Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,000 | $134,610 | $242,182 |
| Price Trend (Annual %) | 20.0% | 9.4% | 8.2% |
| Median Gross Rent | $510 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 0.6% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Iron County is about 12% lower than in Michigan. Rent is about 53% lower than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Iron County, up about 20.0% and 0.6% a year respectively. Home prices are changing faster.
Median rent in Iron County fell about 1.2% between 2015 and 2023, from $516 to $510. Over the same span, rent in Michigan rose about 38.5%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Iron County.
Buying the median-priced home in Iron County costs roughly 19.3 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 10.3.
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,000 | $134,610 | $242,182 |
| Median Household Income | $54,090 | $71,353 | $78,145 |
| Price-to-Income Ratio | 2.2 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Iron County rose about 136.8%, while median household income rose about 58.7% between 2009 and 2023 — 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 | 50.5% | 64.1% | 58.2% |
| Rental Rate | 8.7% | 23.8% | 31.3% |
| Vacancy Rate | 40.8% | 12.2% | 10.6% |
| Median Tenure (years) | 20.0 | 16.0 | 15.0 |
| Median Year Moved In | 2006 | 2010 | 2011 |
Iron County has a homeownership rate of 50.5%, lower than the Michigan average of 64.1%. Its housing vacancy rate is 40.8%, compared with 12.2% in Michigan.
Housing Stock
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.11 people | 2.43 people | 2.54 people |
| Median Structure Built Year | 1969 | 1972 | 1978 |
| Median Number of Rooms | 5.3 | 5.8 | 5.5 |
The typical housing unit in Iron County was built around 1969. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 20.0 years on average.
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 $118,000, lower than the Michigan average of $134,610.
What is the average home price in Iron County, Michigan?
The typical home price in %s, reported as the median sale price, is %s. 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 $510 per month, lower than the Michigan average of $1,084.
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 19.3, meaning it would take roughly 19.3 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 20.0% and 0.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Iron County, Michigan?
50.5% of households in Iron County, Michigan own their home, lower than the Michigan average of 64.1%.
What is the vacancy rate in Iron County, Michigan?
The housing vacancy rate in Iron County, Michigan is 40.8%, higher than the Michigan average of 12.2%.