Borrowing in Gogebic County, MI: a county-level guide

14,319 residents: Gogebic County basics

Roughly 14,319 residents live in Gogebic County, Michigan, 69th by population among the state's 83 counties and county equivalents. It covers 1,102 square miles of land, or about 13 people per square mile. Under the July 2023 OMB definitions, Gogebic County is not part of any metropolitan area. The Census Bureau counts 6 places in the county (3 incorporated, 3 census-designated); the largest is Ironwood, with about 4,997 residents, or 35% of the county.

Jobs and commutes in Gogebic County

Top Gogebic County industry by residents employed: education and health care, 22%; second, retail trade, 12%. Gogebic County over-indexes on public administration: 7% versus 4% in Michigan. Averaged over the five survey years, 6.5% of the labor force was out of work and looking. Long commutes are the exception here: 11% of workers spend 45 minutes or longer getting to work. Only 7.6% of homes here go without a vehicle.

Seasonal work is common in many Gogebic County industries; if that is you, show a full year of income rather than one strong month.

Gogebic County income bands

Half of Gogebic County households take in less than $52,732 a year and half take in more, 28% below the Michigan median of $72,875. That places it 77th among Michigan's 83 county-level areas.

About 34% of households earn under $35,000, while 21% clear $100,000. Poverty rate, Gogebic County: 14.4%; Michigan: 13.2%. Gini index for Gogebic County: 0.479. If your income is irregular, as it often is with tips, gig work or seasonal jobs, plan around your leaner months rather than the Gogebic County median.

Gogebic County at the extremes

Ranked against the other 82 county-level areas in Michigan, these are the Gogebic County figures furthest from the middle.

• Few Michigan counties match Gogebic County on median home value: $107,200 here, $231,600 for the state, ranking the lowest of 83. Lower values mean less equity to tap, so unsecured loans are the usual route.
• The share of mobile homes: 2.0% in Gogebic County. Only 2 of 83 Michigan counties are lower. Site-built housing dominates, which matters for equity-based credit.
• On median gross rent, Gogebic County sits near the bottom of Michigan at $623/mo, 3rd lowest of 83. Lower rent can leave more room for a payment.

Housing costs in Gogebic County

$623 a month is the median gross rent in Gogebic County, 45% below the state. By the Census definition, 41% of Gogebic County renters are cost-burdened. Gogebic County homes are worth $107,200 at the median, a 2.0-to-1 ratio to income. Homeowners 81%, renters 19%. The median home was built in 1955, so roofs, wiring and heating systems are a common source of repair bills.

In an owner-heavy county like Gogebic County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it.

Cities, towns and CDPs in Gogebic County

The table lists the 6 largest of 6 Census places in Gogebic County, by population. Together all 6 hold about 9,198 people, so roughly 36% of residents live outside any named place. Incomes vary by place: $55,759 at the median in Wakefield, $41,250 in Ironwood. Median rent ranges from $546 in Bessemer to $649 in Wakefield. No Gogebic County place has a separate guide yet; this county page serves all 6.

Counties near Gogebic County

Nearest neighbors first, measured between county centers (25 to 62 miles). Gogebic County's $52,732 median trails 6 of the six and beats 0; the range runs $54,398 (Ontonagon County) to $69,371 (Oneida County). The list crosses into Wisconsin, where different lending rules and regulators apply.

A Gogebic County household budget, worked through

Here is the Gogebic County median household run through a simple DTI check. Your numbers will differ.

• $4,394 a month: gross income for a household at the Gogebic County median
• Rent at the median, $623, takes 14% of that
• $915: what a 35% ratio leaves once rent is paid
• Under a 45% cap, $1,977 total minus rent leaves $1,354

Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Gogebic County's.

People and households in Gogebic County

College graduates make up 23% of the adult population. About 5% go without health insurance.

Borrowing situations common in Gogebic County

A few patterns in the Gogebic County data, and the practical point behind each:

• Retirees. At a median age of 51.2, many borrowers here rely on award letters as proof of income; favor no prepayment penalty.
• Check your file. An error fixed before you apply can change the offers a Gogebic County borrower sees (free reports).
• Fraud. Gift cards, wire transfers or fees to unlock a loan mean walk away (report it).

Four steps for Gogebic County borrowers

Four checks before you sign anything:

• Write down what the expense costs; a smaller loan costs less.
• Shop at least three lenders, including one Gogebic County-area credit union.
• Check the license, then the reviews, then the offer.
• Read the final agreement; it must match the offer.

Licensing and complaints for Gogebic County

Gogebic County borrowers fall under statewide rules, enforced by the Michigan Department of Insurance and Financial Services. A CFPB complaint gets forwarded to the company for a response. See the Michigan state guide for the statewide picture.

More guides for Gogebic County

Next step up from Gogebic County:

• Michigan state guide