The Most Affordable Neighborhoods in Iron River, MI by Home Value

These days, finding an affordable place to live in the Iron River area can be challenging. Home prices in Iron River are now at a median cost of $113,395, lower than the Michigan average of $250,415.

The average cost of rent is $693/mo in Iron River, primarily driven by the current value of real estate in the Iron River area. In Iron River, 19.78% of households rent, and 58.44% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Iron River is $4,174 per month. Households that rent pay about 16.59% of their income on rent here. Iron River’s most expensive areas are in the northeastern regions, while the cheapest areas are in the northern parts of the city.

Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.

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