What is the median rent in Silver Bay, MN?

Name: Median rent in Silver Bay, MN, 2020–2024
Creator: US Census Bureau
License: https://www.census.gov/data/developers/about/terms-of-service.html

The median gross rent in Silver Bay, MN is $1,140 (±$109) a month, according to the US Census Bureau’s 2020–2024 American Community Survey.

That is across 167 rented homes; gross rent is the contract rent plus the utilities and fuels a renter pays separately.

In Silver Bay, the median gross rent went from $777 in 2015–2019 to $1,140 in 2020–2024 (+46.7%).

Prices (CPI-U) rose 22.7% over the same years, so it rose faster than prices: a measurable increase after inflation.

Figures last updated on November 12, 2026.

Median gross rent: $1,140 (±$109)
Rented homes: 167 (±59)
$2,000 or more: 15.6%
Since 2015–2019: +46.7%

How much rent costs in Silver Bay

Share of rented homes in each gross-rent range, 2020–2024
Monthly gross rent	Silver Bay	Lake County	Minnesota	United States
Less than $500	0.0% (±12.6 points)	9.7%	8.4%	6.3%
$500 to $999	30.5% (±17.6 points)	25.6%	21.5%	20.2%
$1,000 to $1,499	40.1% (±21.2 points)	49.7%	33.6%	28.1%
$1,500 to $1,999	13.8% (±10.0 points)	8.5%	21.4%	21.1%
$2,000 to $2,499	7.2% (±11.4 points)	1.6%	9.2%	12.0%
$2,500 to $2,999	0.0% (±12.6 points)	0.0%	3.0%	5.5%
$3,000 or more	8.4% (±14.5 points)	4.9%	3.0%	6.8%

The most common range is $1,000 to $1,499, paid by 40.1% of renting households.

15.6% of rented homes in Silver Bay cost $2,000 or more a month.

Silver Bay against Lake County, its state and the nation

Estimate (90% margin of error)
	Silver Bay	Lake County	Minnesota	United States
Median gross rent	$1,140 (±$109)	$1,093 (±$57)	$1,280 (±$7)	$1,413
Rented homes paying rent	167 (±59)	773 (±149)	614,257 (±4,397)	42,849,984

In Silver Bay, median gross rent is not measurably different from Lake County ($1,093).

It is also lower than in Minnesota ($1,280).

It is lower than the national figure ($1,413).

In Lake County, Silver Bay ranks 1 of 5 places with a published estimate, from highest to lowest median gross rent.

Statewide, it ranks 431 of 1,347.

Rankings use the estimates alone; where margins of error overlap, neighboring ranks may not truly differ.

How rent in Silver Bay has changed since 2015–2019

2015–2019 and 2020–2024 American Community Survey 5-year estimates
	2015–2019	2020–2024	Amount of change	Verdict
Median gross rent	$777 (±$92)	$1,140 (±$109)	+46.7%	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.

Median gross rent in places near Silver Bay

Nearest places with a published estimate, compared with Silver Bay
Place	Distance	Median gross rent	Compared with this place
Silver Bay	—	$1,140 (±$109)	—
Beaver Bay Township	6.1 mi	$1,083 (±$821)	Not measurably different
Crystal Bay Township	23 mi	$675 (±$11)	Lower
Two Harbors	26 mi	$1,079 (±$82)	Not measurably different
Town of Russell (Bayfield County)	31 mi	$500 (±$143)	Lower
Town of Bayfield	32 mi	$1,646 (±$267)	Higher
Duluth Township	36 mi	$1,160 (±$252)	Not measurably different

Nearby places with a measurably lower figure: Crystal Bay Township, MN ($675), Town of Russell (Bayfield County), WI ($500).

Nearby places with a measurably higher figure: Town of Bayfield, WI ($1,646).

Distance is measured in a straight line between the Census Bureau’s internal points for each place.

Median gross rent across Lake County, place by place

Rank	Place	Median gross rent
1	Silver Bay	$1,140 (±$109)
2	Beaver Bay Township	$1,083 (±$821)
3	Two Harbors	$1,079 (±$82)
4	Fall Lake Township	$800 (±$85)
5	Crystal Bay Township	$675 (±$11)

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.

How much has rent gone up in Silver Bay?

In Silver Bay, the median gross rent went from $777 in 2015–2019 to $1,140 in 2020–2024 (+46.7%).

Prices (CPI-U) rose 22.7% over the same years, so it rose faster than prices: a measurable increase after inflation.

How many rentals in Silver Bay cost more than $2,000 a month?

15.6% of rented homes in Silver Bay have a gross rent of $2,000 or more a month, and 0.0% cost less than $500.

Is rent in Silver Bay higher than in Lake County?

In Silver Bay, median gross rent is not measurably different from Lake County ($1,093).

It is also lower than in Minnesota ($1,280).

It is lower than the national figure ($1,413).

Is this the rent for an apartment listed today?

No: these are rents households reported paying across 2020–2024, not asking rents for vacant homes, which usually run higher.

Sources

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 B25064_001E, B25064_001M, DP04_0047PE, DP04_0047PM, DP04_0005E, DP04_0005M from the 2019 release.

The API needs a free key.

Request a Census API key.

DP04_0134E, DP04_0134M, DP04_0126E, DP04_0126M, DP04_0127PE, DP04_0127PM, DP04_0128PE, DP04_0128PM, DP04_0129PE, DP04_0129PM, DP04_0130PE, DP04_0130PM, DP04_0131PE, DP04_0131PM, DP04_0132PE, DP04_0132PM, DP04_0133PE, DP04_0133PM

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.