Caspian, Michigan.
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to buy the typical home at today's mortgage rate — +$753 (+119%) since Jan 2020.
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Michigan$1,384
- United States$1,922
Living in Caspian, Iron County, Michigan
Caspian is a city of 805 people in Iron County. Half its households earn more than $32,794 a year and half less, against $55,940 across Iron County. 75% of its homes are lived in by their owners and 25% are rented. Unemployment in Iron County was 6.2% in August 2026, and the county had 1.1% fewer jobs in 2025 than the year before. The most people in Iron County work in schools and health care, then manufacturing.
Written by AI Claude Sonnet 5.5 wrote this on 24 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Caspian is a small city in Iron County, in Michigan's Upper Peninsula. Most homes are lived in by their owners, and household incomes run well below the county's. Relatively few adults hold a four-year degree. Winters are long and cold, with January the coldest month and snow piling up through the season, while July is the warmest, with pleasantly warm days. Rain and melted snow add up to a fair amount over the year.
Work. Residents work mostly in schools, hospitals and social care, followed by manufacturing, shops, and restaurants, hotels and entertainment. Across Iron County, some of the largest workplaces are the Iron County Medical Care Facility, Aspirus Iron River Hopsital & Clinic and West Iron County Public Schools. Unemployment in the county is a little lower than it was a year ago, though the county has fewer jobs than it did the year before. Few residents work from home.
Things to do. Ski Brule, a ski area, is a short drive away, which suits the snowy winters. Bewabic State Park, a protected area, and Hagerman Lake are also a short drive away for time outdoors. For a longer outing, Ottawa National Forest is a longer drive away.
Report a mistake
- 13%of adults have a degree
- 8%work from home
What people in Iron County work in
Employed residents by industry, from the Census survey. Iron County had 3,371 jobs in 2025, 1.1% fewer than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 21° and lows near 0°; warmest in July, with highs near 77° and lows near 50°. About 67 inches of snow and 31 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Stambaugh 2SSE weather station, under a mile away (NOAA).
Largest workplaces in Iron County
- Iron County Medical Care Facility201
- J.F. Leman & CompanyNaval ship building126
- Aspirus Iron River Hopsital & ClinicCritical access hospital119FTE
- West Iron County Public SchoolsSchool district99FTE
- VestisIndustrial launderers89
- Forest Park School DistrictSchool district60FTE
- Holm BuildersLumber, softwood dimension, resawing purchased lumber28
- Hebert Construction CompanyPavement, highway, road, street, bridge or airport runway, construction24
Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 8 workplaces with 20 or more staff, 745 people in all across the county; Caspian has two of its own. Hospitals come from their Medicare cost reports (CMS, 2023) and school districts from the Common Core of Data (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.
Natural hazards
- Cold wavesVery high
- HailRelatively high
- Winter weatherRelatively high
- LightningRelatively high
- Strong windRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Caspian’s census tracts, against the rest of the country; all of them together, relatively high. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Iron County.
Caspian home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
Not enough data to draw this yet.
Market heat, inside the city limits
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Caspian7
Zip codes with a Caspian address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Caspian — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.