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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Iron Mountain, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Iron Mountain, MI Housing Market Trends

With a population of 7,495, 3,393 total housing units (homes and apartments), and a median house value of $221,091, house prices in Iron Mountain are solidly below the national average.

Single-family detached homes are the single most common housing type in Iron Mountain, accounting for 80.56% of the city's housing units. Other types of housing that are prevalent in Iron Mountain include large apartment complexes or high rise apartments ( 10.44%), duplexes, homes converted to apartments or other small apartment buildings ( 6.14%), and a few mobile homes or trailers ( 1.76%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Iron Mountain. Owner-occupied housing accounts for 74.25% of Iron Mountain's homes, and 58.83% have either three or four bedrooms, which is average sized relative to America.

The housing in Iron Mountain was primarily built before 1939 ( 37.73%), making the housing stock in Iron Mountain some of the oldest overall in America, although there is a range of ages of homes in Iron Mountain. The next most important housing age is between 1940-1969 ( 35.44%), followed by between 1970-1999 ( 22.20%). There's also some housing in Iron Mountain built between 2000 and later ( 4.63%).

Iron Mountain Home Appreciation Rates

Real estate appreciation rates in Iron Mountain's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.16% during the period.

Appreciation rates are so strong in Iron Mountain that despite a nationwide downturn in the housing market, Iron Mountain real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Iron Mountain appreciation rates continue to be some of the highest in America, at 9.18%, which is higher than appreciation rates in 81.98% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Iron Mountain. Iron Mountain appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.

Relative to Michigan, our data show that Iron Mountain's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$221,091

Iron Mountain, MI Home Prices
> $1,450,000
$1,087,001 - $1,450,000
$725,001 - $1,087,000
$580,001 - $725,000
$435,001 - $580,000
$290,001 - $435,000
$145,001 - $290,000
$73,001 - $145,000
$0 - $73,000
0.5%
0.5%
0.1%
0.1%
3.2%
3.2%
1.1%
1.1%
2.7%
2.7%
15.2%
15.2%
28.3%
28.3%
30.7%
30.7%
18.3%
18.3%
0% 100.0%
% of Homes
Average

for Michigan

Low

for nation

Number of Homes And Apartments:

3,393

Iron Mountain Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,387 / per month

Homeownership Rate

Owners
Renters
74.2%
74.2%
25.8%
25.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.6%
6.6%
93.4%
93.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.6%
4.6%
22.2%
22.2%
35.4%
35.4%
37.7%
37.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
80.6%
80.6%
1.1%
1.1%
6.1%
6.1%
10.4%
10.4%
1.8%
1.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.6%
4.6%
7.5%
7.5%
27.3%
27.3%
42.7%
42.7%
16.1%
16.1%
1.8%
1.8%
0% 100.0%
% of Homes

Popular Neighborhoods in Iron Mountain

Zip Codes in Iron Mountain, MI