Housing data for Silver Bay, MN
Silver Bay, MN has an estimated 1,769 residents and 979 homes (US Census Bureau, 2020–2024 American Community Survey).
It is a city in Lake County.
19.9% of households rent.
The median gross rent is $1,140 a month.
Figures last updated on .
- Residents
- 1,769 (±168)
- Housing units
- 979 (±87)
- Households that rent
- 19.9%
- Median gross rent
- $1,140
- Residents since 2015–2019
- +2.7%
What stands out in Silver Bay
Median home value: $158,900 (±$7,456) in Silver Bay, lower than in Lake County ($241,300).
Homes heated by fuel oil: 0.0% (±2.6 points) in Silver Bay, lower than in Lake County (4.7%).
Median real estate taxes: $1,234 (±$134) in Silver Bay, lower than in Lake County ($1,765).
Homes built before 1980: 92.3% (±9.8 points) in Silver Bay, higher than in Lake County (65.8%).
- Home values in Silver Bay
- Heating fuel in Silver Bay
- Property taxes in Silver Bay
- Age of homes in Silver Bay
Housing in Silver Bay at a glance
- Median rent: $1,140 median gross rent a month
- Rent by bedrooms: $1,092 median gross rent, 2 bedrooms (Small sample: wide margin of error)
- Rent burden: 38.9% of renters pay 30% or more of income
- Renters and owners: 19.9% of households rent
- Income and affordability: $69,489 median household income
- Home values: $158,900 median home value
- Homeowner costs: $1,038 median monthly cost with a mortgage
- Property taxes: $1,234 median real estate taxes a year
- Types of homes: 8.4% of homes are in buildings of 5 or more units
- Bedrooms: 54.1% of homes have 3 or more bedrooms
- Age of homes: 92.3% of homes were built before 1980
- Vacancy rate: 0.0% rental vacancy rate (Small sample: wide margin of error)
- Heating fuel: 85.3% heat with utility gas
- Commute and cars: 20.4 minutes average trip to work
- Crime reported to police: 0 violent crimes per 100,000 residents
- Growth: +2.7% residents since 2015–2019
- How long people stay: 21.4% moved in since 2020
- Crowding and facilities: 0.7% of homes have more than 1 person per room (Small sample: wide margin of error)
Silver Bay against Lake County, its state and the nation
| Silver Bay | Lake County | Minnesota | United States | |
|---|---|---|---|---|
| Residents | 1,769 (±168) | 10,879 (exact) | 5,739,445 (exact) | 334,922,499 |
| Housing units | 979 (±87) | 7,449 (±39) | 2,545,030 (±1,535) | 143,775,355 |
| Households that rent | 19.9% (±6.4 points) | 16.5% (±2.7 points) | 27.8% (±0.2 points) | 34.8% |
| Median gross rent | $1,140 (±$109) | $1,093 (±$57) | $1,280 (±$7) | $1,413 |
| Median household income | $69,489 (±$14,321) | $75,541 (±$4,705) | $89,062 (±$409) | $80,734 |
| Median home value | $158,900 (±$7,456) | $241,300 (±$10,335) | $329,300 (±$903) | $332,700 |
| Median real estate taxes (a year) | $1,234 (±$134) | $1,765 (±$80) | $3,357 (±$10) | $3,119 |
| Built before 1980 | 92.3% (±9.8 points) | 65.8% (±4.8 points) | 52.1% (±0.3 points) | 49.7% |
| Average commute | 20.4 minutes (±3.0) | 24.8 minutes (±2.0) | 22.7 minutes (±0.1) | 26.4 minutes |
| Households with broadband | 88.8% (±5.1 points) | 87.6% (±2.6 points) | 91.6% (±0.1 points) | 91.0% |
| Median age of residents | 47.6 years (±4.1) | 49.4 years (±0.5) | 38.8 years (±0.1) | 38.9 years |
Silver Bay covers 7.6 square miles of land, about 232 residents per square mile (Census Bureau Gazetteer).
How Silver Bay has changed since 2015–2019
| 2015–2019 | 2020–2024 | Amount of change | Verdict | |
|---|---|---|---|---|
| Residents | 1,722 (±137) | 1,769 (±168) | +2.7% | Not a measurable change |
| Housing units | 1,041 (±112) | 979 (±87) | −6.0% | Not a measurable change |
| Median gross rent | $777 (±$92) | $1,140 (±$109) | +46.7% | Up after inflation |
| Median home value | $95,300 (±$6,520) | $158,900 (±$7,456) | +66.7% | Up after inflation |
| Median household income | $47,639 (±$6,461) | $69,489 (±$14,321) | +45.9% | No measurable change after inflation |
| Median owner cost with a mortgage | $1,033 (±$89) | $1,038 (±$86) | +0.5% | Down after inflation |
| Median real estate taxes | $829 (±$136) | $1,234 (±$134) | +48.9% | Up after inflation |
| Households that rent | 15.4% (±5.4 points) | 19.9% (±6.4 points) | +4.5 percentage points | Not a measurable change |
| Rental vacancy rate | 10.3% (±13.3 points) | 0.0% (±11.3 points) | −10.3 percentage points | Not a measurable change |
The Census Bureau publishes 2015–2019 dollars in 2019 dollars and 2020–2024 dollars in 2024 dollars.
Prices (the CPI-U, US Bureau of Labor Statistics) rose 22.7% between 2019 and 2024, so a dollar figure’s verdict compares the two after raising the earlier one by that much, using the Census Bureau’s test for a difference.
The two periods do not overlap, as the Census Bureau recommends for 5-year estimates.
Crime reported to police in Silver Bay
In 2025, the Silver Bay Police Department reported 0 violent and 57 property crimes per 100,000 residents to the FBI.
Across Lake County, the departments that report recorded 84 violent and 112 property crimes per 100,000 residents that year.
Places near Silver Bay
| Place | Distance | Median gross rent | Median home value | Households that rent |
|---|---|---|---|---|
| Beaver Bay | 2.9 mi | — | $238,200 | 4.2% |
| Beaver Bay Township | 6.1 mi | $1,083 | $294,000 | 3.5% |
| Silver Creek Township (Lake County) | 15 mi | — | $369,900 | 4.7% |
| Crystal Bay Township | 23 mi | $675 | $221,200 | 10.3% |
| Two Harbors | 26 mi | $1,079 | $206,800 | 31.8% |
| Pequaywan Township | 28 mi | — | $355,000 | 0.0% |
| Stony River Township | 28 mi | — | $213,200 | 6.7% |
| Fairbanks Township | 31 mi | — | $283,000 | 0.0% |
Places in Minnesota most like Silver Bay
| Place | Median gross rent | Median home value | Median household income | Households that rent |
|---|---|---|---|---|
| Alden | $1,042 | $128,400 | $73,250 | 17.2% |
| Lafayette | $980 | $155,800 | $88,750 | 15.9% |
| Adrian | $950 | $165,500 | $73,438 | 11.4% |
| Hector | $1,125 | $132,000 | $63,362 | 26.1% |
| Blooming Prairie | $907 | $161,300 | $63,656 | 13.2% |
| Glenville | $903 | $123,300 | $56,563 | 23.0% |
Matched on rent, home value, income, the share who rent, the age of the homes, the share in apartment buildings and the commute, each measured against the spread across Minnesota.
HUD Fair Market Rent for Silver Bay, fiscal year 2027
| Studio | 1 bedroom | 2 bedrooms | 3 bedrooms | 4 bedrooms |
|---|---|---|---|---|
| $946 | $1,038 | $1,358 | $1,618 | $1,983 |
HUD income limits for Silver Bay, fiscal year 2026
| Household size | Extremely low (30%) | Very low (50%) | Low (80%) |
|---|---|---|---|
| 1 person | $21,000 | $35,000 | $55,950 |
| 2 people | $24,000 | $40,000 | $63,950 |
| 3 people | $27,320 | $45,000 | $71,950 |
| 4 people | $33,000 | $49,950 | $79,900 |
| 5 people | $38,680 | $53,950 | $86,300 |
| 6 people | $44,360 | $57,950 | $92,700 |
| 7 people | $50,040 | $61,950 | $99,100 |
| 8 people | $55,720 | $65,950 | $105,500 |
These are the limits HUD sets for its housing programs in the Lake County, MN, where HUD’s median family income for fiscal year 2026 is $99,900.
A program can use its own limits; tax-credit and local programs often do.
Survey years: 2020–2024 (American Community Survey 5-year estimates), compared with 2015–2019.
Margins of error are at the 90% confidence level.
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Questions about Silver Bay
What is the average rent in Silver Bay, MN?
The Census Bureau publishes the median rather than the average: the median gross rent in Silver Bay is $1,140 (±$109) a month (2020–2024 American Community Survey), so half of renting households pay less and half pay more.
Are renters in Silver Bay rent-burdened?
38.9% of renting households in Silver Bay pay 30% or more of their income in gross rent, the share housing researchers usually call rent-burdened (2020–2024 American Community Survey).
How many renters are there in Silver Bay?
Silver Bay has an estimated 173 (±60) renting households, 19.9% of its occupied homes (2020–2024 American Community Survey).
What is the median household income in Silver Bay?
The median household income in Silver Bay is $69,489 (±$14,321) a year (2020–2024 American Community Survey).
What is the average home value in Silver Bay, MN?
The Census Bureau publishes the median: $158,900 (±$7,456) for owner-occupied homes in Silver Bay (2020–2024 American Community Survey).
What is the average mortgage payment in Silver Bay?
The Census Bureau publishes total owner costs rather than the mortgage alone: the median for owners with a mortgage in Silver Bay, MN is $1,038 (±$86) a month, including taxes, insurance and utilities.
Is Silver Bay growing?
In Silver Bay, the number of residents went from 1,722 in 2015–2019 to 1,769 in 2020–2024 (+2.7%), not a measurable change.
Sources
- Demographic and Housing Estimates (DP05), 2020–2024 ACS 5-year estimates — Silver Bay city, Minnesota
- Selected Housing Characteristics (DP04), 2020–2024 ACS 5-year estimates — Silver Bay city, Minnesota
- Selected Economic Characteristics (DP03), 2020–2024 ACS 5-year estimates — Silver Bay city, Minnesota
- Median Real Estate Taxes Paid by Mortgage Status (B25103), 2020–2024 ACS 5-year estimates — Silver Bay city, Minnesota
- Selected Social Characteristics (DP02), 2020–2024 ACS 5-year estimates — Silver Bay city, Minnesota
- Total Population (B01003), 2015–2019 ACS 5-year estimates — Silver Bay city, Minnesota
- Median Gross Rent (B25064), 2015–2019 ACS 5-year estimates — Silver Bay city, Minnesota
- HUD Fair Market Rents, fiscal year 2027: Lake County, MN
- HUD Income Limits, fiscal year 2026: Lake County, MN
- FBI Uniform Crime Reporting Program, Crime Data Explorer: Silver Bay Police Department (ORI MN0380100)
- FBI: Uniform Crime Reporting statistics and their proper use
- Consumer Price Index for All Urban Consumers (CPI-U), US city average, all items, US Bureau of Labor Statistics: annual averages 2019 and 2024
- US Census Bureau, 2024 Gazetteer Files
To check these figures in the Census Bureau’s own API, request the variables below from the 2024 ACS 5-year data profile (acs/acs5/profile) for Silver Bay city, Minnesota (place:60250, in state:27).
Each estimate (E or PE) has a margin of error beside it (M or PM).
The 2015–2019 figures are B01003_001E, B01003_001M, B25064_001E, B25064_001M from the 2019 release.
The API needs a free key.
DP05_0001E, DP05_0001M, DP04_0001E, DP04_0001M, DP04_0047PE, DP04_0047PM, DP04_0134E, DP04_0134M, DP03_0062E, DP03_0062M, DP04_0089E, DP04_0089M
This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Figures are published by the US Census Bureau, HUD, the Bureau of Labor Statistics and the FBI; Seayora reproduces them and does not adjust them, except where a sentence says it compares dollar figures after inflation. They describe the whole place, not any one building or street, and are not an appraisal, a rent determination, a tax bill, a safety rating or legal advice.
Figures last updated on .