Cost of Living in Silver Bay, MN

With a cost of living index of 78, Silver Bay, MN is a very affordable place to live. Living here is 22% cheaper than the national average and 5% below the Minnesota state average of 82. Silver Bay is a small community of 1,790 residents.

Housing costs are the biggest factor in Silver Bay's cost of living. The median monthly rent is $1,044 (21% below the US median of $1,319), and the median home value sits at $150,700 (51% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Silver Bay is $70,870, which is 6% lower than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Silver Bay. The area sees an average annual temperature of 39.5°F, with summers averaging 58°F and winters around 18°F. Annual rainfall totals 25.9 inches spread over roughly 130 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.