in Petoskey is 103.
The Housing index in Petoskey is 84.
The Transportation index in Petoskey is 89.
The Utilities index in Petoskey is 96.
| Living Expense | Petoskey | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 91 | 92 | 100 | |
| Services | 94 | 96 | 100 | |
| Groceries | 92 | 96 | 100 | |
| Health | 103 | 94 | 100 | |
| Housing | 84 | 80 | 100 | |
| Transportation | 89 | 97 | 100 | |
| Utilities | 96 | 100 | 100 | |
Petoskey, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Petoskey is $219,300.
The Median Rent in Petoskey is $833.
The Median Income in Petoskey is $60,054.
The Home Value To Income in Petoskey is 3.7x.
The Rent To Monthly Income in Petoskey is 0.17x.
| Statistic | Petoskey | Michigan | United States |
|---|---|---|---|
| Median Home Value | $219,300 | $172,100 | $244,900 |
| Median Rent | $833 | $946 | $1,163 |
| Median Income | $60,054 | $63,202 | $69,021 |
| Home Value To Income | 3.7x | 2.7x | 3.5x |
| Rent To Monthly Income | 0.17x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Petoskey, MI Costs By Category
Detailed Petoskey Services Costs Vs. Michigan
Detailed Petoskey Groceries Costs Vs. Michigan
Detailed Petoskey Health Costs Vs. Michigan
Detailed Petoskey Transportation Costs Vs. Michigan
Detailed Petoskey Utilities Costs Vs. Michigan
Petoskey SnackAbility
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