Quick facts: Norway, MI

Quick Facts

94.9
Cost of Living
below US average
2,827
Population
14.86
Crime Rate per 1000
below US average
$49,261
Median Income
below US average
$129,900
Median House Price
above US average
$1435
Average Rent
above US average
15%
Poverty Rate
above US average
4.5%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $49,261.

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Income Needed to Buy

βœ“ Affordable
$41k/year
Based on $129,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($49,261) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $61k vs median $49,261
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Norway, MI

Norway, located in the Upper Peninsula of Michigan, is a small yet charming city known for its rich history and scenic beauty. Nestled in Dickinson County, it boasts a population of around 2,800 residents. Founded in the late 19th century, Norway emerged as an important hub for iron ore mining, contributing to the area's economic growth. The city is surrounded by lush forests and stunning natural landscapes, making it a great destination for outdoor enthusiasts. Popular activities include hiking, fishing, and snowmobiling, especially in nearby parks and recreational areas. Norway is also recognized for its quaint downtown area, featuring local shops and eateries that offer a taste of the community's hospitality. Culturally, Norway reflects a blend of its Scandinavian heritage, evident in local events and festivals. The city is home to the Norway-Vulcan Area Schools, which serve the educational needs of the community. With a close-knit atmosphere and an abundance of natural beauty, Norway, MI is a hidden gem for those seeking tranquility and adventure in a picturesque setting.

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