Beaver Bay, MN Profile: Facts & Data

The City of Beaver Bay had a population of 122 as of July 1, 2024. Beaver Bay ranks in the lower quartile for Population Density when compared to the other cities, towns and Census Designated Places (CDPs) in Minnesota. See peer rankings below.

The primary coordinate point for Beaver Bay is located at latitude 47.2577 and longitude -91.3004 in Lake County. The formal boundaries for the City of Beaver Bay encompass a land area of 0.73 sq. miles and a water area of 0.52 sq. miles. Lake County is in the Central time zone (GMT -6).

The City of Beaver 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.

Beaver Bay, MN Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	122 (100%)
Population in Households	122 (100.0%)
Population in Families	99 (81.1%)
Population in Group Quarters¹	0
Population Density	153
Diversity Index²	23


INCOME
Median Household Income	$91,174
Average Household Income	$93,305
% of Income for Mortgage⁴	0%
Per Capita Income	$37,475
Wealth Index⁵	82
Socioeconomic Status Index⁶	Moderate (57.3)

HOUSING
Total HU (Housing Units)	69 (100%)
Owner Occupied HU	46 (66.7%)
Renter Occupied HU	3 ( 4.3%)
Vacant Housing Units	20 (29.0%)
Median Home Value	$266,667
Average Home Value	$367,391
Housing Affordability Index³	0

HOUSEHOLDS
Total Households	49
Average Household Size	2.49
Family Households	37
Average Family Size	3.00

NOTES

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.
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.
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.
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).
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.
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.

Beaver Bay, MN - Peer Comparisons by Rank and Percentile

The table below compares Beaver Bay to the other 914 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2024 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.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	0.39%	-0.83%
Households	-1.83%	-0.41%
Families		-2.26%
Median Household Income		2.99%
Per Capita Income		4.88%
Owner Occupied HU		-0.89%

Variable Description	Rank	Percentile
Total Population	# 773	16th
Population Density	# 747	18th
Median Household Income	# 242	74th
Housing Affordability Index	# 118	13th
Per Capita Income	# 609	34th
Diversity Index	# 373	59th

Beaver Bay, MN Profile: Facts & Data

Beaver Bay, Minnesota - Basic Facts

Beaver Bay, MN Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Beaver Bay, MN - Peer Comparisons by Rank and Percentile

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