Clear Lake, MN vs Silver Bay, MN

Silver Bay is moderately more affordable than Clear Lake, with a 7.8% lower cost of living index. Clear Lake scores 84 compared to 78 for Silver Bay, where the US average is 100. This difference means residents of Clear Lake can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Clear Lake is $864/month compared to $1,044/month in Silver Bay — a 17% difference. Interestingly, home values tell a different story: while Clear Lake has cheaper rent, Silver Bay actually has lower median home values ($150,700 vs $255,800).

Median household income in Clear Lake is $105,000 compared to $70,870 in Silver Bay (+48.2%). While Clear Lake is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Clear Lake spend roughly 9.9% of their income on rent, less than the 17.7% in Silver Bay.