11.5% of the population for whom poverty status is determined in Mountain Iron, MN (328 out of 2.85k people) live below the poverty line, a number that is lower than the national average of 12.5%. The largest demographic living in poverty are Females 25 - 34, followed by Females 18 - 24 and then Females 15.

The most common racial or ethnic group living below the poverty line in Mountain Iron, MN is White, followed by Native American and Asian.

The Census Bureau uses a set of money income thresholds that vary by family size and composition to determine who classifies as impoverished. If a family's total income is less than the family's threshold than that family and every individual in it is considered to be living in poverty.