Cost of Living in Iron River, MI
Population 3,009 · Michigan · Data vintage 2023
(100 = US avg)
Iron River sits on the smaller end of the Michigan city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. Around 23% of residents live below the federal poverty line, a rate that tends to correlate with the income and housing figures above.
Located 115 miles north of Green Bay, Iron River is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 61% lower than Green Bay's $192,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Iron River
The median home value in Iron River is $75,000 — 75% below the national median of $305,000. Median rent runs $435/month, 67% lower than the national median of $1,314/month. The median household income of $48,750/year is 35% lower than the US median of $74,580. The local unemployment rate is 4.3%, below the national average of 4.8%. Michigan's top state income tax rate is 4.3% and the combined sales tax is 6.0%. The climate averages highs of 52.9°F and lows of 30.8°F. Overall, Iron River has a cost of living index of 28 versus the US average of 100, meaning it is 72% less expensive.
Iron River has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 24 | 27 | 38 | 52 | 66 | 76 | 80 | 78 | 70 | 55 | 40 | 29 |
| Low °F | 6 | 7 | 17 | 27 | 40 | 50 | 54 | 53 | 45 | 34 | 24 | 13 |
| Precip" | 0.47 | 0.51 | 0.87 | 1.59 | 2.20 | 2.99 | 2.74 | 2.44 | 2.94 | 2.20 | 1.15 | 0.65 |
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Iron River, MI?
Iron River has a cost index of 28 (100 = national average). It is 72% below the national average.
What is average rent in Iron River, MI?
The median gross rent in Iron River is $435 per month based on 2023 Census data.
What is the average home price in Iron River?
The median home value in Iron River is $75,000 according to Zillow and Census data.
What is the median income in Iron River?
The median household income in Iron River is $48,750 per year (2023 ACS 5-year estimates).
What is the sales tax in Iron River, MI?
The combined state and local sales tax rate in Iron River is 6.0%. The Michigan state income tax top rate is 4.3%.
Is Iron River, MI affordable?
Yes, Iron River is generally considered affordable, with a cost of living index of 28 — about 72% below the US national average of 100.
What is the weather like in Iron River?
Iron River has average high temperatures of 52.9°F and average lows of 30.8°F. Annual precipitation is 20.8". Data from NOAA 1991–2020 Climate Normals.
Iron River at a Glance
- Population
- 3,009
- Median Income
- $48,750
- Home Value
- $75,000
- Median Rent
- $435/mo
- Unemployment
- 4.3%
- Avg High Temp
- 52.9°F
- Sales Tax
- 6.0%
Nearby Cities
Explore county-level cost of living data