Cost Of Living in Silver Bay, MN

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11%

Overall NAT. AVG.

0%

Groceries NAT. AVG.

37%

Housing NAT. AVG.

Date & Last Updated: These cost of living estimates reflect 2026 modeled data using U.S. Census housing inputs and AI-assisted city-level pricing models.

The cost of living index is based on a national average of 100. For example, if the cost of living score is 90, then the estimated cost of living is 10% lower than the national average. If the score is 110, then the estimated cost of living is 10% higher than average. The overall index is calculated using weighted estimates across major everyday expense categories, including housing (30%), groceries (16%), transportation (12%), healthcare (10%), utilities (8%), lifestyle and entertainment (8%), household expenses (8%), and education and childcare (8%). All values are AI-assisted city-level estimates designed for directional comparisons.
Index	Silver Bay	Minnesota	National
Cost of living	89	100	100
Groceries	100	100	100
Health care	99	100	100
Housing	63	100	100
Transportation	104	100	100
Utilities	107	104	100
Lifestyle & Entertainment	97	100	100
Household Items	100	100	100
Education & Childcare	98	99	100

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Homes For Sale In Silver Bay, MN

4155 Liberty Rd

Two Harbors, MN

24 Horn Blvd

Silver Bay, MN

4155 Liberty RD

Beaver Bay, MN

26 Gibson Rd

Silver Bay, MN

Cost Of Living Quick Facts

The cost of living in Silver Bay is 11% lower than the Minnesota average
The cost of living in Silver Bay is 11% lower than the national average
Silver Bay housing is 37% 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
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Lifestyle index
Household index
Educare index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$86,278	$7,190	$2,013	$2,589
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%

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Finland, MN	216	91	9.5%
Beaver Bay, MN	65	100	0.0%
Silver Bay, MN	1,669	89	10.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Estancia, NM	1,669	84	15.6%
Plymouth, OH	1,669	83	16.6%
Westwood, PA	1,669	86	14.1%
La Guadeloupe, QC	1,669	n/a
Saint-Albert, QC	1,669	n/a
Silver Bay, MN	1,669	89	10.7%