Cost Of Living in Ironwood, MI

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Ironwood	Michigan	National
Cost of living	74	89	100
Goods & Services	83	93	100
Groceries	96	99	100
Health care	125	93	100
Housing	34	74	100
Transportation	89	97	100
Utilities	95	101	100

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Cost Of Living Quick Facts

The cost of living in Ironwood is 18% lower than the Michigan average
The cost of living in Ironwood is 26% lower than the national average
Ironwood housing is 66% lower than the national average
Michigan general sales tax is 18% higher than the national average
Michigan state income tax is 64% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$36,383	$3,032	$849	$1,092
Renters	$20,653	$1,721	$482	$620

The affordability of the housing market in Ironwood, MI as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Ironwood homeowners, the median income is $36,383. This indicates that a monthly maximum of $849 should be spent by homeowners on all housing related costs. Renters have a median income of $20,653. This indicates that renters would have a maximum of $482 for their rent related monthly costs.

Michigan Sales Tax

State	General Sales Tax	With Max Surtax
Michigan	6%	6%

Michigan Income Tax

State	Income Tax (Low)	Income Tax (High)
Michigan	4.25%	4.25%

Goods & Services

Item	Ironwood	National avg.	Difference
Haircut	$28.71	$24.26	18.3%
Beauty Salon	$44.93	$45.56	1.4%
Toothpaste	$3.62	$3.70	2.3%
Shampoo	$1.18	$1.28	7.6%
Movie	$14.28	$12.13	17.7%
Bowling	$16.88	$18.00	6.2%

Groceries

Item	Ironwood	National avg.	Difference
Ground Beef	$5.41	$5.84	7.3%
Fried Chicken	$1.47	$1.57	6.5%
Milk	$4.78	$4.67	2.3%
Potatoes	$4.45	$4.93	9.9%
Pizza	$12.91	$12.09	6.8%
Beer	$8.70	$10.41	16.5%

Health Care

Item	Ironwood	National avg.	Difference
Optometrist	$89.62	$125.68	28.7%
Doctor	$202.67	$135.78	49.3%
Dentist	$110.30	$113.29	2.6%
Ibuprofen	$10.89	$10.65	2.2%
Lipitor	$447.61	$468.60	4.5%

Housing

Item	Ironwood	National avg.	Difference
Home Price	$52,800.00	$184,700.00	71.4%
Avg. Mortgage Payment	$2,296.35	$2,346.69	2.1%
Apartment Rent	$453.00	$949.00	52.3%

Transportation

Item	Ironwood	National avg.	Difference
Gasoline	$3.25	$3.46	6.1%
Tire Balancing	$66.53	$59.92	11.0%

Utilities

Item	Ironwood	National avg.	Difference
All Electricity	$214.46	$193.99	10.5%
Phone	$184.65	$192.25	4.0%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Iron Belt, WI	151	72	28.0%
Wakefield, MI	1,669	74	25.8%
Hurley, WI	1,395	75	25.3%
Pence, WI	95	75	25.0%
Saxon, WI	58	75	24.8%
Ironwood, MI	4,925	74	26.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Adel, IA	4,924	96	4.1%
Adairsville, GA	4,926	92	8.3%
Monticello, LA	4,926	95	4.9%
Duryea, PA	4,926	89	10.6%
Osage Beach, MO	4,923	103	3.4%
Ironwood, MI	4,925	74	26.5%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Ironwood, MI