Petosky-Otsego, Detroit, MI—48204
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Petosky-Otsego, Detroit, MI
As of Oct '25, the median home price in Petosky-Otsego, Detroit, MI is $53,000, with a year-over-year change of -9.8%. This indicates that home prices in Petosky-Otsego, Detroit, MI are decreasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $53,000 | -9.8% |
| Single Family | $53,000 | -11.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $47,000 | -7.8% |
3 Bed | $56,000 | -9.7% |
4 Bed | $64,000 | -14.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Petosky-Otsego, Detroit, MI
As of July '25, Rentcast reports the average rent in Petosky-Otsego, Detroit, MI is $1,050, with a year-over-year rent change of -0.9%. Per bedroom, the median rent as of July '25 in Petosky-Otsego, Detroit, MI is studios: $900, 1-bedrooms: $813, 2-bedrooms: $1,060, 3-bedrooms: $1,120, 4-bedrooms: $1,400. The most common rental property sizes in Petosky-Otsego, Detroit, MI are 3-bedroom and 2-bedroom, accounting for 37.9% and 37.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,000 | $1,050 |
| Studio Rent | $900 | $900 |
| 1 Bed Rent | $795 | $813 |
| 2 Bed Rent | $1,000 | $1,060 |
| 3 Bed Rent | $1,080 | $1,120 |
| 4 Bed Rent | $1,350 | $1,400 |
% of Rental Stock
Property Listings — Petosky-Otsego, Detroit, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Petosky-Otsego, Detroit, MI is 58. This is a decrease of -5.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $89,000 | 30.0% |
Listing Count | 113 | 7.0% |
| Listings as % of Homes | 0.5% | 7.0% |
Days on Market | 58 | -5.0% |
Demographics — Petosky-Otsego, Detroit, MI
As of the latest ACS Survey released in 2023, Petosky-Otsego, Detroit, MI has a population of 19,700, which has decreased by -19.6% over the past 5 years. Petosky-Otsego, Detroit, MI is a moderately popular place for families, as children make up 22.7% of the population. The area has a poorly educated workforce, with 10.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 19,700 | -19.6% |
% Under 18 | 22.7% | -15.9% |
% Seniors | 18.8% | 22.1% |
% WFH | 9.7% | 34.7% |
% w/ College Degree | 10.2% | 22.9% |
As of the latest ACS Survey released in 2023, Petosky-Otsego, Detroit, MI is a predominantly black area, with 86.4% of the population identifying as black. The black population has shrunk by 8.5% in the last 5 years. The second most common race or ethnicity in Petosky-Otsego, Detroit, MI is hispanic, making up 5.4% of the population. Foreign-born residents account for 2.1% of the population in Petosky-Otsego, Detroit, MI, and this percentage has increased by 90.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 3.6% | 80.0% |
% Black | 86.4% | -8.5% |
% Hispanic | 5.4% | 92.9% |
% Asian | 0.0% | N/A |
% Foreign Born | 2.1% | 90.9% |
Mortgage and Risk — Petosky-Otsego, Detroit, MI
According to HUD data as of 2023, there were 106 mortgage originations in Petosky-Otsego, Detroit, MI, of which 62.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 41.0% above 90% LTV (very high). This implies large mortgage risk in Petosky-Otsego, Detroit, MI. Investor activity is low, as 8.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 106 |
% Conventional Loans | 62.0% |
% Government Loans | 38.0% |
% Investor Loans | 8.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Petosky-Otsego, Detroit, MI
As of 2024, the percent of homes in Petosky-Otsego, Detroit, MI under the Section 8 program is 13.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Petosky-Otsego, Detroit, MI, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 626 |
Total Units Section 8 | 541 |
% Rentals under Section 8 | 13.6% |
% Occupied Section 8 | 87.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $125 | $795 | $920 |
| 2 Bedroom | $170 | $1,000 | $1,170 |
| 3 Bedroom | $360 | $1,080 | $1,440 |
| 4 Bedroom | $200 | $1,350 | $1,550 |
Affordability — Petosky-Otsego, Detroit, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.5 |
| Median Home Price | $53,000 |
| Median Household Income | $32,900 |