Affordable

What Salary Do You Need to Live in Iron River?

To afford a 2-bedroom in Iron River, you need to earn at least $29,840/year based on estimated fair market rent data. The median household income here is $49,688, which means the typical resident is $19,848 above the threshold.

Census ACS Data Pop. 699

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$522	$1,740	$20,880	$-28,808
1 Bedroom	$619	$2,063	$24,760	$-24,928
2 Bedroom BENCHMARK	$746	$2,487	$29,840	$-19,848
3 Bedroom	$910	$3,033	$36,400	$-13,288
4 Bedroom	$1,119	$3,730	$44,760	$-4,928

Affordability Breakdown

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

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$49,688

Annual household

2BR Required Salary

$29,840

Under 30% rule

Income Gap

+$19,848

Surplus

Verdict

Affordable

Ratio: 18.0%

The 30% Rule Calculator

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

Your Annual Salary

Pre-filled with Iron River's median household income

Max monthly rent you can afford$1,242

Studio

$522/mo

1 BR

$619/mo

2 BR

$746/mo

3 BR

$910/mo

4 BR

$1,119/mo

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

Salary Comparison by Bedroom

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

Affordable Above Median Median Income

What This Means If You're Moving to Iron River

Living in Iron River is well within reach for most median-income earners. With a $19,848 cushion between what residents earn and what a 2-bedroom requires, households in Iron River typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Iron River, a studio at $522/month offers an even more aggressive savings rate. Even a 3-bedroom at $910/month remains accessible for dual-income households earning above $36,400.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $44,760 would position you well — though many residents in Iron River 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 Iron River, Wisconsin.

With a total population of 699, the city supports an active civilian workforce of 283 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $29,840 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

283

Active civilian employees in Iron River

Frequently Asked Questions About Renting in Iron River

What salary do I need to live in Iron River, Wisconsin?

To afford a 2-bedroom in Iron River under the 30% rule, you need an annual salary of at least $29,840. The median household income in Iron River is $49,688.

Can I afford a 2-bedroom in Iron River on $49,688?

The affordability verdict for Iron River is "Affordable". The rent-to-income ratio is 18.0%, meaning median earners have a $19,848 surplus.

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

The median gross rent in Iron River is $619/month. With a median household income of $49,688, residents spend approximately 18.0% of their income on rent.

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

A studio in Iron River rents for approximately $522/month. Under the 30% rule, you need an annual salary of $20,880 to afford this.

Is Iron River considered an affordable place to live?

Based on the surplus of $19,848 and an affordability verdict of "Affordable", Iron River is considered a affordable rental market when comparing the required 2-bedroom salary of $29,840 to the local median household income.

How Iron River Compares

Other cities in Wisconsin with salary requirements