Iron County Real Estate and Livability Trends
Iron County, Michigan has seen a significant increase in average taxable income, rising from $39,449.18 in 2013 to $56,897.71 in 2021, hinting at potential economic growth that could lead to higher property values. However, fluctuating state and local income taxes, which peaked at $10,516.67 in 2019, may complicate the financial landscape for investors. Home values have steadily risen from... Read more
Iron County Market Trends
Iron County, Michigan, has experienced a steady rise in median home values from $74,400 in 2015 to $95,800 in 2022, yet remains more affordable compared to state and national averages. Fluctuations in the residential energy tax credit, peaking at $500.00 in 2021, suggest periodic investments in energy-efficient home improvements, which are increasingly relevant for home valuations. Average real... Read more
Median Value of Occupied Housing Units in Iron County, Michigan Over the Last 8 Years
Iron County, Michigan has seen a consistent upward trend in median home values over the past eight years, rising from $74,400 in 2015 to $95,800 in 2022. Despite this increase, home values in Iron County remain significantly lower than both the state and national averages. In comparison, Michigan's median home values grew from $122,400 to $201,100, and the national figures surged from $125,500 to $179,400 during the same period. This relatively affordable market may offer a compelling opportunity for investors or individuals looking to move to a more economical location, especially when considering the broader, more expensive housing trends at the state and national levels.
Residential Energy Tax Credit Per Tax Return in Iron County, MI Over the Last 8 Years
The residential energy tax credit per tax return in Iron County, Michigan, has seen some significant fluctuations over the last eight years. From a low of approximately $200.00 in 2015 to a peak of $500.00 in 2021, these shifts could imply varying levels of investment in energy-efficient home improvements. Notably, major spikes can be observed in 2016 and 2021, suggesting periods where there may have been increased focus or incentives on energy-saving modifications among homeowners. Indices like these might offer helpful insights for real estate agents and appraisers by highlighting potential energy efficiency trends, which are increasingly pertinent for home valuations and investment considerations.
Average Real Estate Taxes Per Tax Return in Iron County, MI Over the Last 10 Years
Over the past decade, Iron County, Michigan has experienced a noticeable rise in average real estate taxes per tax return. Starting at $2,921.25 in 2012, taxes have increased steadily, peaking at $4,875.00 in 2020 before slightly dipping to $4,169.23 in 2021. This trend could signal potential changes in property values or municipal fiscal policies, making it a useful indicator for investors, property developers, and real estate agents looking to forecast cost projections and market dynamics in the area.
Percentage of Farm Returns in Iron County, MI Over the Last 10 Years
Iron County, Michigan has seen modest fluctuations in the percentage of farm returns over the past decade, with figures mostly staying within the 1.26% to 1.62% range. Farm tax returns reflect the portion of income that residents attribute to agricultural activities, indicating the vitality and economic contribution of farming in the area. These variations can hint at shifting economic priorities or external factors affecting farm revenues, offering potential investors insights into the stability and growth prospects of the agricultural sector in Iron County.
Number of Mortgages by Occupancy Type in Iron County, MI Over the Last 5 Years in Iron County
Over the last five years, Iron County, Michigan has seen a steady increase in mortgage counts for principal residences, while investment properties have remained relatively low and stable. Notably, second residences have shown significant fluctuation, with a noticeable peak in 2021. This trend might suggest an evolving real estate market where primary residences are in high demand, which could influence property values and affect insurance premiums, appraisals, and investment decisions. Real estate agents and prospective buyers might find these patterns crucial when considering the market dynamics and future opportunities in Iron County.
Economic Outlook
Iron County, Michigan has shown a clear increase in average taxable income per tax return from roughly $39,449.18 in 2013 to approximately $56,897.71 in 2021, hinting at potential economic growth and possibly rising property values. The variability in state and local income taxes, peaking at $10,516.67 in 2019 before settling at $7,416.67 by 2021, adds a layer of complexity for investors evaluating the financial landscape. The gradual increase in total tax liability to $8,417.56 by 2021 could... Read more
Average Taxable Income per Tax Return in Iron County, MI over the last 9 years
Iron County, Michigan has experienced a notable increase in average taxable income per tax return over the past nine years. From 2013's roughly $39,449.18 to 2021's approximately $56,897.71, there's a clear upward trajectory, indicating potential economic growth. For those interested in real estate investment or appraisals, this trend could signal rising property values and a financially improving population. Insurance agents might also see opportunities here, as increased incomes often correlate with higher insurance needs and coverage limits. Potential new residents and businesses might view Iron County more favorably due to this economic increase, reflecting stronger local spending power and possibly more stability.
Average State and Local Income Taxes Per Tax Return in Iron County, MI Over the Last 10 Years
Iron County, Michigan has experienced notable fluctuations in state and local income taxes per tax return over the past decade. Beginning around $3,964.71 in 2012, the numbers gradually increased, with a significant jump to $8,500.00 in 2018 and peaking at $10,516.67 in 2019, before decreasing somewhat to $7,416.67 by 2021. This variability in tax burden could be a critical consideration for potential investors and residents evaluating the financial landscape and cost of living in the area.
Average Total Tax Liability Per Tax Return in Iron County, MI Over the Last 10 Years
Over the last decade, Iron County, Michigan, has seen a noticeable fluctuation in average total tax liability per tax return. Starting at around $5,081.12 in 2012, the trend shows a relatively steady increase, peaking dramatically at $8,417.56 in 2021. This gradual upward trajectory, punctuated by a significant spike in the most recent year, could suggest varying economic conditions or changes in tax policy. For potential investors, property developers, and real estate agents, it’s worth considering these tax trends as they may impact long-term financial planning and property valuation in the region.
Cost of Living in Iron County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,150 | $1,428 | $2,100 | $1,049 | $1,212 |
| 1 adult 4 children | $1,150 | $1,166 | $1,608 | $1,049 | $1,292 |
| 2 adults 3 children | $1,150 | $1,166 | $1,822 | $1,049 | $995 |
| 1 adult 3 children | $1,150 | $952 | $1,329 | $1,049 | $1,048 |
| 2 adults 2 children | $826 | $955 | $1,543 | $909 | $845 |
| 1 adult 2 children | $826 | $713 | $1,050 | $909 | $747 |
| 2 adults 1 child | $826 | $755 | $1,264 | $455 | $779 |
| 1 adult 1 child | $826 | $487 | $771 | $455 | $628 |
| 2 adults | $628 | $606 | $985 | $0 | $666 |
| 1 adult | $552 | $331 | $493 | $0 | $528 |
Safety trends & Data
Iron County, Michigan has experienced fluctuating property crime trends over the past five years. Vandalism incidents hit a peak of up to 10 in 2019 but largely stayed in the lower single digits. Larceny-Theft saw a significant dip from 7 occurrences in 2018 to just 2 in 2019, although it rose slightly in the subsequent years. Motor vehicle thefts and embezzlement have remained relatively low, indicating these crimes are less common. Burglaries ranged from 3 to 5 annually. This information... Read more
Property Crime Trends in Iron County, MI Over the Last 5 Years
Iron County, Michigan has seen fluctuating property crime trends over the last five years. Vandalism incidents varied, with a peak of up to 10 in 2019, but generally stayed in the lower single digits. Larceny-Theft saw a notable dip from 7 occurrences in 2018 to just 2 in 2019, though levels were slightly higher in the following years. Motor vehicle thefts and embezzlement remained relatively low, suggesting these crimes are less common in the area. Burglaries were also sporadic, ranging from 3 to 5 annually. Real estate agents, property developers, and insurers might find these patterns helpful when assessing risk and investment opportunities in the county.
Demographics
Iron County, Michigan, exhibits a slight tilt toward a predominantly older adult population, which may suggest potential challenges in attracting younger demographics crucial for sustainable growth. Educational attainment appears varied, but there's a significant concentration of individuals having completed high school and some college, hinting at a workforce moderately prepared for diverse job roles. Racial distribution is overwhelmingly White, which could indicate limited cultural diversity,... Read more
Race Distribution in Iron County, Michigan (2022)
Educational Attainment in Iron County, Michigan (2022)
Age Distribution in Iron County, Michigan
Citizen Population in Iron County, Michigan (2022)
Political Trends & Data
Iron County, Michigan, showed a notable preference for the Republican party in the 2020 U.S. Presidential Election, suggesting a community with strong conservative leanings. Democrats still managed to secure a substantial minority of votes, indicating political polarization. Both Libertarian and Green parties had minimal impact, potentially highlighting limited third-party influence in local political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Iron County, Michigan, saw a significant lean towards the Republican party in the 2020 U.S. Presidential Election, potentially indicating strong conservative values among its voters. Democrats garnered support from a sizeable minority, while Libertarian and Green parties received minimal backing. These trends might suggest a polarized political landscape with limited influence from third parties.
62.10% of voters voted for the Republican party in the 2020 Presidential Election
36.72% of voters voted for the Democrat party in the 2020 Presidential Election
0.80% of voters voted for the Livertarian party in the 2020 Presidential Election
0.21% of voters voted for the Green party in the 2020 Presidential Election
0.18% of voters voted for the Other party in the 2020 Presidential Election
School Data
Iron County, Michigan has seen its student-to-teacher ratio peak at 18 in 2023, rising from a low of 15 in 2021. With ratios consistently above the national average of 14, this could signal larger class sizes and more strain on educational resources. For investors, real estate agents, and families, these trends might suggest a growing demand for educational facilities or necessary policy changes, potentially influencing property values and community growth... Read more
Student-to-teacher ratio in Iron County, Michigan over the last 10 years
Iron County, Michigan has experienced fluctuations in its student-to-teacher ratio over the past decade, with the ratio peaking at 18 in 2023, up from a low of 15 in 2021. These numbers generally exceed the national average of 14 students per teacher, which could indicate larger class sizes and potentially more strain on educational resources. For potential investors, real estate agents, and families considering a move to Iron County, these trends may suggest either a rising demand for educational facilities or the need for policy adjustments. For appraisers and insurance agents, these details might hint at the community's focus areas and growth pressures, affecting property values and insurance considerations respectively.
