Living in Silver Lake, Minnesota
Cost of living, income, home prices, rent and demographics of Silver Lake · Census data 2020–2024
Silver Lake has 815 residents with a median age of 43.7. The median household income is $74,432 (16% lower than the Minnesota median), the median home value is $202,600, the median rent is $844/month.
Silver Lake is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Silver Lake at a glance
- Population
- 815
- Median age
- 43.7State: 38.8
- Median household income
- $74,432State: $89,062
- Median home value
- $202,600State: $329,300
- Median rent
- $844/moState: $1,280
- Homeowners
- 80.2%
- Bachelor's degree or higher
- 10.8%
- Average commute
- 25 min
Is Silver Lake a good place to live?
Pros: Home values 38% lower than the state median; a poverty rate of 3.3%.
Cons: Median household income 16% lower than the Minnesota median; an average commute of 25 minutes; unemployment of 5.3%.
The weather is best in June to September.
Cost of living in Silver Lake
Housing is the biggest part of the cost of living. In Silver Lake the median home value is $202,600, 39% lower than the U.S. median. Renters pay a median of $844 per month, which is 15.2% of household income. Homeowners with a mortgage pay $1,402 a month in housing costs.
Silver Lake median household income
The median household income in Silver Lake is $74,432 and the income per person is $40,169. 3.3% of residents live below the poverty line (Minnesota: 9.3%).
Housing in Silver Lake: homes for sale and rent
- Housing units
- 373
- Owner-occupied
- 80.2%
- Renter-occupied
- 19.8%
- Vacant
- 5.4%Includes seasonal homes
- Median year built
- 1958
- Average household size
- 2.23
Silver Lake demographics
- Population
- 815
- Median age
- 43.7
- Under 18
- 17.8%
- 65 and older
- 21.6%
- Households
- 353
- Foreign-born
- 0.4%
- Veterans
- 6.3%Adults 18+
Hispanic or Latino can be of any race. Population history of Silver Lake ›
Education in Silver Lake
10.8% of adults 25 and older in Silver Lake have a bachelor's degree or higher (Minnesota: 39.4%), and 3.6% have a graduate or professional degree.
Jobs and commute in Silver Lake
- Unemployment rate
- 5.3%State: 4.1%
- Average commute
- 25 minState: 23 min
- Work from home
- 4.8%
- Drive alone
- 88.3%
- Public transit
- 0%
- Walk to work
- 1.8%
- Homes with broadband
- 92.1%
Silver Lake vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Silver Lake | 815 | $74,432 | $202,600 | $844 |
| Biscay | 138 | $138,750 | $188,900 | — |
| Lester Prairie | 1,898 | $96,544 | $237,400 | $688 |
| Winsted | 2,181 | $67,200 | $201,900 | $834 |
| Hutchinson | 14,680 | $72,836 | $229,600 | $940 |
| Glencoe | 5,695 | $71,356 | $227,900 | $1,101 |
| New Germany | 595 | $93,864 | $258,000 | $1,107 |
| Cokato | 2,782 | $70,288 | $223,300 | $797 |
| Plato | 242 | $91,250 | $239,700 | — |
More for people moving to Silver Lake
Silver Lake ZIP code ›Weather and climate ›Living in Silver Lake: FAQ
What is the median household income in Silver Lake, MN?
The median household income in Silver Lake is $74,432, 16% 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 Lake?
The median home value in Silver Lake is $202,600, compared with $329,300 in Minnesota.
How much is rent in Silver Lake?
The median gross rent in Silver Lake is $844 per month, about 15.2% of household income.
Is Silver Lake, MN a good place to live?
Pluses: home values 38% lower than the state median; a poverty rate of 3.3%. Minuses: median household income 16% lower than the Minnesota median; an average commute of 25 minutes; unemployment of 5.3%.
What is the median age in Silver Lake?
The median age in Silver Lake is 43.7 years (Minnesota: 38.8).
How long is the commute in Silver Lake?
The average commute to work in Silver Lake is 25 minutes; 4.8% of workers work from home.
What is the unemployment rate in Silver Lake?
The unemployment rate in Silver Lake is 5.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Silver Lake?
10.8% of adults in Silver Lake 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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