Petoskey-Otsego median real estate price is $52,706, which is less expensive than 96.1% of Michigan neighborhoods and 99.0% of all U.S. neighborhoods.
The average rental price in Petoskey-Otsego is currently $1,361, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 75.8% of Michigan neighborhoods.
Petoskey-Otsego is a suburban neighborhood (based on population density) located in Detroit, Michigan.
Petoskey-Otsego real estate is primarily made up of medium sized (three or four bedroom) to small (studio to two bedroom) single-family homes and small apartment buildings. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Petoskey-Otsego neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.
Vacant apartments or homes are a major fact of life in Petoskey-Otsego. The current real estate vacancy rate here is 45.9%. This is higher than the rate of vacancies in 98.3% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.
When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.
People
The Petoskey-Otsego neighborhood stands out for having an average per capita income lower than 99.6% of the neighborhoods in the United States. Also of note is NeighborhoodScout's research finding that the Petoskey-Otsego neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Petoskey-Otsego community truly stands out from the rest in this regard.
In addition, the types of households in a neighborhood can tell a lot about the character and lifestyle of those living here. NeighborhoodScout's exclusive analysis reveals that this neighborhood, above nearly every neighborhood in America, has a greater percentage of its residents living alone: 55.2%. This is a higher percent living alone than we found in 97.7% of all U.S. neighborhoods. Often residents who live alone are new arrivals to an area who are single, and often senior citizens who have lost a spouse.
Also, the Petoskey-Otsego neighborhood is unique for having just 5.9% of adults here having earned a bachelor's degree. This is a lower rate of college graduates than NeighborhoodScout found in 96.4% of America's neighborhoods.
Modes of Transportation
Our research revealed that more commuters here take the bus to work (45.7% ride the bus) than 100.0% of all American neighborhoods. If you like the idea of leaving your car and home and hopping the bus to work, this might be a good neighborhood for you to consider.
Length of Commute
Regardless of the means by which residents commute, this neighborhood has a length of commute that is notable. Long commutes can be brutal. They take time, money, and energy, leaving less of you for yourself and your family. The residents of the Petoskey-Otsego neighborhood unfortunately have the distinction of having, on average, a longer commute than most any neighborhood in America. 15.6% of commuters here travel more than one hour just one-way to work. That is more than two hours per day. This percentage with two-hour + round-trip commutes is higher than NeighborhoodScout found in 98.7% of all neighborhoods in America.
Real Estate
Despite all of the residential real estate here in the Petoskey-Otsego neighborhood, NeighborhoodScout has discovered that much of it is vacant. In resort or second-home vacation areas, this naturally occurs because homes and apartments are seasonally occupied, and empty for a portion of the year. In non-vacation or resort areas, however, this can be an indicator of property abandonment or a weak real estate market. The vacancy rate here is 45.9%, which is higher than 98.3% of all U.S. neighborhoods.
In addition, three-deckers, duplexes, old Victorian homes cut up into apartments. Independent stores on the corner selling pizza. These are some of the hallmarks of neighborhoods with lots of small 2, 3, and 4 unit apartment buildings. The Petoskey-Otsego neighborhood really stands out in this regard, however, as it is dominated by such small apartment buildings more than nearly any other neighborhood in America. This is a stunning visual and lifestyle example of this type of neighborhood. In fact, 39.9% of the real estate here are small 2, 3, or 4 unit apartment buildings, which is a higher proportion than found in 97.1% of America's neighborhoods.
Furthermore, do you watch 'This Old House' on Public Television? Do you love the idea of fixing up a Colonial or Victorian era home, complete with the charm of yesteryear? Do you like to stroll or drive streets lined with gracious older residences? If you found yourself nodding yes to any of these questions, you are going to be interested in this unique neighborhood. The Petoskey-Otsego neighborhood stands out on a national scale for the sheer concentration of historic residences it contains: 79.4% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 99.6% of the neighborhoods in the United States.
Car Ownership
Most American households own a car or other vehicle. Many own two cars or perhaps three. In the United States, it is useful to have an automobile not only for commuting, but also for shopping and getting to other services one needs. But NeighborhoodScout's analysis revealed that households in the Petoskey-Otsego neighborhood have a highly unusual car ownership. 30.1% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 97.2% of U.S. neighborhoods.
Occupations
From major sales accounts to fast-food workers, sales and service employees are often the backbone of the local economy. In the Petoskey-Otsego neighborhood, they truly stand out. NeighborhoodScout's exclusive analysis identifies this neighborhood as having a higher percentage of sales and service workers than 95.5% of all American neighborhoods.
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 Petoskey-Otsego neighborhood in Detroit are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 99.6% of U.S. neighborhoods. In addition, 0.0% 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 100.0% of America's neighborhoods.
A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.
In the Petoskey-Otsego neighborhood, 38.4% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 30.5% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (24.2%), and 11.2% in government jobs, whether they are in local, state, or federal positions.
Languages
The most common language spoken in the Petoskey-Otsego neighborhood is English, spoken by 99.9% of households.
Ethnicity / Ancestry
Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.
In the Petoskey-Otsego neighborhood in Detroit, MI, residents most commonly identify their ethnicity or ancestry as Mexican (0.1%).
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-Otsego neighborhood spend between 30 and 45 minutes commuting one-way to work (35.4% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods. However, there is also a significant group of residents (15.6%) who commute over an hour in each direction.
Here most residents (51.4%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (45.7%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
