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Real Estate Prices & Overview

Median real estate price in the City Center of Petoskey is $401,627, which is more expensive than 79.8% of the neighborhoods in Michigan and 55.4% of the neighborhoods in the U.S.

The average rental price in Petoskey City Center is currently $1,738, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 66.7% of the neighborhoods in Michigan.

Petoskey City Center is a rural neighborhood (based on population density) located in Petoskey, Michigan.

Real estate in the City Center of Petoskey, MI is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the City Center neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

Vacant apartments or homes are a major fact of life in Petoskey City Center. The current real estate vacancy rate here is 25.7%. This is higher than the rate of vacancies in 92.4% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (20.4%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

People

If you are planning to retire in Michigan, this neighborhood should be on your must-see list. For many reasons, Petoskey City Center may be considered a retiree's dream neighborhood. According to NeighborhoodScout's exclusive analysis and metrics, it's peaceful and quiet, has above average safety from crime compared to other neighborhoods in Michigan, while also offering a diverse range of housing options. This, along with the vibrant mix of very educated seniors and other age groups who choose to live here, makes the neighborhood more retiree-friendly than 99.6% of neighborhoods in MI. If a Michigan retirement is in your future, this neighborhood should be one of the places you visit.

Occupations

From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Petoskey City Center neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 95.1% of all American neighborhoods.

Diversity

Did you know that the Petoskey City Center neighborhood has more Czechoslovakian and Finnish ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.2% of this neighborhood's residents have Czechoslovakian ancestry and 1.8% have Finnish ancestry.

Petoskey City Center is also pretty special linguistically. Significantly, 13.0% of its residents five years old and above primarily speak Polish at home. While this may seem like a small percentage, it is higher than 99.0% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the City Center neighborhood in Petoskey are lower-middle income, making it a below average income neighborhood. NeighborhoodScout's research shows that this neighborhood has an income lower than 67.2% of U.S. neighborhoods. In addition, 3.3% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 70.3% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Petoskey City Center neighborhood, 41.4% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 37.9% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (10.6%), and 10.1% in manufacturing and laborer occupations.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Petoskey City Center neighborhood is English, spoken by 95.3% of households. Other important languages spoken here include Polish, Spanish and Italian.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the City Center neighborhood in Petoskey, MI, residents most commonly identify their ethnicity or ancestry as German (26.1%). There are also a number of people of English ancestry (11.5%), and residents who report Irish roots (9.6%), and some of the residents are also of Polish ancestry (9.5%), along with some Italian ancestry residents (7.8%), among others.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Petoskey City Center neighborhood spend under 15 minutes commuting one-way to work (52.6% of working residents), one of the shortest commutes across America.

Here most residents (68.2%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (18.7%) and 5.5% of residents also hop out the door and walk to work for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


Real Estate includes:
Average Home Values
Rental Market
Housing Market Details
Neighborhood Setting
Economics & Demographics include:
Lifestyle & Special Character
Household Types
Commute To Work
Migration & Mobility
Race & Ethnic Diversity
Employment Industries & Occupations
Income & Unemployment Rate
Higher Education Attainment
Crime includes:
Neighborhood Crime Index
Crimes Per Square Mile
Property Crime Comparison
Violent Crime Comparison
Schools include:
School Ratings
Schools In District
Public School Test Scores
School District Enrollment
Educational Expenditures

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