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Iron Man uses powerful thrusters on his feet, which would be quite difficult to make in real life, not to mention expensive and dangerous.

Strapping propellers to you feet, howerver, poses an entirely new set of problems. You would need very large propellers to produce the thrust necessary to lift you off the ground. Those propellers would need heavy engines, adding weight and a bit of danger. So for now, Iron Man can only fly on the big screen or in comics.