Cost of Living in Iron County, Michigan
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Iron County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Iron County ranks #554 of 3,144 counties for affordability (top 18%)
Data Story
About Cost of Living in Iron County, Michigan
Iron County offers Michigan's lowest rents
Iron County's $510 median monthly rent is the lowest in the state and 41% below the national benchmark, while its 11.4% rent-to-income ratio ranks among Michigan's best affordability metrics. However, the median household income of $53,614 lags 28% behind the national median of $74,755, indicating a rural economy where low costs pair with limited earning opportunities.
Iron County leads Michigan in rent affordability
With an 11.4% rent-to-income ratio, Iron County outperforms Michigan's 16.3% state average by a substantial margin, placing it in the top tier of affordable counties statewide. This advantage stems primarily from extremely low rents rather than high incomes, positioning Iron as a refuge for cost-conscious households.
Iron's rents are unmatched in the region
Iron County's $510 median rent stands alone—it's 39% cheaper than Iosco County ($659), the next-lowest neighboring county, and less than half the regional average. This dramatic cost advantage comes with trade-offs: the median home value of $101,500 is the lowest in the region, signaling limited economic dynamism.
Minimal housing burden leaves room to breathe
Iron County renters spend just $6,120 annually on housing at the median rate of $510 per month—only 11.4% of a $53,614 income, freeing up substantial funds for savings or other expenses. Homebuyers pay $661 monthly for properties valued at $101,500, the lowest costs in the entire dataset.
Iron County: extreme affordability for the right person
If you're retiring, work remotely, or rely on investments for income, Iron County's unbeatable rents and home prices make it a financial sanctuary. For job seekers, however, the median income of $53,614 and rural isolation warrant serious consideration—ensure your skills command local demand or your income moves with you.
Cost of Living Advisory: Iron County
Affordability Verdict
For renters in Iron County, the market is affordable. Expect to pay around $510/month in gross rent, with 30.0% of renter households considered cost-burdened.
Rent vs. Own
At $510/month rent versus $661/month in owner costs, renting is roughly $151/month cheaper — a 23% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $20,400/year. For owner costs at the 28% rule, the required income is roughly $28,329/year. With a median household income of $53,614, most households can comfortably afford rent here. Notably, 30.0% of renter households in Iron County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Ontonagon County where rent averages $571/month, Iron County is approximately 11% less expensive.
Affordability Calculator
See how your income compares to housing costs in Iron County
Rent Burden
11.4%
of gross income
Max Housing (28% Rule)
$1,251
per month
Owner Cost Burden
14.8%
of gross income
You can likely afford the median home in Iron County
Median home value is $101,500. Estimated monthly cost: $810 vs. your max of $1,251.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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