Cost Of Living in Silver Bay, MN

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Silver Bay	Minnesota	National
Cost of living	89	99	100
Goods & Services	103	100	100
Groceries	97	98	100
Health care	110	109	100
Housing	62	100	100
Transportation	99	97	100
Utilities	101	93	100

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Cost Of Living Quick Facts

The cost of living in Silver Bay is 10% lower than the Minnesota average
The cost of living in Silver Bay is 11% lower than the national average
Silver Bay housing is 38% lower than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 106% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$59,034	$4,920	$1,377	$1,771
Renters	$0	$0	$0	$0

Minnesota Sales Tax

State	General Sales Tax	With Max Surtax
Minnesota	6.875%	7.875%

Minnesota Income Tax

State	Income Tax (Low)	Income Tax (High)
Minnesota	5.35%	9.85%

Goods & Services

Item	Silver Bay	National avg.	Difference
Haircut	$20.83	$24.26	14.1%
Beauty Salon	$39.17	$45.56	14.0%
Toothpaste	$3.67	$3.70	1.0%
Shampoo	$1.23	$1.28	3.7%
Movie	$10.00	$12.13	17.6%
Bowling	$15.67	$18.00	13.0%

Groceries

Item	Silver Bay	National avg.	Difference
Ground Beef	$5.94	$5.84	1.8%
Fried Chicken	$1.61	$1.57	2.6%
Milk	$4.58	$4.67	2.0%
Potatoes	$4.49	$4.93	9.0%
Pizza	$12.29	$12.09	1.7%
Beer	$8.47	$10.41	18.6%

Health Care

Item	Silver Bay	National avg.	Difference
Optometrist	$125.00	$125.68	0.5%
Doctor	$179.67	$135.78	32.3%
Dentist	$107.33	$113.29	5.3%
Ibuprofen	$10.27	$10.65	3.6%
Lipitor	$538.52	$468.60	14.9%

Housing

Item	Silver Bay	National avg.	Difference
Home Price	$94,900.00	$184,700.00	48.6%
Avg. Mortgage Payment	$1,958.05	$2,346.69	16.6%
Apartment Rent	$812.00	$949.00	14.4%

Transportation

Item	Silver Bay	National avg.	Difference
Gasoline	$3.36	$3.46	2.8%
Tire Balancing	$62.89	$59.92	5.0%

Utilities

Item	Silver Bay	National avg.	Difference
All Electricity	$193.62	$193.99	0.2%
Phone	$197.22	$192.25	2.6%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Finland, MN	208	91	9.4%
Beaver Bay, MN	64	99	0.6%
Silver Bay, MN	1,610	89	10.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Dauphin Island, AL	1,610	112	12.4%
Folsom, NJ	1,610	104	3.8%
East Valley, NV	1,610	160	59.9%
Fall Creek, WI	1,610	94	6.4%
Pine Valley, CA	1,611	153	52.9%
Silver Bay, MN	1,610	89	10.6%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Silver Bay, MN