Affordable

What Salary Do You Need to Live in Mountain Iron?

To afford a 2-bedroom in Mountain Iron, you need to earn at least $39,200/year based on estimated fair market rent data. The median household income here is $67,429, which means the typical resident is $28,229 above the threshold.

Census ACS Data Pop. 2,862

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$686	$2,287	$27,440	$-39,989
1 Bedroom	$813	$2,710	$32,520	$-34,909
2 Bedroom BENCHMARK	$980	$3,267	$39,200	$-28,229
3 Bedroom	$1,196	$3,987	$47,840	$-19,589
4 Bedroom	$1,470	$4,900	$58,800	$-8,629

Affordability Breakdown

Where the required salary line crosses above Mountain Iron's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$67,429

Annual household

2BR Required Salary

$39,200

Under 30% rule

Income Gap

+$28,229

Surplus

Verdict

Affordable

Ratio: 17.4%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Mountain Iron

Your Annual Salary

Pre-filled with Mountain Iron's median household income

Max monthly rent you can afford$1,686

Studio

$686/mo

1 BR

$813/mo

2 BR

$980/mo

3 BR

$1,196/mo

4 BR

$1,470/mo

Your salary is $0 above the median income in Mountain Iron.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Mountain Iron's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Mountain Iron

Mountain Iron, Minnesota stands out as one of the more financially accessible housing markets in the state. The median household income of $67,429 significantly exceeds the $39,200 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $28,229 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Mountain Iron, a studio at $686/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,196/month remains accessible for dual-income households earning above $47,840.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $58,800 would position you well — though many residents in Mountain Iron manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Mountain Iron, Minnesota.

With a total population of 2,862, the city supports an active civilian workforce of 1,465 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $39,200 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

1,465

Active civilian employees in Mountain Iron

Frequently Asked Questions About Renting in Mountain Iron

What salary do I need to live in Mountain Iron, Minnesota?

To afford a 2-bedroom in Mountain Iron under the 30% rule, you need an annual salary of at least $39,200. The median household income in Mountain Iron is $67,429.

Can I afford a 2-bedroom in Mountain Iron on $67,429?

The affordability verdict for Mountain Iron is "Affordable". The rent-to-income ratio is 17.4%, meaning median earners have a $28,229 surplus.

What is the average rent in Mountain Iron compared to median income?

The median gross rent in Mountain Iron is $813/month. With a median household income of $67,429, residents spend approximately 17.4% of their income on rent.

What salary do I need for a studio in Mountain Iron?

A studio in Mountain Iron rents for approximately $686/month. Under the 30% rule, you need an annual salary of $27,440 to afford this.

Is Mountain Iron considered an affordable place to live?

Based on the surplus of $28,229 and an affordability verdict of "Affordable", Mountain Iron is considered a affordable rental market when comparing the required 2-bedroom salary of $39,200 to the local median household income.

How Mountain Iron Compares

Other cities in Minnesota with salary requirements