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
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.
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
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.