Iron Mountain cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexIron MountainMichiganNational
Cost of living index8289100
IndexIron MountainMichiganNational
Goods & Services index9394100
Groceries index9194100
Health care index104100100
Housing index5173100
Transportation index103101100
Utilities index10396100
A general overview of the cost of living index for Iron Mountain, MI is displayed above. In Iron Mountain, MI, the overall cost of living index is 82, which is 7% lower than the Michigan average and 18% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Iron Mountain, MI, the city's goods and services are 2% lower than the Michigan average and 7% lower than the U.S. average.

Did you know?

  • The cost of living in Iron Mountain is 7% lower than the Michigan average.
  • The cost of living in Iron Mountain is 18% lower than the national average.
  • The cost of housing in Iron Mountain is 49% lower than the national average.
  • Michigan general sales tax is 18% higher than the national average.
  • Michigan state income tax is 91% higher than the national average.

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Compare Iron Mountain, MI Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Iron Mountain, MI to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Iron Mountain, MI, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Iron Mountain, MI salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$47,083$3,924$1,099$1,413
Renters$25,122$2,094$586$754
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Iron Mountain, MI as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Iron Mountain, MI homeowners, is $47,083. This would allow for a maximum of $1,099 per month to be spent on housing costs. For renters, the median monthly income is $25,122 which would result in a maximum of $586 to be spent on rental costs.

Michigan Sales Tax

StateGeneral Sales TaxWith Max Surtax
Michigan6%6%

Michigan Income Tax

StateIncome Tax (Low)Income Tax (High)
Michigan4.25%4.25%
One thing to keep in mind when considering the cost of living in Iron Mountain, MI is the Michigan sales tax and Michigan income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Michigan sales tax rate is 6% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Michigan income tax rates range from 4.25% to 4.25%.

Goods & Services

ItemIron MountainNational avg.Difference
Haircut $9.88$15.5636.5%
Beauty Salon $23.75$36.1134.2%
Toothpaste $1.51$2.4739.0%
Shampoo $0.90$0.966.9%
Movie $10.06$10.130.6%
Bowling $2.60$4.7445.1%

Groceries

ItemIron MountainNational avg.Difference
Ground Beef $3.85$3.983.3%
Fried Chicken $1.42$1.410.6%
Milk $1.66$2.0619.5%
Potatoes $1.78$2.9840.5%
Pizza $8.97$9.475.4%
Beer $7.44$8.7915.4%

Health Care

ItemIron MountainNational avg.Difference
Optometrist $60.59$101.0440.0%
Doctor $138.70$107.4429.1%
Dentist $86.47$90.424.4%
Ibuprofen $9.33$9.280.6%
Lipitor $438.22$426.502.7%

Housing

ItemIron MountainNational avg.Difference
Home Price $74,700.00$175,700.0057.5%
Avg. Mortgage Payment $877.86$1,133.2322.5%
Apartment Rent $652.00$920.0029.1%

Transportation

ItemIron MountainNational avg.Difference
Gasoline $1.96$1.991.6%
Tire Balancing $51.31$45.7612.1%

Utilities

ItemIron MountainNational avg.Difference
All Electricity$145.56$163.8111.1%
Phone $34.63$28.3922.0%
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, StatePopulationCost of Living IndexNational Avg.
Pembine, WI20276-24%
Goodman, WI26777-23%
Florence, WI57380-20%
Niagara, WI1,63380-20%
Norway, MI2,84381-19%
Iron Mountain, MI7,59382-18%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Mahomet, IL7,5921022%
Fort Lupton, CO7,59598-2%
Harrison, TN7,59591-9%
Calipatria, CA7,59990-10%
Ridgefield, CT7,59918181%
Iron Mountain, MI7,59382-18%
Source: The Iron Mountain, MI cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.