Living in Silver Bay, Minnesota
Cost of living, income, home prices, rent and demographics of Silver Bay · Census data 2020–2024
Silver Bay has 1,769 residents with a median age of 47.6. The median household income is $69,489 (22% lower than the Minnesota median), the median home value is $158,900, the median rent is $1,140/month.
Silver Bay at a glance
- Population
- 1,769
- Median age
- 47.6State: 38.8
- Median household income
- $69,489State: $89,062
- Median home value
- $158,900State: $329,300
- Median rent
- $1,140/moState: $1,280
- Homeowners
- 80.1%
- Bachelor's degree or higher
- 21.8%
- Average commute
- 20 min
Is Silver Bay a good place to live?
Pros: Home values 52% lower than the state median; an average commute of 20 minutes; unemployment of 2.8%.
Cons: Median household income 22% lower than the Minnesota median; a poverty rate of 9.9%.
The weather is best in June to September.
Cost of living in Silver Bay
Housing is the biggest part of the cost of living. In Silver Bay the median home value is $158,900, 52% lower than the U.S. median. Renters pay a median of $1,140 per month, which is 19.3% of household income. Homeowners with a mortgage pay $1,038 a month in housing costs.
Silver Bay median household income
The median household income in Silver Bay is $69,489 and the income per person is $41,711. 9.9% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Silver Bay: homes for sale and rent
- Housing units
- 979
- Owner-occupied
- 80.1%
- Renter-occupied
- 19.9%
- Vacant
- 11.2%Includes seasonal homes
- Median year built
- 1957
- Average household size
- 1.94
Silver Bay demographics
- Population
- 1,769
- Median age
- 47.6
- Under 18
- 20.4%
- 65 and older
- 30.1%
- Households
- 869
- Foreign-born
- 2.1%
- Veterans
- 6.1%Adults 18+
Hispanic or Latino can be of any race. Population history of Silver Bay ›
Education in Silver Bay
21.8% of adults 25 and older in Silver Bay have a bachelor's degree or higher (Minnesota: 39.4%), and 5% have a graduate or professional degree.
Jobs and commute in Silver Bay
- Unemployment rate
- 2.8%State: 4.1%
- Average commute
- 20 minState: 23 min
- Work from home
- 12.5%
- Drive alone
- 78.4%
- Public transit
- 0%
- Walk to work
- 4.2%
- Homes with broadband
- 88.8%
Silver Bay vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Silver Bay | 1,769 | $69,489 | $158,900 | $1,140 |
| Finland | 257 | $53,500 | $181,700 | $679 |
| Two Harbors | 3,567 | $65,625 | $206,800 | $1,079 |
| Cornucopia | 108 | $104,375 | $279,400 | — |
| Knife River | 131 | $78,208 | — | — |
| Port Wing | 148 | $52,500 | $162,500 | — |
| Lutsen | 222 | $76,944 | $376,700 | $1,010 |
| Babbitt | 1,393 | $55,875 | $102,300 | $737 |
| Bayfield | 565 | $70,982 | $320,100 | $1,142 |
More for people moving to Silver Bay
Silver Bay ZIP code ›Weather and climate ›Living in Silver Bay: FAQ
What is the median household income in Silver Bay, MN?
The median household income in Silver Bay is $69,489, 22% lower than the Minnesota median of $89,062 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Silver Bay?
The median home value in Silver Bay is $158,900, compared with $329,300 in Minnesota.
How much is rent in Silver Bay?
The median gross rent in Silver Bay is $1,140 per month, about 19.3% of household income.
Is Silver Bay, MN a good place to live?
Pluses: home values 52% lower than the state median; an average commute of 20 minutes; unemployment of 2.8%. Minuses: median household income 22% lower than the Minnesota median; a poverty rate of 9.9%.
What is the median age in Silver Bay?
The median age in Silver Bay is 47.6 years (Minnesota: 38.8).
How long is the commute in Silver Bay?
The average commute to work in Silver Bay is 20 minutes; 12.5% of workers work from home.
What is the unemployment rate in Silver Bay?
The unemployment rate in Silver Bay is 2.8% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Silver Bay?
21.8% of adults in Silver Bay have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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