Petoskey cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexPetoskeyMichiganNational
Cost of living index9689100
IndexPetoskeyMichiganNational
Goods & Services index9394100
Groceries index9194100
Health care index104100100
Housing index9673100
Transportation index103101100
Utilities index10396100
Displayed above is a general overview of the Petoskey, MI cost of living index. The overall cost of living index in Petoskey, MI is 96, which is 8% higher than the Michigan average and 4% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Petoskey, MI are 2% lower than the Michigan average and 7% lower than the national average.

Did you know?

  • The cost of living in Petoskey is 8% higher than the Michigan average.
  • The cost of living in Petoskey is 4% lower than the national average.
  • The cost of housing in Petoskey is 4% lower than the national average.
  • Michigan general sales tax is 18% higher than the national average.
  • Michigan state income tax is 91% higher than the national average.

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Compare Petoskey, MI Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Petoskey, MI to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Petoskey, MI, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Petoskey, MI salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$65,699$5,475$1,533$1,971
Renters$23,538$1,962$549$706
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Petoskey, MI as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Petoskey, MI homeowners, is $65,699. This would allow for a maximum of $1,533 per month to be spent on housing costs. For renters, the median monthly income is $23,538 which would result in a maximum of $549 to be spent on rental costs.

Michigan Sales Tax

StateGeneral Sales TaxWith Max Surtax
Michigan6%6%

Michigan Income Tax

StateIncome Tax (Low)Income Tax (High)
Michigan4.25%4.25%
For those who live in Petoskey, MI and want to know what the true cost of living is, they ought to look at both the Michigan income tax rate and the Michigan sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Michigan, the sales tax is 6%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Michigan, the income tax rate ranges between 4.25% to 4.25%.

Goods & Services

ItemPetoskeyNational avg.Difference
Haircut $9.88$15.5636.5%
Beauty Salon $23.75$36.1134.2%
Toothpaste $1.51$2.4739.0%
Shampoo $0.90$0.966.9%
Movie $10.06$10.130.6%
Bowling $2.60$4.7445.1%

Groceries

ItemPetoskeyNational avg.Difference
Ground Beef $3.85$3.983.3%
Fried Chicken $1.42$1.410.6%
Milk $1.66$2.0619.5%
Potatoes $1.78$2.9840.5%
Pizza $8.97$9.475.4%
Beer $7.44$8.7915.4%

Health Care

ItemPetoskeyNational avg.Difference
Optometrist $60.59$101.0440.0%
Doctor $138.70$107.4429.1%
Dentist $86.47$90.424.4%
Ibuprofen $9.33$9.280.6%
Lipitor $438.22$426.502.7%

Housing

ItemPetoskeyNational avg.Difference
Home Price $188,800.00$175,700.007.5%
Avg. Mortgage Payment $877.86$1,133.2322.5%
Apartment Rent $634.00$920.0031.1%

Transportation

ItemPetoskeyNational avg.Difference
Gasoline $1.96$1.991.6%
Tire Balancing $51.31$45.7612.1%

Utilities

ItemPetoskeyNational avg.Difference
All Electricity$145.56$163.8111.1%
Phone $34.63$28.3922.0%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Ponshewaing, MI2096-4%
Conway, MI30276-24%
Bay Shore, MI68280-20%
Oden, MI60080-20%
Pellston, MI88183-17%
Petoskey, MI5,70596-4%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Silver Lakes, CA5,70611515%
Bay Hill, FL5,70413131%
Lexington, OH5,70685-15%
Richmond, MO5,70286-14%
Mena, AR5,70182-18%
Petoskey, MI5,70596-4%
Source: The Petoskey, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.