Iron River, WI vs Lake Lorraine, WI

Iron River is moderately more affordable than Lake Lorraine, with a 14.5% lower cost of living index. Iron River scores 65 compared to 76 for Lake Lorraine, where the US average is 100. This difference means residents of Lake Lorraine can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Iron River is $653/month compared to $933/month in Lake Lorraine — a 30% difference. Home values follow the same pattern: Iron River is more affordable at $152,100 median vs $194,500.

Median household income in Iron River is $55,294 compared to $55,208 in Lake Lorraine (+0.2%). Iron River offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Iron River spend roughly 14.2% of their income on rent, less than the 20.3% in Lake Lorraine.