Housing decision brief
Iron County, MI Housing Market
Iron County screens as a below-state purchase price, below-state rent, a higher tax-rate signal market. Use the page as a decision brief, not just a price lookup, because local income, taxes, and data confidence change how affordable the county really is.
3rd lowest home value out of 83 Michigan counties with data | 1st lowest rent out of 83
Median home value
$101,500
Purchase-price signal from Census ACS.
Median rent
$510/mo
Gross rent, including utilities where reported.
Monthly owner cost
$661/mo
Owner costs before individual loan terms.
Decision snapshot
Read this county in four signals.
Buy screen
1.9x
Median home value divided by local household income.
Rent burden
30.0%
At or above the 30% burden threshold.
Rent vs own
$151/mo
Median rent screens below owner cost.
Data confidence
1 note
Crime coverage is partial, so safety comparisons need source context.
What Works
Lower purchase price
$101,500 median home value is 39% below Michigan county median
Lower rent
$510/mo is 40% below Michigan county median
What to Check
Lower income base
$53,614 median income is 13% below Michigan county median
Tax rate needs attention
1.44% effective property-tax rate is 27% above Michigan county median
Crime data coverage
Crime data coverage is partial. Treat zero or low crime rates as incomplete until you check the source coverage.
Best Fit For
- Buyers comparing homes to local incomes
- Remote earners or cash buyers looking below the state price line
Poor Fit For
- Households dependent on a deep local wage market
- Buyers focused only on purchase price and ignoring annual property tax
- Anyone treating reported crime rates as complete without source context
County vs State vs National
The county number only matters after you see the benchmark. These comparisons show where Iron County is genuinely cheap, where it is average, and where the hidden cost may be.
| Metric | County | State | U.S. | Signal |
|---|---|---|---|---|
Median home value Lower usually helps affordability. | $101,500 | $167,600 | $281,900 | 39% favorable39% below Michigan county median |
Median gross rent Lower usually helps affordability. | $510 | $845 | $1,163 | 40% favorable40% below Michigan county median |
Monthly owner cost Lower usually helps affordability. | $661 | $868 | $1,672 | 24% favorable24% below Michigan county median |
Median household income | $53,614 | $61,868 | $74,755 | 13% pressure13% below Michigan county median |
Effective property-tax rate Lower usually helps affordability. | 1.44% | 1.13% | 1.02% | 27% pressure27% above Michigan county median |
Rent burden Lower usually helps affordability. | 30.00% | 28.00% | N/A | 7% pressure30.00% of renter income goes to rent. |
Income Fit
A low price only helps if local income can carry the monthly cost. This panel compares the county income base with rent and owner-cost thresholds.
Rent cushion
+$33,214
Median income minus rent threshold.
Owner cushion
+$25,285
Median income minus owner-cost threshold.
Affordability Advisory
This turns the raw housing numbers into income and buy-versus-rent screens.
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.
Better Counties to Compare
Similar counties are matched on home value, rent, income, and state context. This is more useful than a simple nearest-price list.
| County | Home Value | Rent | Why compare |
|---|---|---|---|
| Ontonagon County, MI | $101,000 | $571/mo | Same-state comparison near $101,000 home value and $571/mo rent. |
| Gogebic County, MI | $99,700 | $577/mo | Same-state comparison near $99,700 home value and $577/mo rent. |
| Baraga County, MI | $124,400 | $557/mo | Same-state comparison near $124,400 home value and $557/mo rent. |
| Adams County, ND | $108,300 | $545/mo | Out-of-state peer near $108,300 home value and $545/mo rent. |
| Schoolcraft County, MI | $123,500 | $654/mo | Same-state comparison near $123,500 home value and $654/mo rent. |
Data Confidence
- Crime coverage is partial, so safety comparisons need source context.
Next Checks
Housing Questions for Iron County
Is Iron County affordable for buying a home?
Is renting or owning cheaper in Iron County?
How much income do you need for housing in Iron County?
What should I double-check before moving to Iron County?
Data: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.