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These days, finding an affordable place to live in the Silver Bay area can be challenging. Home prices in Silver Bay are now at a median cost of $197,783, lower than the Minnesota average of $345,793.
The average cost of rent is $1,223/mo in Silver Bay, primarily driven by the current value of real estate in the Silver Bay area. In Silver Bay, 16.52% of households rent, and 58.89% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Silver Bay is $5,793 per month. Households that rent pay about 21.12% of their income on rent here. Silver Bay’s most expensive areas are in the northwestern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Lax Lake, MN: less expensive homes
- Beaver Bay, MN: higher priced homes
- East Beaver Bay, MN: higher priced homes
- Finland, MN: higher priced homes
- Little Marais, MN: higher priced homes
- Whyte, MN: higher priced homes
- Murphy City, MN: higher priced homes
- Wales, MN: higher priced homes
- Schroeder, MN: higher priced homes
- Highland, MN: higher priced homes
Cities with Similar Populations
- Baudette, MN: higher priced homes
- West Kinderhook, MI: less expensive homes
- Canaan, ME: less expensive homes
- Collings Lakes, NJ: higher priced homes
- Constable, NY: less expensive homes
- Cope, SC: less expensive homes
- Rock Port, MO: less expensive homes
- Miramar, CA: higher priced homes
- Richland, IN: equally priced homes
- Richfield, PA: equally priced homes
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