Iron County, Michigan Income Statistics
Iron County Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
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D
Iron County Well below averageLess wealthy than 74% of counties in Michigan
Source: Map AI Methodology
Income Statistics Overview
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $56,137 | $72,977 | $80,455 |
| Median Personal Income | $44,841 | $59,920 | $60,758 |
| Average Yearly Income Growth | 6.8% | 4.6% | 4.8% |
| Six-Figure Earners | 6.2% | 11.4% | 13.9% |
| $200k+ Households | 3.7% | 9.5% | 13.2% |
The median household income in Iron County is about 23% lower than in Michigan. Income has been growing faster in Iron County (6.8%/yr) than in Michigan (4.6%/yr).
About 6% of adults in Iron County earn six figures ($100,000 or more) a year, lower than the Michigan average of 11%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Iron County, Michigan grew by 64.7% from 2009 to 2024, reaching $56,137 in 2024. That's an average of about 6.8% per year.
Income Inequality and the Gender Pay Gap in Iron County
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.511 | 0.539 | 0.552 |
| Male Median Income | $57,170 | $69,354 | $69,667 |
| Female Median Income | $40,114 | $54,749 | $56,850 |
| Gender Pay Gap | 29.8% | 21.1% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Iron County, it is 0.511, lower than Michigan's 0.539, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 43% more than women's income in Iron County, Michigan. Over a 35-year career, a 43% wage gap accumulates to roughly $596,960 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Iron County, Michigan has widened from about 25% to 30% in 2024. Over that period the gap was widest at 32% in 2010, and was narrowest at 21% in 2018. In dollar terms, the gap has widened by $7,709 since 2009.
Sharply against the trend: the pay gap in Iron County widened by 4.7 points while Michigan's narrowed by 7.0 points.
Employment
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.4% | 5.7% | 5.2% |
| Working from Home | 11.6% | 13.5% | 15.0% |
| Commute time (minutes) | 13 | 21 | 22 |
Approximately 251 people are unemployed in Iron County, Michigan.
The average commute time in Iron County is 13 minutes, shorter than the 21 minutes in Michigan.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Iron County, Michigan has fallen from 7.4% to 5.4% in 2024. Over that period the rate peaked at 9.0% in 2015 and fell as low as 4.6% in 2022.
Iron County, MI Wealth Compared With Nearby Counties
Iron County, MI is the 3rd largest of the 6 counties compared here, 11,667 residents against a local median of 9,369. Where Iron County, MI breaks from the counties next to it is income growth, sitting 36% above the local median of 5.0%/yr at 6.8%/yr. That is the better end of the local range on this measure.
The counties themselves spread 1.6%/yr on income growth, so Iron County, MI sits at one end of an already wide local range rather than apart from it. Iron County, MI has the highest income growth of the 6 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Iron County, MI | 11,667 | $56,137 #6/6 | 6.8%/yr #1/6 | 5.4% #5/6 | 0.511 #4/6 |
| Florence County, WI | 4,646 | $61,884 | 3.6%/yr | 4.8% | 0.479 |
| Baraga County, MI | 8,191 | $57,871 | 4.1%/yr | 5.1% | 0.569 |
| Forest County, WI | 9,369 | $61,492 | 5.0%/yr | 2.9% | 0.501 |
| Dickinson County, MI | 25,954 | $65,732 | 5.2%/yr | 3.6% | 0.488 |
| Houghton County, MI | 34,105 | $59,942 | 5.2%/yr | 5.7% | 0.580 |
Conclusion
Considering all these factors, Iron County, Michigan has an overall wealth index grade of D, making it somewhat worse than Michigan, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Iron County, Michigan.
How Wealthy Is Iron County, Michigan?
Iron County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $56,137, about 23% lower than the Michigan average of $72,977.
How has median household income changed in Iron County, Michigan?
Between 2009 and 2024, the median household income in Iron County, Michigan rose 65%, from $34,087 to $56,137. Over the same years, income here outpaced Michigan as a whole: +65% against +50%.
What was the median household income in Iron County in 2023?
In 2023, the median household income in Iron County, Michigan was $54,091, up 3% from $52,455 in 2022. The Michigan median that year was $71,362.
What was the median household income in Iron County in 2020?
In 2020, the median household income in Iron County, Michigan was $44,208. By 2024 it had risen 27% to $56,137.
What is the Gini coefficient in Iron County, Michigan?
The Gini coefficient in Iron County is 0.511. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Iron County, Michigan?
Since 2009, the income gap between men and women in Iron County, Michigan has widened from about 25% to 30% in 2024. Over that period the gap was widest at 32% in 2010, and was narrowest at 21% in 2018. In dollar terms, the gap has widened by $7,709 since 2009.
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