Silver Bay, MN
Population 1,790 · Minnesota
About Silver Bay, MN
Silver Bay is a small community in Minnesota with a population of 1,790 residents. The median household income is $70,870 per year, which is above the national average. The median age in Silver Bay is 48 years.
Housing in Silver Bay has a median home value of $150,700 and median monthly rent of $1,044. Of the 1,001 total housing units, the majority are owner-occupied, with 735 owner-occupied and 175 renter-occupied units.
The unemployment rate in Silver Bay is 2.3% and the poverty rate is 8.9%. 19.6% of residents hold a bachelor's degree or higher. The average commute time is 18 minutes.
Cost of Living in Silver Bay, MN
Compared to national averages, Silver Bay has a median household income of $70,870 (6% below the national median of $75,149). Home values average $150,700, which is 38% below the national median. Monthly rent at $1,044 is 10% below the US average of $1,163. Within Minnesota, Silver Bay's income is 5% below the state average of $74,221, and home values are 26% below the state median of $204,472.
Why Live in Silver Bay, MN?
Silver Bay offers affordable housing with a median home value of $150,700, below the US average of $244,900, and rent that’s lower than the national average at $1,044/month, and a strong job market with an unemployment rate of just 2.3%. Additionally, the city features a low poverty rate of 8.9%, better than the national average, and short commute times averaging just 18 minutes.
Potential considerations include median household income ($70,870) that falls below the national average. However, Silver Bay’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Silver Bay has a population of 1,790 with a median age of 48 years. Compare Silver Bay with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Silver Bay
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Rushford | 1,790 | $73,321 | $203,200 | Compare |
| Waterville | 1,778 | $67,721 | $216,700 | Compare |
| Kenyon | 1,811 | $74,643 | $184,500 | Compare |
| Mountain Lake | 1,833 | $59,115 | $118,900 | Compare |
| Ada | 1,834 | $67,857 | $140,500 | Compare |
| Mapleton | 1,745 | $82,031 | $176,400 | Compare |
| Nisswa | 1,744 | $100,167 | $475,700 | Compare |
| Lester Prairie | 1,848 | $87,188 | $217,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Minnesota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Silver Bay
What is the population of Silver Bay, MN?
The population of Silver Bay, MN is 1,790 according to the latest Census data.
What is the median household income in Silver Bay?
The median household income in Silver Bay, MN is $70,870 per year.
What is the median home value in Silver Bay?
The median home value in Silver Bay, MN is $150,700.
What is the average rent in Silver Bay?
The median monthly rent in Silver Bay, MN is $1,044.
What is the unemployment rate in Silver Bay?
The unemployment rate in Silver Bay, MN is 2.3%.