Iron River, MI vs Memphis, MI

The cost of living difference between Iron River, MI and Memphis, MI is dramatic. Iron River is 30.6% cheaper than Memphis, a gap that translates to thousands of dollars per year in household expenses. Iron River has a cost index of 52 while Memphis sits at 75, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Iron River is $435/month compared to $832/month in Memphis — a 48% difference. Home values follow the same pattern: Iron River is more affordable at $75,000 median vs $190,400.

Median household income in Iron River is $48,750 compared to $60,884 in Memphis (-19.9%). The higher salaries in Memphis partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Iron River spend roughly 10.7% of their income on rent, less than the 16.4% in Memphis.