Petoskey, Michigan.
Typical home $466,592 (+6.0% in a year), asking rent $1,800 .
to buy the typical home at today's mortgage rate — +$1,309 (+115%) since Jan 2020.
- 1 year
- Up $26,547 +6%
- $440,045$466,592 since Sep 2025
- 5 years
- Up $54,969 +13%
- $411,623$466,592 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Petoskey$2,449
- Michigan$1,384
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 28 years.
Typical home values in Petoskey, MI rose 6.0% over the past year — faster than the nation's +1.2%.
Living in Petoskey, Emmet County, Michigan
Petoskey is a city of 5,877 people in Emmet County. Half its households earn more than $74,196 a year and half less, against $78,112 across Emmet County; 9% of its people live below the poverty line. 61% of its homes are lived in by their owners and 39% are rented. Unemployment in Emmet County was 4.1% in August 2026, and the county had 0.7% more jobs in 2025 than the year before. The most residents work in schools and health care, then restaurants and hotels.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Petoskey is a small city in Emmet County, with a median age a little above the national middle and a large share of adults who hold a four-year degree. Household incomes sit somewhat below the county's, and most homes are lived in by their owners, though a good many people rent. Typical home values and rents run high, and winters are cold and very snowy, with warm summers and a fair amount of rain and melted snow across the year.
Work. Many residents work in schools, hospitals and social care, followed by restaurants, hotels and entertainment, shops, and manufacturing. McLaren Northern Michigan, the Public Schools of Petoskey and the Inn at Bay Harbor are among the largest workplaces in town. Commutes are short, and a fair number of people work from home.
Things to do. Petoskey State Park and Walloon Lake are both a short drive away, and the Bear River runs in or beside town for walks along the water. In the snowy months, Nub's Nob is a ski area a short drive away. Burt Lake, a longer drive away, offers more room for time on the water.
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- 2,648households
- 53%of adults have a degree
- 9%below the poverty line
- 15 mintypical commute
- 13%work from home
What residents work in
Employed residents by industry, from the Census survey. Emmet County had 17,859 jobs in 2025, 0.7% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 27° and lows near 15°; warmest in July, with highs near 75° and lows near 59°. About 124 inches of snow and 34 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Petoskey weather station, 2 miles away (NOAA).
Largest workplaces in Petoskey
- Mclaren Northern MichiganGeneral hospital755FTE
- Public Schools of PetoskeySchool district339FTE
- WalmartWarehouse clubs and supercenters294
- Inn at Bay HarborHotels, resort, without casinos229
- MantheiHardwood veneer or plywood manufacturing164
- North Central Michigan CollegeTwo-year college135
- Kilwin's Quality ConfectionsChocolate made from purchased chocolate120
- Lowe's Companies, INCHomecenter114
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 18 workplaces with 20 or more staff, 2,494 people in all. Hospitals come from their Medicare cost reports (CMS, 2023), school districts from the Common Core of Data (NCES, 2023–24) and colleges from IPEDS (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- Cold wavesVery high
- LightningRelatively high
- HailRelatively moderate
- TornadoesRelatively moderate
- Winter weatherRelatively moderate
- Strong windRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Petoskey’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Emmet County.
Petoskey home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Petoskey$466,592
- Michigan$263,760
- United States$366,157
Levy by levy, and a check of one home’s own bill, the site covers Ohio’s property tax.
Sellers are cutting prices on about 1 in 4 Petoskey listings — the market is cooling.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Petoskey22.94%
- United States26.90%
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Petoskey179
New listings per month
Sellers arriving at the market.
- Petoskey37
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Petoskey$434,169
- United States$371,407
Zip codes with a Petoskey address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Petoskey — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.