Ironwood, MI is a small city located in the western Upper Peninsula of Michigan. With a population of roughly 6,000 people, Ironwood offers a rural feel while still being close to larger cities like Milwaukee and Chicago. The city is home to businesses such as Ironwood Pharmacy and Golden Dragon Restaurant. The cost of living in Ironwood is relatively low. According to calculations from Numbeo, the 2 bedroom rent in Ironwood is $720 compared to the US average of $1,430. Likewise, the grocery cost index in Ironwood is 92 versus 100 in the US on average. Therefore, it can be seen that Ironwood offers an affordable lifestyle for those looking for a peaceful and tranquil atmosphere away from big cities.
Ironwood has an unemployment rate of 5.6%. The US average is 6.0%.
Ironwood has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 17.8%, which is lower than the US average of 33.5%.
Tax Rates for Ironwood
- The Sales Tax Rate for Ironwood is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Ironwood is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Ironwood
- The average income of a Ironwood resident is $18,441 a year. The US average is $28,555 a year.
- The Median household income of a Ironwood resident is $30,755 a year. The US average is $69,021 a year.