Total monthly cost of ownership
Cost to Own a Home in Iron River, Michigan
A $75,000 home here costs
$850per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $386. The real number is $464 higher every month — 120% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Iron River against Iron County and Michigan
| Measure | Iron River | Iron County |
|---|---|---|
| Median home value | $75,000 | $101,500 |
| Median property tax | $1,292 | $1,459 |
| Effective tax rate | 1.723% | 1.437% |
| Median gross rent | $435 | $510 |
| Population | 3,009 | 11,650 |
The weather behind that power bill
Iron River sits in Iron County, which averages a high of 78.6°F in its hottest month and a low of 0.0°F in its coldest, with 31.35" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 175 cooling and 9,658 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Iron County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Iron County
Common questions
How much does it cost to own a home in Iron River?
A $75,000 home in Iron River, Michigan costs approximately $850 per month with 20% down at 6.66%. That is $386 principal and interest, $108 property tax, $28 homeowners insurance, $266 utilities and $63 set aside for maintenance.
What is the property tax rate in Iron River?
Iron River has an effective property tax rate of 1.723%, based on a median home value of $75,000 and median real estate taxes of $1,292. That is higher than the Iron County average of 1.437%.
What is the average home price in Iron River?
The median owner-occupied home value in Iron River, Michigan is $75,000, against $101,500 across Iron County.
Is it cheaper to rent or buy in Iron River?
Median gross rent in Iron River is $435 a month, against $850 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Iron River — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Michigan.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.