Laurium, MI
Population 1,486 · Michigan
About Laurium, MI
Laurium is a small town located in Michigan with a population of 1,486 residents according to the latest US Census Bureau American Community Survey data. The median household income is $42,206 per year, which is 44% below the national median of $75,149. The median age of 48.3 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Laurium features a median home value of $87,600, which is 64% below the national median of $244,900. This makes Laurium one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $590, 49% below the national average of $1,163/month. Of the 993 total housing units, 71% are owner-occupied (522 units) and 29% are renter-occupied (216 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Laurium shows an unemployment rate of 0.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 19.2%, above the national average of 12.4%. Workers in Laurium have an average one-way commute time of 15.8 minutes, one of the shorter commutes in the region.
Education & Demographics
32.7% of Laurium residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 2.9% White, 2.4% Hispanic or Latino, 0.0% Black or African American, and 0.9% Asian residents, with 1.9% of the population being foreign-born.
How Laurium Ranks in Michigan
Cost of Living in Laurium, MI
Compared to national averages, Laurium has a median household income of $42,206 (44% below the national median of $75,149). Home values average $87,600, which is 64% below the national median. Monthly rent at $590 is 49% below the US average of $1,163. Within Michigan, Laurium's income is 36% below the state average of $66,017, and home values are 52% below the state median of $183,391.
Why Live in Laurium, MI?
Laurium offers affordable housing with a median home value of $87,600, below the US average of $244,900, and rent that’s lower than the national average at $590/month, and a strong job market with an unemployment rate of just 0.9%. Additionally, the city features short commute times averaging just 15.8 minutes.
Potential considerations include median household income ($42,206) that falls below the national average. However, Laurium’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Laurium has a population of 1,486 with a median age of 48.3 years. Compare Laurium with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Laurium
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Quincy | 1,487 | $59,079 | $111,800 | Compare |
| Mancelona | 1,496 | $50,430 | $123,900 | Compare |
| Ravenna | 1,472 | $73,233 | $191,300 | Compare |
| Mio | 1,504 | $47,578 | $96,600 | Compare |
| Shorewood-Tower Hills-Harbert | 1,468 | $80,642 | $296,000 | Compare |
| Newberry | 1,453 | $49,758 | $65,800 | Compare |
| Lake LeAnn | 1,522 | $85,417 | $258,400 | Compare |
| Fowler | 1,446 | $72,261 | $194,400 | 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 Laurium With Other Cities
Frequently Asked Questions about Laurium
What is the population of Laurium, MI?
The population of Laurium, MI is 1,486 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 Laurium?
The median household income in Laurium, MI is $42,206 per year, which is 44% below the national median of $75,149.
What is the median home value in Laurium?
The median home value in Laurium, MI is $87,600, which is 64% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Laurium?
The median monthly rent in Laurium, MI is $590, which is 49% below the national average of $1,163/month.
What is the unemployment rate in Laurium?
The unemployment rate in Laurium, MI is 0.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Laurium, MI a good place to live?
Laurium offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,486 and a median age of 48.3, the city appeals to established professionals and retirees.
How educated is Laurium, MI?
32.7% of residents in Laurium 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 Laurium?
Key cost-of-living indicators for Laurium, MI: median home value is $87,600 (64% below national), median rent is $590/month, and median household income is $42,206. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Laurium?
The poverty rate in Laurium, MI is 19.2%, 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 Laurium, MI?
Laurium's population is 2.9% White, 2.4% Hispanic or Latino, 0.0% Black or African American, 0.9% Asian, and 1.6% two or more races. 1.9% of residents are foreign-born.