Iron River at a Glance
Population
2,995
Median Home Value
$71,800
Nat'l avg: $281,900
Median Rent
N/A
Nat'l avg: $1,163
Median Income
$48,333
Nat'l avg: $74,580
Violent Crime
5.0 per 1K
Nat'l avg: 3.6 per 1K
Walk Score
N/A
N/A
Air Quality
N/A
N/A
Climate Risk
N/A
Explore Iron River
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Best Neighborhoods
Top-rated neighborhoods in Iron River ranked by Kurby Score
Affordable Neighborhoods
Most budget-friendly areas to live in Iron River
Up & Coming Neighborhoods
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Young Professionals
Best neighborhoods for career starters in Iron River
Retiree Neighborhoods
Best neighborhoods for retirees in Iron River
Living In Guide
Complete guide to life in Iron River — cost, safety, schools & more
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About Iron River
If you're seeking a refreshingly affordable slice of Americana, Iron River, Michigan, might just be your hidden gem. With a population just shy of 3,000, this close-knit community offers a lifestyle that's a world away from the hustle and bustle. The cost of living here is a major draw, especially for those priced out of the national housing market. Imagine owning a home for a median value of just $71,800 – a stark contrast to the national median of around $350,000. This affordability extends to the overall cost of living, making it an attractive option for those looking to stretch their dollar further. From an investment perspective, Iron River presents a compelling case. While the median household income of $48,333 is lower than the national average of around $75,000, the incredibly low cost of housing opens doors for first-time homebuyers and savvy investors alike. The town's small size contributes to a strong sense of community and a low crime rate, making it an ideal place to raise a family or enjoy a peaceful retirement. Iron River is particularly well-suited for those who appreciate the outdoors, value a tight-knit community, and prioritize financial freedom over the pressures of a high-cost urban environment.