Wealth Index
Less wealthy than 73% of counties in Michigan
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.
Income Statistics Overview
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,090 | $71,353 | $78,145 |
| Median Personal Income | $46,515 | $60,704 | $61,726 |
| Average income growth | 7.2% | 4.9% | 5.1% |
| Six-Figure Earners | 4.6% | 10.8% | 13.2% |
The median household income in Iron County is about 24% lower than in Michigan. Income has been growing faster in Iron County (7.2%/yr) than in Michigan (4.9%/yr).
About 5% of adults in Iron County earn six figures ($100,000 or more) a year, lower than the Michigan average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Iron County, Michigan grew by 58.7% from 2009 to 2023, reaching $54,091 in 2023. That's an average of about 7.2% per year.
Economic Inequality in Iron County | Gender Pay Gap | Gini Coefficient
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.493 | 0.556 | 0.570 |
| Male Median Income | $54,747 | $67,497 | $67,746 |
| Female Median Income | $39,739 | $52,846 | $54,793 |
| Gender Pay Gap | 27.4% | 21.7% | 19.1% |
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 0.493, lower than Michigan's 0.556, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 38% more than women's income in Iron County, Michigan. Over a 35-year career, a 38% wage gap accumulates to roughly $525,280 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 27% in 2023. In dollar terms, the gap has widened by $5,661 since 2009.
Employment
| Metric | Iron County | Michigan Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.7% | 5.8% | 5.2% |
| Working from Home | 7.9% | 12.0% | 13.4% |
| Commute time (minutes) | 13 | 21 | 22 |
Approximately 221 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 4.7% in 2023.
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 $54,091, about 24% lower than the Michigan average of $71,353.
What is the current median household income in Iron County, Michigan?
As of 2023, the median household income in Iron County, Michigan is $54,091.
What was the median household income in Iron County in 2023?
In 2023, the median household income in Iron County, Michigan was $54,091.
What was the median household income in Iron County in 2020?
In 2020, the median household income in Iron County, Michigan was $44,208.
What is the Gini coefficient in Iron County, Michigan?
The Gini coefficient in Iron County is 0.493. 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 0.570, 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 27% in 2023. In dollar terms, the gap has widened by $5,661 since 2009.