Silver Bay city, Minnesota Demographics & Population 2026
As of 2026, Silver Bay city, Minnesota has a total population of 1,790, the 278th largest city in Minnesota, with a median household income of $70,870, which is 19% lower than the state average. The poverty rate is 8.9%.
Key Takeaways
- Housing is very affordable with a home-value-to-income ratio of just 2.1x.
- Near full employment with an unemployment rate of just 2.3%.
Silver Bay city Quick Facts
How Silver Bay city Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A less diverse community where one racial or ethnic group represents a large majority.
State average: 40 | National average: 60
Education
Educational Attainment (Adults 25+)
Silver Bay city Rankings in Minnesota
Explore Minnesota Rankings
Other Cities in Lake County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Two Harbors city | 3,598 | $62,885 | 12.0% | $187,100 |
| Beaver Bay city | 90 | $48,333 | 20.0% | $215,600 |
Cities Similar to Silver Bay city
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Rushford city | 1,790 | $73,321 | $203,200 | 28.9% | 8.9% |
| Waterville city | 1,778 | $67,721 | $216,700 | 17.1% | 11.6% |
| Kenyon city | 1,811 | $74,643 | $184,500 | 15.3% | 15.3% |
| Ada city | 1,834 | $67,857 | $140,500 | 31.3% | 15.8% |
| Grand Marais city | 1,700 | $73,846 | $283,700 | 43.5% | 11.3% |
Population Overview
Silver Bay city is a small community located in Minnesota, within Lake County. The total population is 1,790. It ranks as the 278th most populous out of 913 cities and towns in Minnesota.
Age Demographics
The median age in Silver Bay city is 48.0 years. This is 24% higher than the state median of 38.6 years. 13.2% of residents are 75 or older, suggesting a significant retirement-age population with implications for healthcare services and senior housing.
Economy, Income & Housing
The median household income in Silver Bay city is $70,870. This is 19% lower than the state median of $87,556. Compared to the national median of $78,538, household income here is 10% lower. The poverty rate stands at 8.9%. This is 3% lower than the state poverty rate of 9.2%. The unemployment rate is 2.3%. This is 41% lower than the state rate of 3.9%. The median home value is $150,700. Housing costs are 51% lower than the state median of $305,500. With a home-value-to-income ratio of just 2.1x, Silver Bay city is one of the most affordable housing markets in the area. 80.8% of occupied housing units are owner-occupied. This homeownership rate is 12% higher than the state average of 72.4%.
Race & Ethnicity
Silver Bay city has a predominantly White (non-Hispanic) population, comprising 90.1% of all residents. Hispanic or Latino residents account for 3.2%. The Asian population (1.3%) is well below the state average of 5.0%.
Education
19.6% of residents aged 25 and older hold a bachelor's degree or higher. This is 49% lower than the state rate of 38.8%. Nationally, 35.0% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 94.6%.
Data Sources & Methodology
All demographic data for Silver Bay city, Minnesota is sourced from the U.S. Census Bureau's American Community Survey (ACS) 5-Year Estimates (2019-2023). The ACS collects data from approximately 3.5 million households annually, providing reliable estimates for communities of all sizes. Comparisons are made against Minnesota state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 913 Census-designated places in Minnesota. For official data, visit data.census.gov.
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Frequently Asked Questions
What is the population of Silver Bay city, Minnesota?
Silver Bay city, Minnesota has a population of 1,790 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Silver Bay city, MN?
The median household income in Silver Bay city is $70,870, which is 10% lower the national median of $78,538.
What is the poverty rate in Silver Bay city, MN?
The poverty rate in Silver Bay city is 8.9%. This means approximately 152 residents live below the federal poverty line.
What is the racial makeup of Silver Bay city, Minnesota?
Silver Bay city's population is 90.1% White, 0.0% Black, 3.2% Hispanic/Latino, and 1.3% Asian.
What is the median home value in Silver Bay city, MN?
The median home value in Silver Bay city is $150,700. The home-value-to-income ratio is 2.1x.
How educated is Silver Bay city, Minnesota?
19.6% of adults (25+) in Silver Bay city hold a bachelor's degree or higher, and 4.6% hold a graduate or professional degree.