Living in Iron River, Michigan
Cost of living, income, home prices, rent and demographics of Iron River · Census data 2020–2024
Iron River has 3,002 residents with a median age of 43.1. The median household income is $54,183 (26% lower than the Michigan median), the median home value is $85,000, the median rent is $486/month.
Iron River at a glance
- Population
- 3,002
- Median age
- 43.1State: 40.2
- Median household income
- $54,183State: $72,875
- Median home value
- $85,000State: $231,600
- Median rent
- $486/moState: $1,129
- Homeowners
- 70%
- Bachelor's degree or higher
- 20.6%
- Average commute
- 11 min
Is Iron River a good place to live?
Pros: Home values 63% lower than the state median; an average commute of 11 minutes; unemployment of 4.7%.
Cons: Median household income 26% lower than the Michigan median; a poverty rate of 20.6%.
The weather is best in June to September.
Cost of living in Iron River
Housing is the biggest part of the cost of living. In Iron River the median home value is $85,000, 74% lower than the U.S. median. Renters pay a median of $486 per month, which is 23.5% of household income. Homeowners with a mortgage pay $1,041 a month in housing costs.
Iron River median household income
The median household income in Iron River is $54,183 and the income per person is $29,651. 20.6% of residents live below the poverty line (Michigan: 13.2%).
Housing in Iron River: homes for sale and rent
- Housing units
- 1,760
- Owner-occupied
- 70%
- Renter-occupied
- 30%
- Vacant
- 25.3%Includes seasonal homes
- Median year built
- 1952
- Average household size
- 2.22
Iron River demographics
- Population
- 3,002
- Median age
- 43.1
- Under 18
- 21.9%
- 65 and older
- 18.4%
- Households
- 1,314
- Foreign-born
- 0.9%
- Veterans
- 7.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Iron River ›
Education in Iron River
20.6% of adults 25 and older in Iron River have a bachelor's degree or higher (Michigan: 32.4%), and 5.7% have a graduate or professional degree.
Jobs and commute in Iron River
- Unemployment rate
- 4.7%State: 5.7%
- Average commute
- 11 minState: 24 min
- Work from home
- 13.6%
- Drive alone
- 69.5%
- Public transit
- 0%
- Walk to work
- 2.7%
- Homes with broadband
- 87.1%
Iron River vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Iron River | 3,002 | $54,183 | $85,000 | $486 |
| Caspian | 600 | $32,794 | $79,100 | $665 |
| Gaastra | 296 | $47,708 | $49,200 | $685 |
| Amasa | 253 | $40,764 | $85,400 | $713 |
| Alpha | 215 | $39,115 | $34,100 | — |
| Crystal Falls | 1,719 | $60,865 | $83,300 | $791 |
| Florence | 488 | $40,368 | $85,700 | $545 |
| Watersmeet | 250 | $63,452 | $67,200 | — |
| Covington | 112 | $55,625 | $141,100 | — |
More for people moving to Iron River
Iron River ZIP code ›Weather and climate ›Living in Iron River: FAQ
What is the median household income in Iron River, MI?
The median household income in Iron River is $54,183, 26% lower than the Michigan median of $72,875 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Iron River?
The median home value in Iron River is $85,000, compared with $231,600 in Michigan.
How much is rent in Iron River?
The median gross rent in Iron River is $486 per month, about 23.5% of household income.
Is Iron River, MI a good place to live?
Pluses: home values 63% lower than the state median; an average commute of 11 minutes; unemployment of 4.7%. Minuses: median household income 26% lower than the Michigan median; a poverty rate of 20.6%.
What is the median age in Iron River?
The median age in Iron River is 43.1 years (Michigan: 40.2).
How long is the commute in Iron River?
The average commute to work in Iron River is 11 minutes; 13.6% of workers work from home.
What is the unemployment rate in Iron River?
The unemployment rate in Iron River is 4.7% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Iron River?
20.6% of adults in Iron River have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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