States › Michigan › Petoskey

Is Petoskey, MI expensive to live in?

CheapRent takes 17 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,11337% lower than U.S. average
💵 Families earn per year (2026)$80,020about $6,668/month · 8% lower than U.S. average
🔑 House price$364,1009% higher than U.S. average

Rent is lower than in 81% of U.S. cities. A typical house costs about 4.6 years of household income. Commutes are short, about 14.6 minutes.

How much money do I need?

To rent here comfortably, you should earn about $44,520 a year. That is $21 an hour at a full-time job.

Is rent cheaper than other Michigan cities?

Yes. Rent here is cheaper than in most of Michigan. It is number 56 of 179 cities from cheapest to most expensive.

Petoskey
$1,113
Richmond
$955
Swartz Creek
$1,379
Buena Vista
$1,002
Houghton Lake
$912
Belding
$739
Holly
$1,097

How much do households earn in Petoskey?

Under $25k
13.9%
$25k–50k
21.6%
$50k–100k
30.9%
$100k–150k
14.7%
$150k+
15.2%

Share of households by yearly income. 29.8% of households earn $100,000 or more.

Rent by apartment size in Petoskey

SizePetoskeyU.S. average
1 bedroom$780$1,324
2 bedrooms$1,180$1,509
3 bedrooms$2,005$1,698

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Petoskey overall?

Everyday prices in Michigan overall are 4% below the U.S. average (index 96.2, U.S. = 100).

Housing
82
Goods (food, clothes…)
96
Utilities
100
Other services
101
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Petoskey, so the Michigan figure is shown.

Taxes and bills in Petoskey

🏛️ Property tax$3,841a year · 1.05% of home value · U.S. $3,119
⚡ Electric bill$105a month (typical) · U.S. $156

Life in Petoskey

Commute to work14.6 minU.S.: 26.4 min
College degree53.4%U.S.: 35.7%
Own their home61.1%U.S.: 65.2%
Below poverty line9%U.S.: 12.5%
Unemployment1.6%U.S.: 5.2%

Is it cheaper to rent or buy in Petoskey?

Renting is cheaper right now: about $1,413 a month less.

Renting
$1,113
Owning
$2,526

Owning assumes a typical $364,100 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $36,410 for the down payment.

Frequently asked questions

What is the average rent in Petoskey, MI?

Renting in Petoskey costs a median of about $1,113 a month in 2026, including utilities. The Michigan median is $1,314.

How much do I need to make to live in Petoskey?

To keep rent under 30% of income, you need about $44,520 a year, or $21 an hour at a full-time job.

Is Petoskey cheap or expensive?

Petoskey is rated Cheap: rent takes 16.7% of the typical household income of $80,020. It ranks 56th cheapest of 179 Michigan cities we track.

How much are property taxes in Petoskey?

The median homeowner in Petoskey pays $3,841 a year in property taxes, about 1.05% of the median home value.

Is Petoskey more expensive than the national average?

Overall prices in Michigan are 4% below the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Petoskey?

The median home value in Petoskey is $364,100, about 4.6 times the typical yearly household income.

5,856 people live in Petoskey. Numbers are typical (middle) values.