Petoskey-Otsego median real estate price is $88,344, which is less expensive than 92.1% of Michigan neighborhoods and 96.1% of all U.S. neighborhoods.
The average rental price in Petoskey-Otsego is currently $1,470, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 61.9% 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 45.4%. This is higher than the rate of vacancies in 98.4% 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.
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.
The Petoskey-Otsego neighborhood stands out for having an average per capita income lower than 98.8% 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: 51.8%. This is a higher percent living alone than we found in 96.3% 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.
Our research revealed that more commuters here take the bus to work (30.4% ride the bus) than 99.7% 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.
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 99.6% of all American neighborhoods.
Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The Petoskey-Otsego neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. 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. 19.9% 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 99.5% of all neighborhoods in America.
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 45.4%, which is higher than 98.4% of all U.S. neighborhoods.
In addition, corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Petoskey-Otsego neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 39.5% of the real estate here is made up of such dwellings, which is higher than 97.0% of all U.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: 77.1% of the residential real estate here was built from 1939 or earlier, some much earlier. This is a greater concentration of historic homes than 99.5% of the neighborhoods in the United States.
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. 26.5% of the households in this neighborhood don't own a car at all. This is more carless households than NeighborhoodScout found in 96.6% of U.S. neighborhoods.
Did you know that the Petoskey-Otsego neighborhood has more Canadian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.7% of this neighborhood's residents have Canadian ancestry.
There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a 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 98.8% 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, 51.0% 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 executive, management, and professional occupations, with 25.6% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (15.4%), and 8.0% in clerical, assistant, and tech support occupations.
Languages
The most common language spoken in the Petoskey-Otsego neighborhood is English, spoken by 99.9% of households.
Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the Petoskey-Otsego neighborhood in Detroit, MI, residents most commonly identify their ethnicity or ancestry as Canadian (1.7%).
Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Petoskey-Otsego neighborhood spend under 15 minutes commuting one-way to work (24.1% of working residents), one of the shortest commutes across America. However, there is also a significant group of residents (19.9%) who commute over an hour in each direction.
Here most residents (51.2%) drive alone in a private automobile to get to work. In addition, quite a number also ride the bus to get to work (30.4%) and 16.0% of residents also carpool with coworkers, friends, or neighbors 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.
