Iron County, Michigan Housing Market
In Iron County, Michigan, the median home value is $109,100, with a median monthly rent of $716. This places Iron County at #2808 nationally out of 3134 counties by median home value, and #82 within Michigan.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $887
- Establishments: 355
- BLS QCEW, 2025
Housing Supply
- Single-family: 161
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 5,236 (avg $60,342)
- Outflow: 4,752 (avg $59,370)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 2 active ZIP codes in Iron County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 49935 | 237.3 | +14.00% | 2025 |
| 2 | 49920 | 239.6 | +8.66% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Iron County Compares
| Metric | Iron County | Michigan Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $109,100 | $197,292 | $227,706 |
| Median Gross Rent | $716 | $905 | $968 |
| Owner Occupancy Rate | 84.5% | 80.2% | 73.3% |
| Price/Rent Ratio | 12.7 | 17.9 | 18.7 |
Market Analysis
The median home value in Iron County is 44.7% below the Michigan state average and 52.1% below the U.S. national average. The median rent of $716/month is 20.9% below the state average.
With a price-to-rent ratio of 12.7, buying a home in Iron County is generally more favorable than renting for those planning to stay long-term. A ratio below 15 typically signals that purchasing is financially advantageous over a multi-year horizon.
Iron County has an owner-occupancy rate of 84.5%, compared to 80.2% in Michigan and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Greer County | Oklahoma | $109,100 | $681 |
| Clay County | West Virginia | $109,100 | $651 |
| Mississippi County | Missouri | $109,000 | $762 |
| Thomas County | Nebraska | $109,200 | $638 |
| Upton County | Texas | $109,000 | $720 |
Other Counties in Michigan
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Gogebic County | $107,200 | $623 | 81.0% |
| Ontonagon County | $111,700 | $540 | 87.1% |
| Luce County | $112,000 | $675 | 82.6% |
| Oscoda County | $125,500 | $681 | 87.2% |
| Clare County | $133,800 | $765 | 86.9% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).