Silver Bay, Minnesota Demographics & Population 2026
During the 2020–2024 ACS period, Silver Bay, Minnesota had a total population of 1,769, the 282nd largest city in Minnesota, with a median household income of $69,489, which is 22% lower than the state average. The poverty rate is 9.9%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Housing is very affordable with a home-value-to-income ratio of just 2.3x.
Silver Bay Quick Facts
How Silver Bay Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 1,790 | 1,769 | -1.2% |
| Median household income | $70,870 | $69,489 | -1.9% |
| Median home value | $150,700 | $158,900 | +5.4% |
How Silver Bay Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
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: 41 | National average: 61
Education
Educational Attainment (Adults 25+)
Silver Bay Rankings in Minnesota
Explore Minnesota Rankings
Other Cities in Lake County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Two Harbors | 3,567 | $65,625 | 11.7% | $206,800 |
| Finland | 257 | $53,500 | 19.8% | $181,700 |
| Knife River | 131 | $78,208 | 10.7% | N/A |
| Beaver Bay | 82 | $36,875 | 23.2% | $238,200 |
Cities Similar to Silver Bay
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Grand Marais | 1,796 | $70,583 | $310,500 | 42.2% | 10.1% |
| Ada | 1,833 | $64,091 | $137,800 | 30.9% | 16.8% |
| Gilbert | 1,697 | $64,625 | $126,000 | 18.9% | 8.8% |
| Rushford | 1,826 | $76,638 | $214,800 | 28.2% | 9.5% |
| Blooming Prairie | 1,843 | $63,656 | $161,300 | 29.8% | 7.5% |
Population Overview
Silver Bay is a small community located in Minnesota, within Lake County. The total population is 1,769. It ranks as the 282nd most populous out of 914 Census-designated places in Minnesota.
Age Demographics
The median age in Silver Bay is 47.6 years. This is 23% higher than the state median of 38.8 years. 13.0% 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 is $69,489. This is 22% lower than the state median of $89,062. It is also 14% lower than the national median of $80,734. The poverty rate stands at 9.9%. This is 6% higher than the state poverty rate of 9.3%. The unemployment rate is 2.8%. This is 31% lower than the state rate of 4.1%. The median home value is $158,900. Housing costs are 52% lower than the state median of $329,300. With a home-value-to-income ratio of just 2.3x, Silver Bay is one of the most affordable housing markets in the area. 80.1% of occupied housing units are owner-occupied. This homeownership rate is 11% higher than the state average of 72.2%.
Race & Ethnicity
Silver Bay has a predominantly White (non-Hispanic) population, comprising 89.9% of all residents. Hispanic or Latino residents account for 3.1%. The Hispanic or Latino population (3.1%) is well below the state average of 6.4%. The Asian population (1.4%) is well below the state average of 5.1%.
Education
21.8% of residents aged 25 and older hold a bachelor's degree or higher. This is 45% lower than the state rate of 39.4%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 96.7%.
Data Sources & Methodology
All demographic data for Silver Bay, Minnesota is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Minnesota state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 914 Census-designated places in Minnesota. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Silver Bay, Minnesota?
Silver Bay, Minnesota has a population of 1,769 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Silver Bay, MN?
The median household income in Silver Bay is $69,489, which is 14% lower than the national median of $80,734.
What is the poverty rate in Silver Bay, MN?
The poverty rate in Silver Bay is 9.9%. This means approximately 166 residents live below the federal poverty line.
What is the racial makeup of Silver Bay, Minnesota?
Silver Bay's population is 89.9% White, 0.0% Black, 3.1% Hispanic/Latino, and 1.4% Asian.
What is the median home value in Silver Bay, MN?
The median home value in Silver Bay is $158,900. The home-value-to-income ratio is 2.3x.
How educated is Silver Bay, Minnesota?
21.8% of adults (25+) in Silver Bay hold a bachelor's degree or higher, and 5.0% hold a graduate or professional degree.