Cost of Living in Iron River, MI
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
68.9
100 = national avg
-31.1 vs national average
Living Wage (1 Adult)
$30,330
per year
Living Wage (Family of 4)
$71,688
per year
Cost Index by Category
Housing46.7
Food87.3
Transportation74.5
Healthcare89.8
Utilities81.7
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$814
per month
2 Bedroom
$1,068
per month
The overall cost of living index in Iron River is 68.9, which is 31.1% below the national average. Housing costs are below the national average at an index of 46.7. A single adult needs to earn approximately $30,330 per year to cover basic expenses.