In Petoskey, a typical home is worth $364,100 and typical rent is $1,006 a month. Compared with all of Emmet County, the typical home value is 15% higher, typical rent is 10% lower, and the share of households that own their home is 16 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $411,623 to $466,592.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Petoskey is in Emmet County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Emmet County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Alpena, the typical home value is $118,700: 67% less than in Petoskey ($364,100).
2
Nearby, in Alpena, the typical rent is $625: 38% less than in Petoskey ($1,006).
3
61% of households in Petoskey own their home, against 77% in Emmet County.
4
The typical home in Petoskey is worth $364,100,15% more than in Emmet County as a whole ($315,700).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Petoskey
What homes there are in Petoskey, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Petoskey
Emmet County
Michigan
United States
Kind of home: Petoskey and its comparisons
Measure
Petoskey
Emmet County
Michigan
United States
Detached house
57%
74%
72%
61%
Attached house
Unreliable estimate
3%
5%
6%
Building of 2 to 4
14%
5%
5%
8%
Apartments (5 or more)
24%
12%
13%
19%
Mobile home
Unreliable estimate
6%
5%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house is still the most common home in Petoskey, but it weighs less than in Emmet County: 57% against 74%.
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
Petoskey
Emmet County
Michigan
United States
Year built: Petoskey and its comparisons
Measure
Petoskey
Emmet County
Michigan
United States
Before 1960
46%
23%
36%
26%
1960–1979
16%
19%
26%
24%
1980–1999
27%
35%
22%
25%
2000–2009
Unreliable estimate
16%
10%
14%
2010 or later
Unreliable estimate
6%
6%
11%
Homes in Petoskey are smaller: 57% have 3 bedrooms or more; in Emmet County, 66%.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200K12%
$200K–$300K21%
$300K–$500K36%
$500K–$750K14%
$750K–$1MUnreliable
$1M or more9%
Value of owner-occupied homes: Petoskey and its comparisons
Measure
Petoskey
Under $100K
Unreliable estimate
$100K–$200K
12%
$200K–$300K
21%
$300K–$500K
36%
$500K–$750K
14%
$750K–$1M
Unreliable estimate
$1M or more
9%
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99941%
$1,000–$1,49935%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Petoskey and its comparisons
Measure
Petoskey
Under $500
Unreliable estimate
$500–$999
41%
$1,000–$1,499
35%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable
With a mortgage
$1,669 a month
Emmet County: $1,604 a month
Without a mortgage
$815 a month
Emmet County: $601 a month
Owners with a mortgage
52%
Emmet County: 55%
Owning costs about the same in Petoskey as in Emmet County: with a mortgage, $1,669 a month; without one, $815.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Petoskey+106%
Emmet County+69%
Michigan+50%
United States+53%
Typical rent
Petoskey+41%
Emmet County+36%
Michigan+30%
United States+33%
Typical household income
Petoskey+65%
Emmet County+40%
Michigan+28%
United States+29%
Change since 2015–2019: Petoskey and its comparisons
Measure
Petoskey
Emmet County
Michigan
United States
Typical home value
+106%
+69%
+50%
+53%
Typical rent
+41%
+36%
+30%
+33%
Typical household income
+65%
+40%
+28%
+29%
The typical home value in Petoskey rose 106% since 2015–2019, more than in Emmet County (69%).
The typical rent in Petoskey rose 41% over the same time; in Emmet County, it rose 36%.
To compare: typical income in Petoskey rose 65%; the home, +106%; the rent, +41%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Petoskey and its comparisons
Measure
Petoskey
Emmet County
Michigan
United States
Rental vacancy
Unreliable estimate
5.0%
5.1%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
Unreliable estimate
0.8%
1.6%
3.4%
People per household
2.11
2.22
2.42
2.53
Drive alone
64%
75%
74%
69%
Carpool
12%
9%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
11%
4%
2%
3%
Work from home
13%
11%
14%
15%
Other means
Unreliable estimate
Unreliable estimate
1%
2%
Typical commute
Unreliable estimate
10 to 19 minutes
20 to 29 minutes
20 to 29 minutes
A household in Petoskey has 2.11 people on average, about the same as in Emmet County (2.22).
In Petoskey, 11% of workers walk or bike to work; in Emmet County, 4%.
Do the math
What would you pay each month for a home in Petoskey?
A typical home costs more than the typical income allows
We start with a typical home in Petoskey, worth $364,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 49% of the typical household income in Petoskey, which is $74,196 a year. For that payment to be 28% of income, a household would need to earn about $130,851 a year.
The calculator's FHA and conventional loan limits are those of all of Emmet County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Petoskey. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $12,744 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$3,053
at 7.18% · 30 years
Loan amount
$357,505
Total interest
$514,365
Paid off in
November 2056
Includes $6,149 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,731 a month
Tight
$1,731 to $2,226 a month
Hard
more than $2,226 a month
Your payment · 49%
Compared with the typical household income in Petoskey ($74,196 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$2,422
Property tax
$319
Home insurance
$152
FHA mortgage insurance (MIP)
$161
You need at least $12,744 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $3,053; principal and interest $2,422.
The city and its county
Petoskey and Emmet County
Petoskey is in Emmet County, Michigan. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Petoskey
Map of Emmet County, Michigan, with Petoskey marked. Around it, the neighboring counties.
Petoskey
Emmet County
Petoskey's own numbers
Typical home value
$364,100
Typical monthly rent
$1,006
Typical yearly household income
$74,196
Households that own their home
61%
Effective property tax rate
1.05%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Emmet County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,336
Price change over 5 years (FHFA)
+75%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Emmet County.
A typical home in Petoskey is worth $364,100: 15% above the county and 57% above Michigan. With the typical household income in Petoskey ($74,196 a year), a typical home costs 4.9 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Petoskey4.9 years
Emmet4.0 years
Michigan3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Emmet County
According to FHFA’s house price index, home prices in Emmet County rose 134% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Emmet County.
Yearly change in FHFA’s price index in Emmet County, 2016 to 2025
2016: +5.4% +5.4% 2016
2017: +11.1% +11.1% 2017
2018: +5.4% +5.4% 2018
2019: +5.3% +5.3% 2019
2020: +2.9% +2.9% 2020
2021: +14.1% +14.1% 2021
2022: +18.5% +18.5% 2022
2023: +16.4% +16.4% 2023
2024: +7.1% +7.1% 2024
2025: +3.9% +3.9% 2025
Change in FHFA’s price index in Emmet County, Michigan and the United States
Period
County
Michigan
U.S.
Last year (2025)
+3.9%
+4.7%
+2.9%
5 years (2020–2025)
+75%
+52%
+47%
10 years (2015–2025)
+134%
+97%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Petoskey next to Emmet County, Michigan and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Petoskey$364,100
Emmet$315,700
Michigan$231,600
United States$332,700
Typical monthly rent
Petoskey$1,006
Emmet$1,112
Michigan$1,129
United States$1,413
Typical yearly household income
Petoskey$74,196
Emmet$78,112
Michigan$72,875
United States$80,734
See the full table
Petoskey next to Emmet County and Michigan
Measure
Petoskey
Emmet County
Michigan
U.S.
Typical home value
$364,100 ▲15% above the county
$315,700
$231,600
$332,700
Typical monthly rent
$1,006 ▼10% below the county
$1,112
$1,129
$1,413
Typical yearly household income
$74,196 ▼5% below the county
$78,112
$72,875
$80,734
Households that own their home
61% ▼16 points below the county
77%
73%
65%
Typical yearly property tax
$3,841 ▲46% above the county
$2,634
$2,904
$3,119
Effective property tax rate
1.05% ▲0.22 points above the county
0.83%
1.25%
0.94%
Renters with high rent for their income
48% ▲3 points above the county
44%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Emmet County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Petoskey
For a typical $364,100 home in Petoskey, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Petoskey's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$3,053a month
Least cash to close
Down payment
$12,744
Cash to close
$23,667
Rate
7.18%
Mortgage insurance
FHA MIP · $161
Conventional, 5% down$2,986a month
Down payment
$18,205
Cash to close
$29,128
Rate
7.18%
Mortgage insurance
PMI · $173
Conventional, 20% down, no PMI$2,444a month
Down payment
$72,820
Cash to close
$83,743
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$2,780a month
Down payment
$54,615
Cash to close
$65,538
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Petoskey
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$3,053
$12,744
$357,505
7.18%
FHA MIP · $161
$23,667
580
Conventional, 5% down
$2,986
$18,205
$345,895
7.18%
PMI · $173
$29,128
620*
Conventional, 20% down, no PMI
$2,444
$72,820
$291,280
7.18%
None
$83,743
620*
ITIN, 15% down (example)
$2,780
$54,615
$309,485
8.18%
None
$65,538
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Petoskey is $1,006 a month: 10% below the county. In Petoskey, 48% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Emmet County, by unit size. To pay the 2-bedroom one ($1,336 a month) without spending more than 30% of your income, you would need to earn $25.69 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Emmet County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,015
$19.52
$40,600
1 bedroom
$1,021
$19.63
$40,840
2 bedrooms
$1,336
$25.69
$53,440
3 bedrooms
$1,592
$30.62
$63,680
4 bedrooms
$1,756
$33.77
$70,240
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Petoskey
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Petoskey is in ZIP code 49770.
For 2 bedrooms it is $1,360: $24 more than the fair market rent for Emmet County ($1,336).
Fair market rent by ZIP code and size in Petoskey, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
49770
$1,030
$1,040
$1,360
$1,620
$1,790
ZIP code2 bd3 bd
49770 $1,360$1,620
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Petoskey when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There are 2 HUD-approved agencies with an office in Emmet County; 1 says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Petoskey or Emmet County. The ones below are statewide in Michigan: they work in Petoskey the same as in the rest of the state.
Michigan state agency loan of up to $10,000, with no interest and no monthly payments, for the down payment, closing costs and prepaid expenses; it goes with MSHDA's MI Home Loan mortgage and is repaid in certain cases, such as when you pay off the first mortgage, sell or refinance the home, or no longer live in it.Offered by Michigan State Housing Development Authority (MSHDA).
Michigan state authority certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, for the life of the loan; you apply with an approved lender before you buy.Offered by Michigan State Housing Development Authority (MSHDA).
No legal help resource on our list is for Petoskey or Emmet County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Petoskey and all of Emmet County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Petoskey?
The typical home value in Petoskey is $364,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Emmet County it is $315,700.
How much does it cost to rent in Petoskey?
Typical rent in Petoskey is $1,006 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Emmet County is $1,336.
What is the FHA loan limit in Petoskey?
Petoskey uses the FHA limit for all of Emmet County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Petoskey?
The typical homeowner in Petoskey pays $3,841 a year, according to the U.S. Census Bureau. That is 1.05% of the home’s value; in Emmet County, the rate is 0.83%.
Where can I find free help to buy or rent in Petoskey?
There are 2 HUD-approved counseling agencies with an office in Emmet County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.
