Low Income Apartments and Affordable Housing For Rent in Petoskey, MI

Discover affordable housing in Petoskey where there are 9+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Traverse Woods II

201 Lafayette Ave, Petoskey, Michigan 49770

Harbor Village Apartments

1301 Crestview Dr, Petoskey, Michigan 49770

Maple Village l & ll Apartments

1695 Meadow Way, Petoskey, Michigan 49770

Riverview Terrace

11 Bridge St , Petoskey, Michigan 49770

Harbor Village Senior

1401 Crestview Dr, Petoskey, Michigan 49770

Hillside Club Apartments

2002 E Mitchell Rd, Petoskey, Michigan 49770

Harbor Village Senior Apartments II

1501 Crestview Dr, Petoskey, Michigan 49770

Little Traverse Village (Lafayette Park)

301 Lafayette Street C 104, Petoskey, Michigan 49770

Hillside Club - Phase Two

405 Valleycrest, Petoskey, Michigan 49770

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Petoskey, Michigan
$22.39/hour
$12.06 (+117%) more than Michigan minimum wage and $15.14 (+209%) more than the Federal minimum wage.
Learn More About Petoskey, Michigan Affordable Housing ↓

What HUD offices serve Petoskey, Michigan?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Homeownership Voucher, Family Self-Sufficiency, Veteran Affairs Supportive Housing (VASH), Section 8 Project-Based Voucher (PBV) programs for Petoskey, Michigan.

Go to the Michigan Public Housing and Low-Income Apartments Waiting Lists page for openings near Petoskey.

How many renters live in Petoskey, Michigan?

The City of Petoskey has 5,859 people living in 2,583 households.

There are 2,010 renters living in 1,116 renter households in this City. Renters make up 34.31 percent of the population living in Petoskey.

What is the rental market like in Petoskey, Michigan?

There are an estimated 3,231 housing units in the Petoskey area. Of these, 1,132 units are rental homes, making up 35 percent of the housing market. For every renter household in Petoskey, Michigan, there are 1 rental units.

What is the vacancy rate for rentals in Petoskey?

The rental vacancy rate in Petoskey is 1 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Petoskey for each bedroom size?

Occupied Rental Units by Size in Petoskey
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
12 256 623 179 24
Occupied Rental Units by Size in Petoskey

A large number of apartments in Petoskey have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Petoskey are overburdened by housing costs?

Among renter households in this market, 23 percent have housing cost burden. Further, 10 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Petoskey

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $826 to $1,675. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $826
One BR $900
Two BR $1,182
Three BR $1,429
Four BR $1,675
2024 Fair Market Rents in Petoskey, Michigan

How many units are rented at Fair Market Rent (FMR) in Petoskey?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 12 100 percent
One BR 232 91 percent
Two BR 459 74 percent
Rental Units Below FMR in Petoskey, Michigan

How many affordable rental units are in Petoskey?

There are a variety of federal affordable housing programs serving households in Petoskey, Michigan including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 200
Section 8 Project-Based Rental Assistance 114
Tracked Units by Federal Program in Petoskey, Michigan

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Petoskey, Michigan

Petoskey features 246 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Petoskey, Michigan

There are 296 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Petoskey.

Housing Choice Vouchers in Petoskey, Michigan

On average, Section 8 Housing Choice vouchers pay Petoskey landlords $600 per month towards rent. The average voucher holder contributes $200 towards rent in Petoskey.

The maximum amount a voucher would pay on behalf of a low-income tenant in Petoskey, Michigan for a two-bedroom apartment is between $1,064 and $1,300.

Sourced from federal housing data and AffordableHousingOnline.com research.