The City of Silver Bay had a population of 1,871 as of July 1, 2019. 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 elevation is 764 feet.
The City of Silver Bay (GNIS ID: 2395886) 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.
Alternate Unofficial Names for Silver Bay: City of Silver Bay, Silver Bay Harbor.
HOUSING AFFORDABILITY INDEX
|Silver Bay, MN Housing Affordability Index is 241 |
State of Minnesota Housing Affordability Index is 135
|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.|
|Silver Bay, MN Wealth Index is 82 |
State of Minnesota Wealth Index is 112
|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.|
These new demographic attributes are availiable for Neighborhoods, Cities, Counties, and ZIP Codes.
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|Total Population||1,871 (100%)|
|Population in Households||1,795 (95.9%)|
|Population in Families||1,417 (75.7%)|
|Population in Group Quarters1||76 ( 4.1%)|
|Median Household Income||$51,797|
|Average Household Income||$67,443|
|Per Capita Income||$30,415|
|Total Housing Units||996 (100%)|
|Owner Occupied HU||746 (74.9%)|
|Renter Occupied HU||88 ( 8.8%)|
|Vacant Housing Units||162 (16.3%)|
|Median Home Value||$109,397|
|Housing Affordability Index3||241|
|Average Household Size||2.15|
|Average Family Size||3|
GROWTH RATE / YEAR
|Median Household Income||2.29%|
|Per Capita Income||2.3%|
The table below compares Silver Bay to the other 903 incorporated cities, towns and CDPs in Minnesota by rank and percentile using July 1, 2019 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.
|Total Population||# 271||70th|
|Population Density||# 667||26th|
|Diversity Index||# 700||22nd|
|Median Household Income||# 659||27th|
|Per Capita Income||# 476||47th|
Additional comparisons and rankings can be made with a VERY EASY TO USE Minnesota Census Data Comparison Tool.