The typical owner-occupied home in Petoskey is worth about $364,100, 57% above the Michigan median of $231,600 and 9% above the national median of $332,700. Owners pay a median $3,841 a year in property taxes, about 1.05% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $74,196 a year, so the median home costs 4.9 times the median income (3.2 times for Michigan). 61% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Petoskey at a glance
| Petoskey | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $364,100 | $231,600 | $332,700 |
| Median property tax paid per year | $3,841 | $2,904 | $3,119 |
| Property tax as a share of value | 1.05% | 1.25% | 0.94% |
| Median household income | $74,196 | $72,875 | $80,734 |
| Homes lived in by their owners | 61% | 73% | 65% |
| Owner homes with a mortgage | 52% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,669 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 19.3% | 21.0% |
| Median rent | $1,006 | $1,129 | $1,413 |
| Rent as a share of renters' income | 28.8% | 30.2% | 30.6% |
| Median year homes were built | 1970 | 1972 | 1980 |
| Vacant homes | 13.7% | 11.8% | 10.1% |
| Population | 5,856 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Petoskey
At this week's average 30-year rate of 7.11%, buying the median Petoskey home of $364,100 with 20% down costs about $2,430 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,036, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $104,133 for the 20%-down payment. That payment is 39% of the median Petoskey household income of $74,196; at that income and 20% down, the 28% guideline points to a home of about $259,000.
The median rent here is $1,006 a month, so owning the median home costs about $1,424 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $72,820 |
|---|---|
| Loan amount | $291,280 |
| Principal and interest | $1,959 |
| Property taxes (1.05% a year) | $319 |
| Homeowners insurance (our estimate, 0.5% a year) | $152 |
| PMI | $0 |
| Total per month | $2,430 |
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| Down payment | $12,744 |
|---|---|
| Loan amount | $357,505 |
| Principal and interest | $2,405 |
| Property taxes (1.05% a year) | $319 |
| Homeowners insurance (our estimate, 0.5% a year) | $152 |
| FHA mortgage insurance | $161 |
| Total per month | $3,036 |
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Questions about home buying in Petoskey
What is the median home value in Petoskey?
About $364,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Petoskey?
Homeowners pay a median $3,841 a year, which is about 1.05% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Petoskey?
For the median home with 20% down at 7.11%, the payment is about $2,430 a month. Keeping that under 28% of gross income takes about $104,133 a year.
More about Petoskey
- Mortgage Refinance in Petoskey
- Debt Relief in Petoskey
- Home Equity Loans in Petoskey
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data