1st Advantage MortgageIn Iron County, Michigan, the typical household earns $55,940 a year and the typical rent is $716. Your income, debts and credit decide what you qualify for. Get offers in writing, compare the total repaid, and never pay a fee up front.
On this page
- Who lives in Iron County
- How much Iron County households make
- Work, industries and travel time in Iron County
- Housing costs in Iron County
- Places inside Iron County
- Iron County next to its neighbors
- A Iron County household budget, worked through
- Borrowing situations common in Iron County
- Who lives in Iron County, in numbers
- A Iron County borrower's checklist
- Michigan rules that apply in Iron County
- More guides for Iron County
- Frequently asked questions
Who lives in Iron County
Roughly 11,667 residents live in Iron County, Michigan, 73rd by population among the state's 83 counties and county equivalents. Land area is 1,166 square miles (2024 Gazetteer), so density runs near 10 per square mile. It sits outside every metropolitan statistical area in the July 2023 OMB delineation. The Census Bureau counts 6 places in the county (5 incorporated, 1 census-designated); the largest is Iron River, with about 3,002 residents, or 26% of the county.
How much Iron County households make
At $55,940, the typical Iron County household income is 15% below the median U.S. county ($65,681). Only 66 Michigan counties post a higher median.
| Households earning | Iron County | +/- vs Michigan |
|---|---|---|
| Under $35,000 | 34.0% | +10.9 pts |
| $35,000 to $99,999 | 44.7% | +3.2 pts |
| $100,000 to $199,999 | 17.7% | -8.2 pts |
| $200,000 or more | 3.7% | -5.9 pts |
Some 34% of households here live on less than $35,000 a year; 21% have six-figure incomes. 17.0% of residents fall below the federal poverty line (statewide: 13.2%). The Gini index of income inequality is 0.456 (0 is perfect equality). A household earning below the $55,940 median should test any payment carefully; one earning above it should still pick the shortest term it can manage.
Work, industries and travel time in Iron County
Education and health care employs 20% of working residents, the largest share; manufacturing is next with 14%. Compared with Michigan, the county leans toward construction (9% against 6%). ACS puts five-year average unemployment at 5.4% in Iron County. About 77% drive to work alone and 9% have trips of 45 minutes or more.
| Where residents work | Iron County | Difference from Michigan |
|---|---|---|
| Education and health care | 19.9% | -3.4 pts |
| Manufacturing | 14.0% | -4.2 pts |
| Retail trade | 10.9% | +0.1 pts |
| Arts, lodging and food service | 9.9% | +1.5 pts |
| Professional and administrative services | 9.5% | -0.8 pts |
| Construction | 8.7% | +2.8 pts |
Shorter commutes usually mean lower vehicle costs, which can leave more room for a payment, or for paying a loan off early.
Housing costs in Iron County
Median gross rent, utilities included, comes to $716 in Iron County versus $1,129 statewide. By the Census definition, 48% of Iron County renters are cost-burdened. The median owner-occupied home is valued at $109,100, about 2.0 times the median household income. The ownership rate is 84%. The median home was built in 1962, so roofs, wiring and heating systems are a common source of repair bills.
| Cost | Iron County | Michigan figure | Median county, U.S. |
|---|---|---|---|
| Median gross rent | $716/mo | $1,129/mo | $877/mo |
| Median home value | $109,100 | $231,600 | $185,300 |
| Owners | 84% | 73% | 75% |
| Rent-burdened renters | 48% | 50% | 45% |
| Burdened owners | 28% | 23% | n/a |
Because most Iron County households own, home repairs are a frequent reason to borrow. An unsecured personal loan leaves the house out of the deal, while a HELOC uses it as collateral.
Places inside Iron County
Here are the 6 most populous of the county's 6 Census places, with income and rent from the same 2020 to 2024 survey. About 52% of Iron County residents live in one of the 6. Among places of 500 or more people, median income runs from $32,794 in Caspian to $60,865 in Crystal Falls. Median rent ranges from $486 in Iron River to $791 in Crystal Falls. This guide covers each of the 6 places and the rural areas around them.
| Town or CDP | Type | People | Median household income | Median gross rent | Miles from center |
|---|---|---|---|---|---|
| Iron River | city | 3,002 | $54,183 | $486 | 7 mi |
| Crystal Falls | city | 1,719 | $60,865 | $791 | 12 mi |
| Caspian | city | 600 | $32,794 | $665 | 8 mi |
| Gaastra | city | 296 | $47,708 | $685 | 8 mi |
| Amasa | CDP | 253 | $40,764 | $713 | 6 mi |
| Alpha | village | 215 | $39,115 | n/a | 12 mi |
CDPs are unincorporated communities the Census Bureau defines for counting.
Iron County next to its neighbors
Florence County is closest, 22 miles from center to center; the sixth, Marquette County, is 57 miles off. Vilas County leads the group on income ($68,431), Baraga County trails ($55,327), and Iron County out-earns 1 of the six. Some neighbors are in Wisconsin. Lender licensing is state by state, so a loan for a Iron County resident follows Michigan rules.
| Neighbor | Distance | Income | Rent | Own |
|---|---|---|---|---|
| Iron County | - | $55,940 | $716/mo | 84% |
| Florence County, WI | 22 mi | $61,086 | $750/mo | 91% |
| Dickinson County, MI | 34 mi | $65,156 | $797/mo | 82% |
| Forest County, WI | 37 mi | $61,071 | $594/mo | 82% |
| Baraga County, MI | 37 mi | $55,327 | $616/mo | 79% |
| Vilas County, WI | 47 mi | $68,431 | $847/mo | 84% |
| Marquette County, MI | 57 mi | $65,429 | $949/mo | 70% |
A Iron County household budget, worked through
How much room does a median Iron County budget have? Take median income, subtract median rent, and check what is left under a few common debt-to-income limits.
- Monthly gross at the median, Iron County: $4,662
- 15% goes to median rent ($716)
- $916: what a 35% ratio leaves once rent is paid
- At 45%, room after rent is $1,382 a month
Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Iron County's.
Borrowing situations common in Iron County
A few patterns in the Iron County data, and the practical point behind each:
- Fixed incomes. Iron County's median age is 53.1. Social Security and pensions count as income when documented.
- 48% rent-burdened. A payment on top of high rent needs a cushion; size it with the calculator.
- Paperwork. ID, proof of income and a bank account are the basics (requirements).
Who lives in Iron County, in numbers
23% of Iron County adults 25 and older hold a bachelor's degree or more. The uninsured rate is 5.0%, against 4.9% for Michigan.
| Residents | Iron County | Michigan | Middle U.S. county |
|---|---|---|---|
| Median age | 53.1 | 40.2 | 41.5 |
| Bachelor's or higher | 22.5% | 32.4% | 22.2% |
| No high school diploma | 5.3% | 7.9% | n/a |
| No health insurance | 5.0% | 4.9% | 7.8% |
| No vehicle | 6.6% | 7.0% | 5.4% |
| Work from home | 11.6% | 13.5% | 8.7% |
| Poverty rate | 17.0% | 13.2% | 13.2% |
| Unemployment (ACS) | 5.4% | 5.7% | 4.4% |
| Commute length | Iron County |
|---|---|
| Under 15 min | 50.3% |
| 15 to 29 min | 28.3% |
| 30 to 44 min | 12.3% |
| 45 to 59 min | 3.2% |
| 60+ min | 5.9% |
A Iron County borrower's checklist
Before you apply, wherever you live in Iron County:
- Write down what the expense costs; a smaller loan costs less.
- Shop at least three lenders, including one Iron County-area credit union.
- Look the lender up with the state regulator first.
- Read the final agreement; it must match the offer.
Michigan rules that apply in Iron County
Consumer lenders serving Iron County are licensed by the state, not the county; in Michigan that is the Michigan Department of Insurance and Financial Services. Problems with a lender can also go to the CFPB. Statewide data and rules: Michigan guide.
More guides for Iron County
The Michigan guide covers the whole state.
Frequently asked questions
How much do households in Iron County earn?
The median is $55,940; 21% earn $100,000 or more and 34% under $35,000. A lender uses your own documented income, not this figure.
Is Iron County expensive for renters?
Median rent is $716 against $1,129 statewide, and 48% of renter households are cost-burdened.
What are the biggest places in Iron County?
By population: Iron River, Crystal Falls, Caspian, Gaastra, Amasa. The county has 6 Census places in all.
Are Iron County applicants treated differently?
No. Everyone answers the same questions and is screened on the same objective points; lending partners set their own criteria under fair-lending laws.
Where can someone in Iron County check a lender's license?
With the Michigan Department of Insurance and Financial Services. If a lender is unlicensed or asks for a fee before funding, walk away.