Silver Bay, MN
Population 1,790 · Minnesota
About Silver Bay, MN
Silver Bay is a small town located in Minnesota with a population of 1,790 residents according to the latest US Census Bureau American Community Survey data. The median household income is $70,870 per year, which is 6% below the national median of $75,149. The median age of 48 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Silver Bay features a median home value of $150,700, which is 38% below the national median of $244,900. This positions Silver Bay in a moderately priced market relative to the rest of the country. Median monthly rent is $1,044, 10% below the national average of $1,163/month. Of the 1,001 total housing units, 81% are owner-occupied (735 units) and 19% are renter-occupied (175 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Silver Bay shows an unemployment rate of 2.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 8.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Silver Bay have an average one-way commute time of 18 minutes, one of the shorter commutes in the region.
Education & Demographics
19.6% of Silver Bay residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 2.7% White, 2.8% Hispanic or Latino, 0.0% Black or African American, and 0.5% Asian residents, with 1.5% of the population being foreign-born.
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 US Census Bureau American Community Survey estimates. This makes it a small town in Minnesota.
What is the median household income in Silver Bay?
The median household income in Silver Bay, MN is $70,870 per year, which is 6% below the national median of $75,149.
What is the median home value in Silver Bay?
The median home value in Silver Bay, MN is $150,700, which is 38% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Silver Bay?
The median monthly rent in Silver Bay, MN is $1,044, which is 10% below the national average of $1,163/month.
What is the unemployment rate in Silver Bay?
The unemployment rate in Silver Bay, MN is 2.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Silver Bay, MN a good place to live?
Silver Bay offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,790 and a median age of 48, the city appeals to established professionals and retirees.
How educated is Silver Bay, MN?
19.6% of residents in Silver Bay aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Silver Bay?
Key cost-of-living indicators for Silver Bay, MN: median home value is $150,700 (38% below national), median rent is $1,044/month, and median household income is $70,870. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Silver Bay?
The poverty rate in Silver Bay, MN is 8.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Silver Bay, MN?
Silver Bay's population is 2.7% White, 2.8% Hispanic or Latino, 0.0% Black or African American, 0.5% Asian, and 0.0% two or more races. 1.5% of residents are foreign-born.