Iron Mountain, MI Cost Of Living
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 87, with 100 being the average.
The cost of living index in Iron Mountain is 0.9x lower than the national average.
Iron Mountain ranks as the #50 cheapest in Michigan out of 180.
Iron Mountain ranks as the #777 cheapest out of 6,489 in the US.
The median home value in Iron Mountain is $183,246.
The median income in Iron Mountain is $56,622.
Table Of Contents
Iron Mountain's Overall Cost Of Living
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 87, which is 0.9x lower than the national index of 100.
Compared to Michigan, Iron Mountain has a cost of living index that's 1.0x lower than Michigan's index of 90.
The standard of living in Iron Mountain ranks as #50 most affordable out of the 180 places we measured in Michigan. By definition, that implies Iron Mountain ranks as the #130 most expensive place in the Wolverine State.
For more reading on life in Iron Mountain, check out:
In Michigan
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 97.
The Groceries index in Iron Mountain is 96.
The Health index in Iron Mountain is 95.
The Housing index in Iron Mountain is 55.
The Transportation index in Iron Mountain is 97.
The Utilities index in Iron Mountain is 98.
| Living Expense | Iron Mountain | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 87 | 90 | 100 | |
| Services | 97 | 93 | 100 | |
| Groceries | 96 | 97 | 100 | |
| Health | 95 | 91 | 100 | |
| Housing | 55 | 72 | 100 | |
| Transportation | 97 | 96 | 100 | |
| Utilities | 98 | 99 | 100 | |
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 2019-2023. The key points are:
The Median Home Value in Iron Mountain is $183,246.
The Median Rent in Iron Mountain is $656.
The Median Income in Iron Mountain is $56,622.
The Home Value To Income in Iron Mountain is 3.2x.
The Rent To Monthly Income in Iron Mountain is 0.14x.
| Statistic | Iron Mountain | Michigan | United States |
|---|---|---|---|
| Median Home Value | $183,246 | $258,642 | $303,400 |
| Median Rent | $656 | $1,084 | $1,348 |
| Median Income | $56,622 | $71,149 | $78,538 |
| Home Value To Income | 3.2x | 3.6x | 3.9x |
| Rent To Monthly Income | 0.14x | 0.18x | 0.21x |
Median Home Value
Median Rent
Median Income
Iron Mountain, MI Costs By Category
Detailed Iron Mountain Services Costs Vs. Michigan
| Item | Iron Mountain | Michigan |
|---|---|---|
| Shampoo | $1.29 | $1.28 |
| Movie | $14.24 | $12.13 |
| Bowling | $17.83 | $18 |
| Haircut | $20.11 | $24.26 |
| Beauty Salon | $30.55 | $45.56 |
Detailed Iron Mountain Groceries Costs Vs. Michigan
| Item | Iron Mountain | Michigan |
|---|---|---|
| Ground Beef | $6.1 | $5.84 |
| Fried Chicken | $1.42 | $1.57 |
| Milk | $4.73 | $4.67 |
| Potatoes | $4.35 | $4.93 |
| Pizza | $10.54 | $12.09 |
| Beer | $8.87 | $10.41 |
| Toothpaste | $3.73 | $3.7 |
Detailed Iron Mountain Health Costs Vs. Michigan
| Item | Iron Mountain | Michigan |
|---|---|---|
| Optometrist | $78.75 | $125.68 |
| Doctor | $157.9 | $135.78 |
| Dentist | $104.06 | $113.29 |
Detailed Iron Mountain Transportation Costs Vs. Michigan
| Item | Iron Mountain | Michigan |
|---|---|---|
| Gasoline | $3.32 | $3.46 |
| Tire Balancing | $63.04 | $59.92 |
Detailed Iron Mountain Utilities Costs Vs. Michigan
| Item | Iron Mountain | Michigan |
|---|---|---|
| All Electricity | $191.22 | $193.99 |
| Phone | $185.4 | $192.25 |
Iron Mountain SnackAbility
/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 83, 1.0x Iron Mountain.
Ishpeming, MI has a cost of living index of 81, 0.9x Iron Mountain.
| City | Population | Cost Of Living | Vs. Iron Mountain |
|---|---|---|---|
| Escanaba, MI | 12,374 | 83 | 1.0x |
| Ishpeming, MI | 6,173 | 81 | 0.9x |
