Iron Mountain, MI Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Iron Mountain, MI Summary

Cost of living in Iron Mountain research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Iron Mountain is expensive. An index value below 100 means the city is a relatively cheap place to live.

On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:

  • The cost of living index in Iron Mountain is 80, with 100 being the average.

  • The cost of living index in Iron Mountain is 0.8x lower than the national average.

  • Iron Mountain ranks as the #15 cheapest in Michigan out of 175.

  • Iron Mountain ranks as the #211 cheapest out of 6,412 in the US.

  • The median home value in Iron Mountain is $96,600.

  • The median income in Iron Mountain is $50,099.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
80
Iron Mountain's Overall Cost Of Living
0.8x
Lower Than The National Average

What is the cost of living in Iron Mountain, MI?

According to the most recent data on the cost of living, Iron Mountain has an overall cost of living index of 80, which is 0.8x lower than the national index of 100.

Compared to Michigan, Iron Mountain has a cost of living index that's 0.9x lower than Michigan's index of 92.

The standard of living in Iron Mountain ranks as #15 most affordable out of the 175 places we measured in Michigan. By definition, that implies Iron Mountain ranks as the #160 most expensive place in the Wolverine State.

For more reading on life in Iron Mountain, check out:

15 out of 175
In Michigan
211 out of 6,412
In America

Iron Mountain Cost Of Living Vs. Michigan

Six factors go into calculating the cost of living index in Iron Mountain. Here is how it fairs on each of the criteria:

  • The Services index in Iron Mountain is 92.

  • The Groceries index in Iron Mountain is 95.

  • The Health index in Iron Mountain is 100.

  • The Housing index in Iron Mountain is 46.

  • The Transportation index in Iron Mountain is 87.

  • The Utilities index in Iron Mountain is 98.

Living Expense Iron Mountain Michigan National Average
Overall 80 92 100
Services 92 96 100
Groceries 95 96 100
Health 100 94 100
Housing 46 80 100
Transportation 87 97 100
Utilities 98 100 100
For more reading on cost of living around Michigan, check out:
Iron Mountain Cost of Living Vs. MI

Iron Mountain, MI Housing Cost Breakdown

Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:

  • The Median Home Value in Iron Mountain is $96,600.

  • The Median Rent in Iron Mountain is $679.

  • The Median Income in Iron Mountain is $50,099.

  • The Home Value To Income in Iron Mountain is 1.9x.

  • The Rent To Monthly Income in Iron Mountain is 0.16x.

Statistic Iron Mountain Michigan United States
Median Home Value $96,600 $172,100 $244,900
Median Rent $679 $946 $1,163
Median Income $50,099 $63,202 $69,021
Home Value To Income 1.9x 2.7x 3.5x
Rent To Monthly Income 0.16x 0.18x 0.2x
Search Homes For Sale In Iron Mountain, MI
$96,600
Median Home Value
$679
Median Rent
$50,099
Median Income

Iron Mountain, MI Costs By Category

Detailed Iron Mountain Services Costs Vs. Michigan

Item Iron Mountain Michigan
Shampoo $0.91 $1.06
Movie $11.37 $10.68
Bowling $12.05 $14.67
Haircut $10.68 $18.62
Beauty Salon $22.7 $39.05

Detailed Iron Mountain Groceries Costs Vs. Michigan

Item Iron Mountain Michigan
Ground Beef $4.64 $4.22
Fried Chicken $1.1 $1.39
Milk $1.93 $2.05
Potatoes $2.89 $3.29
Pizza $10.01 $10.62
Beer $8.19 $9.38
Toothpaste $2.5 $2.34

Detailed Iron Mountain Health Costs Vs. Michigan

Item Iron Mountain Michigan
Optometrist $74.0 $108.57
Doctor $176.5 $116.17
Dentist $81.33 $99.13

Detailed Iron Mountain Transportation Costs Vs. Michigan

Item Iron Mountain Michigan
Gasoline $1.71 $2.22
Tire Balancing $56.2 $50.07

Detailed Iron Mountain Utilities Costs Vs. Michigan

Item Iron Mountain Michigan
All Electricity $160.46 $167.67
Phone $179.44 $175.64

Iron Mountain SnackAbility

8
/10
Overall SnackAbility
Jobs
6/10
Housing
4
Affordability
8.5
Diversity
4
Safety
10
Amenities
8
Education
8
Commute
10

Cost Of Living In Cities Around Iron Mountain

The cost of living varies in the cities and towns around Iron Mountain. Here's a quick look at the cost of living in the most populous nearby places:

  • Escanaba, MI has a cost of living index of 80, 1.0x Iron Mountain.

  • Ishpeming, MI has a cost of living index of 77, 1.0x Iron Mountain.

City Population Cost Of Living Vs. Iron Mountain
Escanaba, MI 12,439 80 1.0x
Ishpeming, MI 6,223 77 1.0x

Articles About Michigan

Enjoy The Snack?