FY2026 Fair Market Rents — Iron County
Studio
$756
1BR
$814
2BR
$1,068
3BR
$1,281
4BR
$1,414
Iron County, Michigan
FIPS 26071 · County-level FMR and income limit data
FMR Area: Iron County, MI
FY2026 Fair Market Rents
| Bedroom Size | Monthly FMR | Annual Equivalent |
|---|---|---|
| Efficiency (Studio) | $756 | $9,072 |
| 1-Bedroom | $814 | $9,768 |
| 2-Bedroom | $1,068 | $12,816 |
| 3-Bedroom | $1,281 | $15,372 |
| 4-Bedroom | $1,414 | $16,968 |
To afford the FY2026 2-bedroom FMR of $1,068/mo under the 30%-of-income rule, a household needs about
$42,720/yr ($3,560/mo). Area Median Income is $75,300.
At MI's state minimum wage of $12.48/hr, a worker would need to work 66 hours/week to afford that rent.
Recent FMR Trend
| Fiscal Year | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| FY2026 | $756 | $814 | $1,068 | $1,281 | $1,414 |
| FY2025 | $654 | $711 | $933 | $1,151 | $1,237 |
| FY2024 | $613 | $689 | $905 | $1,195 | $1,283 |
| FY2023 | $552 | $628 | $826 | $1,150 | $1,174 |
| FY2022 | $513 | $592 | $757 | $1,068 | $1,072 |
| FY2021 | $501 | $598 | $734 | $1,021 | $1,127 |
| FY2020 | $494 | $578 | $713 | $965 | $1,252 |
FY2026 Income Limits
Area Median Income: $75,300
| Income Level | 1p | 2p | 3p | 4p | 5p | 6p |
|---|---|---|---|---|---|---|
| 30% AMI | $17,600 | $21,640 | $27,320 | $33,000 | $38,680 | $44,360 |
| 50% AMI | $29,300 | $33,450 | $37,650 | $41,800 | $45,150 | $48,500 |
| 80% AMI | $46,850 | $53,550 | $60,250 | $66,900 | $72,300 | $77,650 |