Market Overview
Home Prices in Iron River, MI
The median home value in Iron River, MI is $125,437 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.2% compared to a year ago and up 10.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Iron River are priced69% below average.
Over the past five years, Iron River home values have risen by approximately35.6%, reflecting strong long-term appreciation in this market.
Price History
Iron River Home Price Trend
2020
$80,281
$80K
—
2021
$92,488
$92K
+15.2%
2022
$92,890
$93K
+0.4%
2023
$96,625
$97K
+4.0%
2024
$107,904
$108K
+11.7%
2025
$119,208
$119K
+10.5%
2026
$125,437
$125K
+5.2%
City Comparison
Iron River vs. National Median
🏠 Iron River
$125,437
National Median
$410,000
At $125,437, homes in Iron River cost 69% below the national median of $410,000. This makes Iron River a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Iron River?
20% Down Payment
$25,087
on $125,437
Monthly P&I
$654/mo
30-yr @ 6.8%
Total Monthly Est.
~$831/mo
incl. taxes & insurance
Income Needed
$33,240
gross annual (30% rule)
10% Down Option
$12,544
+ PMI applies
Loan Amount (20% dn)
$100,350
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Iron River, MI?
The median home value in Iron River is $125,437 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.2% year-over-year.
How much have home prices changed in Iron River?
Over the past year, home values in Iron River have increased by 5.2%. Over five years, prices have risen approximately 35.6%.
How much do I need to earn to buy a home in Iron River?
To comfortably afford the median home price of $125,437 with a 20% down payment ($25,087) at today's rates (6.8%), you'd need a gross annual income of approximately $33,240. This assumes keeping total housing costs at or below 30% of gross income.
How does Iron River compare to the national average home price?
The national median home value is approximately $410,000. At $125,437, homes in Iron River are 69% below the national average.