Silver Bay, MN Profile: Facts & Data

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Silver Bay, Minnesota - Basic Facts

The City of Silver Bay had a population of 1,877 as of July 1, 2023. Silver Bay ranks in the lower quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Minnesota. See peer rankings below.

The primary coordinate point for Silver Bay is located at latitude 47.2944 and longitude -91.2574 in Lake County. The formal boundaries for the City of Silver Bay encompass a land area of 7.89 sq. miles and a water area of 0.47 sq. miles. Lake County is in the Central time zone (GMT -6).

The City of Silver Bay has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.


Jump to... (On This Page!)
  1. Silver Bay 2023 Demographic Data
  2. Growth Rates for Silver Bay (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. Minnesota Research Tools (Easy Tools & Current Data)
  3. Minnesota Data Comparison Tool - 2023 Demographics
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Silver Bay, MN Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 1,877 (100%)
Population in Households 1,800 (95.9%)
Population in Families 1,453 (77.4%)
Population in Group Quarters1 77 ( 4.1%)
Population Density 246
Diversity Index2 12
 
 

INCOME

Median Household Income $59,825
Average Household Income $83,022
% of Income for Mortgage4 15%
Per Capita Income $36,498
Wealth Index5 81
Socioeconomic Status Index6 Moderate (54.3)
 

HOUSING

Total HU (Housing Units) 976 (100%)
Owner Occupied HU 721 (73.9%)
Renter Occupied HU 103 (10.6%)
Vacant Housing Units 152 (15.6%)
Median Home Value $148,899
Average Home Value $273,786
Housing Affordability Index3 165
 

HOUSEHOLDS

Total Households 824
Average Household Size 2.18
Family Households 526
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population 0.33% -0.11%
Households -0.33% 0.00%
Families   -0.04%
Median Household Income   2.87%
Per Capita Income   3.15%
Owner Occupied HU   0.28%

Silver Bay, MN - Peer Comparisons by Rank and Percentile

The table below compares Silver Bay to the other 914 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 272 70th
Population Density # 666 27th
Median Household Income # 676 26th
Housing Affordability Index # 757 83rd
Per Capita Income # 559 39th
Diversity Index # 768 16th

Additional comparisons and rankings can be made with a VERY EASY TO USE Minnesota Census Data Comparison Tool.

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