Iron River, MI
Population 3,009 · Michigan
About Iron River, MI
Iron River is a small town located in Michigan with a population of 3,009 residents according to the latest US Census Bureau American Community Survey data. The median household income is $48,750 per year, which is 35% below the national median of $75,149. The median age of 41.4 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Iron River features a median home value of $75,000, which is 69% below the national median of $244,900. This makes Iron River one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $435, 63% below the national average of $1,163/month. Of the 1,858 total housing units, 72% are owner-occupied (971 units) and 28% are renter-occupied (378 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Iron River shows an unemployment rate of 4.3%, which is near the national rate of 3.7%. The poverty rate stands at 23.2%, above the national average of 12.4%. Workers in Iron River have an average one-way commute time of 11.2 minutes, one of the shorter commutes in the region.
Education & Demographics
16.5% of Iron River residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.8% White, 2.1% Hispanic or Latino, 0.0% Black or African American, and 0.7% Asian residents, with 0.7% of the population being foreign-born.
How Iron River Ranks in Michigan
Cost of Living in Iron River, MI
Compared to national averages, Iron River has a median household income of $48,750 (35% below the national median of $75,149). Home values average $75,000, which is 69% below the national median. Monthly rent at $435 is 63% below the US average of $1,163. Within Michigan, Iron River's income is 26% below the state average of $66,017, and home values are 59% below the state median of $183,391.
Why Live in Iron River, MI?
Iron River offers affordable housing with a median home value of $75,000, below the US average of $244,900, and rent that’s lower than the national average at $435/month, and short commute times averaging just 11.2 minutes.
Potential considerations include median household income ($48,750) that falls below the national average. However, Iron River’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Iron River has a population of 3,009 with a median age of 41.4 years. Compare Iron River with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Iron River
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Bad Axe | 3,010 | $47,535 | $106,700 | Compare |
| Whitehall | 2,974 | $58,750 | $205,800 | Compare |
| Corunna | 3,054 | $47,420 | $142,000 | Compare |
| Potterville | 3,065 | $62,054 | $125,400 | Compare |
| Fowlerville | 2,950 | $43,155 | $189,000 | Compare |
| Ferrysburg | 2,949 | $62,096 | $225,400 | Compare |
| Bath | 2,938 | $64,375 | $202,600 | Compare |
| Harvey | 3,080 | $75,188 | $235,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Iron River With Other Cities
Frequently Asked Questions about Iron River
What is the population of Iron River, MI?
The population of Iron River, MI is 3,009 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Michigan.
What is the median household income in Iron River?
The median household income in Iron River, MI is $48,750 per year, which is 35% below the national median of $75,149.
What is the median home value in Iron River?
The median home value in Iron River, MI is $75,000, which is 69% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Iron River?
The median monthly rent in Iron River, MI is $435, which is 63% below the national average of $1,163/month.
What is the unemployment rate in Iron River?
The unemployment rate in Iron River, MI is 4.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Iron River, MI a good place to live?
Iron River offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 3,009 and a median age of 41.4, the city appeals to a broad range of residents.
How educated is Iron River, MI?
16.5% of residents in Iron River aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Iron River?
Key cost-of-living indicators for Iron River, MI: median home value is $75,000 (69% below national), median rent is $435/month, and median household income is $48,750. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Iron River?
The poverty rate in Iron River, MI is 23.2%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Iron River, MI?
Iron River's population is 1.8% White, 2.1% Hispanic or Latino, 0.0% Black or African American, 0.7% Asian, and 0.8% two or more races. 0.7% of residents are foreign-born.