Silver Lake, MN
Population 922 · Minnesota
About Silver Lake, MN
Silver Lake is a small community located in Minnesota with a population of 922 residents according to the latest US Census Bureau American Community Survey data. The median household income is $75,000 per year, which is 0% below the national median of $75,149. The median age of 40 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Silver Lake features a median home value of $184,800, which is 25% below the national median of $244,900. This positions Silver Lake in a moderately priced market relative to the rest of the country. Median monthly rent is $769, 34% below the national average of $1,163/month. Of the 403 total housing units, 79% are owner-occupied (292 units) and 21% are renter-occupied (78 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Silver Lake shows an unemployment rate of 5.2%, which is near the national rate of 3.7%. The poverty rate stands at 4.7%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Silver Lake have an average one-way commute time of 24.2 minutes.
Education & Demographics
12.3% of Silver Lake 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 5.2% White, 2.9% Hispanic or Latino, 0.3% Black or African American, and 0.0% Asian residents, with 1.2% of the population being foreign-born.
Cost of Living in Silver Lake, MN
Compared to national averages, Silver Lake has a median household income of $75,000 (0% below the national median of $75,149). Home values average $184,800, which is 25% below the national median. Monthly rent at $769 is 34% below the US average of $1,163. Within Minnesota, Silver Lake's income is 1% above the state average of $74,221, and home values are 10% below the state median of $204,472.
Why Live in Silver Lake, MN?
Silver Lake offers affordable housing with a median home value of $184,800, below the US average of $244,900, and rent that’s lower than the national average at $769/month, and a low poverty rate of 4.7%, better than the national average. Additionally, the city features short commute times averaging just 24.2 minutes.
Potential considerations include median household income ($75,000) that falls below the national average. However, Silver Lake’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Silver Lake has a population of 922 with a median age of 40 years. Compare Silver Lake with other cities to see how it stacks up, or explore all cities in Minnesota.
Similar Cities Near Silver Lake
Cities in Minnesota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Browerville | 922 | $46,100 | $129,600 | Compare |
| Harris | 924 | $92,727 | $301,100 | Compare |
| Pine River | 928 | $39,858 | $133,300 | Compare |
| Henderson | 933 | $88,750 | $207,800 | Compare |
| Sherburn | 946 | $63,026 | $97,900 | Compare |
| Mazeppa | 948 | $88,929 | $231,200 | Compare |
| Carlton | 891 | $61,944 | $205,300 | Compare |
| Grand Meadow | 954 | $68,750 | $169,100 | 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.
Compare Silver Lake With Other Cities
Frequently Asked Questions about Silver Lake
What is the population of Silver Lake, MN?
The population of Silver Lake, MN is 922 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Minnesota.
What is the median household income in Silver Lake?
The median household income in Silver Lake, MN is $75,000 per year, which is 0% below the national median of $75,149.
What is the median home value in Silver Lake?
The median home value in Silver Lake, MN is $184,800, which is 25% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Silver Lake?
The median monthly rent in Silver Lake, MN is $769, which is 34% below the national average of $1,163/month.
What is the unemployment rate in Silver Lake?
The unemployment rate in Silver Lake, MN is 5.2%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Silver Lake, MN a good place to live?
Silver Lake offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 922 and a median age of 40, the city appeals to a broad range of residents.
How educated is Silver Lake, MN?
12.3% of residents in Silver Lake 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 Lake?
Key cost-of-living indicators for Silver Lake, MN: median home value is $184,800 (25% below national), median rent is $769/month, and median household income is $75,000. The home-value-to-income ratio is 2.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Silver Lake?
The poverty rate in Silver Lake, MN is 4.7%, 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 Lake, MN?
Silver Lake's population is 5.2% White, 2.9% Hispanic or Latino, 0.3% Black or African American, 0.0% Asian, and 0.8% two or more races. 1.2% of residents are foreign-born.