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 101, which is 1.0x higher than the national index of 100.
Compared to Michigan, Petoskey has a cost of living index that's 1.1x higher than Michigan's index of 91.
The standard of living in Petoskey ranks as #140 most affordable out of the 179 places we measured in Michigan. By definition, that implies Petoskey ranks as the #39 most expensive place in the Wolverine State.
For more reading on life in Petoskey, check out:
Petoskey Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Petoskey. Here is how it fares on each of the criteria:
The Services index in Petoskey is 101.
The Groceries index in Petoskey is 97.
The Health index in Petoskey is 107.
The Housing index in Petoskey is 96.
The Transportation index in Petoskey is 97.
The Utilities index in Petoskey is 95.
| Living Expense | Petoskey | Michigan | National Average |
|---|---|---|---|
| Overall | 101 | 91 | 100 |
| Services | 101 | 97 | 100 |
| Groceries | 97 | 98 | 100 |
| Health | 107 | 75 | 100 |
| Housing | 96 | 98 | 100 |
| Transportation | 97 | 101 | 100 |
| Utilities | 95 | 98 | 100 |
Petoskey Cost Of Living Compared To Michigan Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Michigan, check out:
Protect your home budget Compare home warranties in Petoskey Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Petoskey is $472,426.
The Median Rent in Petoskey is $1,006.
The Median Income in Petoskey is $74,196.
The Home Value To Income in Petoskey is 6.4x.
The Rent To Monthly Income in Petoskey is 0.16x.
