Total monthly cost of ownership
Cost to Own a Home in Ironwood, Michigan
A $75,000 home here costs
$856per 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 $471 higher every month — 122% 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.
Ironwood against Gogebic County and Michigan
| Measure | Ironwood | Gogebic County |
|---|---|---|
| Median home value | $74,900 | $99,700 |
| Median property tax | $1,371 | $1,488 |
| Effective tax rate | 1.830% | 1.492% |
| Median gross rent | $555 | $577 |
| Population | 5,004 | 14,348 |
The weather behind that power bill
Ironwood sits in Gogebic County, which averages a high of 77.5°F in its hottest month and a low of 2.3°F in its coldest, with 42.61" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 209 cooling and 9,422 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Gogebic County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gogebic County
Full Gogebic County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Ironwood?
A $75,000 home in Ironwood, Michigan costs approximately $856 per month with 20% down at 6.66%. That is $386 principal and interest, $114 property tax, $28 homeowners insurance, $266 utilities and $63 set aside for maintenance.
What is the property tax rate in Ironwood?
Ironwood has an effective property tax rate of 1.830%, based on a median home value of $74,900 and median real estate taxes of $1,371. That is higher than the Gogebic County average of 1.492%.
What is the average home price in Ironwood?
The median owner-occupied home value in Ironwood, Michigan is $74,900, against $99,700 across Gogebic County.
Is it cheaper to rent or buy in Ironwood?
Median gross rent in Ironwood is $555 a month, against $856 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 Ironwood — 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.