Silver Lake, Minnesota Cost Of Living

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C

Overall 4%

Goods & Services 16%

Housing 38%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.

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 Lake	Minnesota	National
Cost of living	96	103	100
Goods & Services	116	108	100
Groceries	108	104	100
Health care	120	107	100
Housing	62	100	100
Transportation	100	99	100
Utilities	100	97	100

Key findings

The cost of living in Silver Lake is 7% lower than the Minnesota average
The cost of living in Silver Lake is 4% lower than the national average
Silver Lake housing is 38% lower than the national average
Minnesota general sales tax is 35% higher than the national average
Minnesota state income tax is 117% 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	$59,583	$4,965	$1,390	$1,788
Renters	$23,750	$1,979	$554	$713

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 Lake	National avg.	Difference
Haircut	$23.17	$20.27	14.3%
Beauty Salon	$36.64	$40.39	9.3%
Toothpaste	$2.83	$2.36	20.1%
Shampoo	$1.49	$1.08	38.7%
Movie	$12.09	$10.99	10.0%
Bowling	$20.17	$15.49	30.2%

Groceries

Item	Silver Lake	National avg.	Difference
Ground Beef	$4.55	$4.30	5.8%
Fried Chicken	$1.88	$1.40	34.6%
Milk	$2.37	$2.20	7.6%
Potatoes	$3.10	$3.22	3.8%
Pizza	$11.57	$10.74	7.8%
Beer	$9.18	$9.60	4.4%

Health Care

Item	Silver Lake	National avg.	Difference
Optometrist	$115.79	$109.73	5.5%
Doctor	$196.36	$118.34	65.9%
Dentist	$103.34	$100.94	2.4%
Ibuprofen	$10.85	$9.93	9.3%
Lipitor	$531.06	$469.53	13.1%

Housing

Item	Silver Lake	National avg.	Difference
Home Price	$115,600.00	$184,700.00	37.4%
Avg. Mortgage Payment	$1,081.52	$1,229.62	12.0%
Apartment Rent	$585.00	$949.00	38.4%

Transportation

Item	Silver Lake	National avg.	Difference
Gasoline	$2.59	$2.71	4.6%
Tire Balancing	$56.28	$51.86	8.5%

Utilities

Item	Silver Lake	National avg.	Difference
All Electricity	$171.41	$170.84	0.3%
Phone	$184.86	$187.18	1.2%

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.
Stewart, MN	522	81	18.6%
Biscay, MN	84	82	17.6%
Brownton, MN	750	85	15.4%
Lester Prairie, MN	1,934	93	7.3%
Darwin, MN	342	96	3.8%
Silver Lake, MN	927	96	4.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Highlandville, MO	927	87	13.0%
Glandorf, OH	927	96	4.1%
Marion, TX	927	83	17.0%
Dupuy, QC	927	n/a
Poplar River 16, MB	927	n/a
Silver Lake, MN	927	96	4.2%

Source: This data reflects 2021 and was released from C2ER in January, 2022; this is the most current data available.