Iron River, MI Profile: Facts & Data

Iron River, Michigan - Basic Facts

The City of Iron River had a population of 3,033 as of July 1, 2024.

The primary coordinate point for Iron River is located at latitude 46.0927 and longitude -88.6424 in Iron County. The formal boundaries for the City of Iron River encompass a land area of 6.74 sq. miles and a water area of 0.02 sq. miles. Iron County is in the Central time zone (GMT -6).

The City of Iron River has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

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Iron River, MI Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	3,033 (100%)
Population in Households	2,968 (97.9%)
Population in Families	2,096 (69.1%)
Population in Group Quarters¹	65 ( 2.1%)
Population Density	450
Diversity Index²	20


INCOME
Median Household Income	$54,161
Average Household Income	$72,466
% of Income for Mortgage⁴	11%
Per Capita Income	$33,851
Wealth Index⁵	58
Socioeconomic Status Index⁶	Moderate (48.0)

HOUSING
Total HU (Housing Units)	1,748 (100%)
Owner Occupied HU	1,090 (62.4%)
Renter Occupied HU	325 (18.6%)
Vacant Housing Units	333 (19.1%)
Median Home Value	$90,541
Average Home Value	$130,573
Housing Affordability Index³	224

HOUSEHOLDS
Total Households	1,415
Average Household Size	2.10
Family Households	718
Average Family Size	3.00

HOUSING

Total HU (Housing Units)

1,748 (100%)

Owner Occupied HU

1,090 (62.4%)

Renter Occupied HU

325 (18.6%)

Vacant Housing Units

333 (19.1%)

Median Home Value

$90,541

Average Home Value

$130,573

Housing Affordability Index³

224

HOUSEHOLDS

Total Households

1,415

Average Household Size

2.10

Family Households

718

Average Family Size

3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	0.20%	0.09%
Households	0.30%	0.18%
Families		0.41%
Median Household Income		3.15%
Per Capita Income		2.84%
Owner Occupied HU		0.20%

GROWTH RATE / YEAR

2020-2024

2024-2029

Population

0.20%

0.09%

Households

0.30%

0.18%

Families

0.41%

Median Household Income

3.15%

Per Capita Income

2.84%

Owner Occupied HU

0.20%

Iron River, MI - Peer Comparisons by Rank and Percentile

The table below compares Iron River to the other 745 incorporated cities, towns and CDPs in Michigan by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description	Rank	Percentile
Total Population	# 242	68th
Population Density	# 548	27th
Median Household Income	# 553	26th
Housing Affordability Index	# 725	97th
Per Capita Income	# 425	43rd
Diversity Index	# 484	35th

Variable Description

Rank

Percentile

Total Population

# 242

68th

Population Density

# 548

27th

Median Household Income

# 553

26th

Housing Affordability Index

# 725

97th

Per Capita Income

# 425

43rd

Diversity Index

# 484

35th

Michigan Census Data Comparison Tool

Iron River, MI Profile: Facts & Data

Iron River, Michigan - Basic Facts

Iron River, MI Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Iron River, MI - Peer Comparisons by Rank and Percentile

Iron River, MI - Most Popular Things to Do

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