Iron River, MI is a small city located in the upper peninsula of Michigan. The cost of living in Iron River is significantly lower than the national average, with a two bedroom rent costing only $840 compared to $1430 nationwide. Additionally, grocery costs are around 11% lower than the US average. Despite its size, Iron River still has many amenities and businesses that make it an attractive town to live. Some of these include businesses such as Corder Store Equipment, Krolls Auto Service, and Iron River Construction. With its low cost of living and ample job opportunities, Iron River makes an ideal place to call home.
Iron River has an unemployment rate of 6.8%. The US average is 6.0%.
Iron River has seen the job market decrease by -5.4% over the last year. Future job growth over the next ten years is predicted to be 24.7%, which is lower than the US average of 33.5%.
Tax Rates for Iron River
- The Sales Tax Rate for Iron River is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Iron River 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 Iron River
- The average income of a Iron River resident is $24,161 a year. The US average is $37,638 a year.
- The Median household income of a Iron River resident is $39,775 a year. The US average is $69,021 a year.