Iron County, Michigan Housing Market Prices
Iron County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 15% above the Michigan median$159,374
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Median rent 37% below the Michigan median Cheaper than 83% of counties in Michigan$716
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $159,374 | $138,713 | $248,835 |
| Price Trend (Annual %) | 21.8% | 8.6% | 7.5% |
| Median Gross Rent | $716 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Iron County is about 15% higher than in Michigan. Rent is about 37% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Iron County, up about 21.8% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Iron County rose about 38.7% between 2015 and 2024, from $516 to $716. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Iron County.
Buying the median-priced home in Iron County costs roughly 18.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Iron County. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $159,374 | $138,713 | $248,835 |
| Median Household Income | $56,137 | $72,977 | $80,455 |
| Price-to-Income Ratio | 2.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Iron County rose about 219.8%, while median household income rose about 57.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.2% | 64.6% | 58.5% |
| Rental Rate | 9.4% | 23.6% | 31.2% |
| Vacancy Rate | 39.4% | 11.8% | 10.2% |
| Median Tenure (years) | 20.0 | 16.0 | 15.0 |
| Median Year Moved In | 2006 | 2010 | 2011 |
Iron County has a homeownership rate of 51.2%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 39.4%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.05 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1965 | 1972 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in Iron County was built around 1965. On average, 2.0 people live in a home with about 5.5 rooms, staying for about 20.0 years on average.
Iron County, MI Housing Compared With Nearby Counties
How Iron County, MI compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Iron County, MI | 11,667 | $159,374 #2/3 | $716 #3/3 | 84.5% #1/3 |
| Dickinson County, MI | 25,954 | $377,272 | $796 | 82.4% |
| Houghton County, MI | 34,105 | $102,273 | $840 | 74.1% |
Frequently Asked Questions
Common questions about the housing market in Iron County, Michigan.
What is the median home price in Iron County, Michigan?
The median home price in Iron County, Michigan is $159,374, higher than the Michigan average of $138,713.
What is the average home price in Iron County, Michigan?
The typical home price in Iron County, Michigan, reported as the median sale price, is $159,374. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Iron County, Michigan?
The median gross rent in Iron County, Michigan is $716 per month, lower than the Michigan average of $1,129.
What was the median gross rent in Iron County in 2020?
In 2020, the median gross rent in Iron County, Michigan was $561 per month.
What is the price-to-rent ratio in Iron County, Michigan?
The price-to-rent ratio in Iron County, Michigan is about 18.6, meaning it would take roughly 18.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Iron County.
Are home prices or rent rising faster in Iron County, Michigan?
Both home prices and rent are rising in Iron County, up about 21.8% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Iron County, Michigan?
51.2% of households in Iron County, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Iron County, Michigan?
The housing vacancy rate in Iron County, Michigan is 39.4%, higher than the Michigan average of 11.8%.
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