Housing costs in Silver Bay?
A typical home costs
$156,100, which is 53.8% less expensive than the national average of
$338,100 and 49.6% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Silver Bay costs
$1,150 per month, which is 19.6% cheaper than the national average of
$1,430 and 7.8% cheaper than the state average of
$1,240.
Can I afford Silver Bay?
To live comfortably in Silver Bay (zip 55614), Minnesota, a minimum annual income of
$29,880 for a family, and
$38,000 for a single person is recommended.
What does A.I. say about Silver Bay?
Living in 55614 Silver Bay, MN is generally very affordable. The cost of living index is approximately 9% lower than the national average, meaning that goods and services are usually cheaper here than other cities. The median household income is well below both the national and Minnesota median averages, but still allows for a comfortable lifestyle. Housing costs tend to be relatively low, with median home prices being about $175,000. Utilities on average range from $90 to $160 per month. Transportation expenses are also low due to the small size of the city and access to public transportation options. Overall, 55614 Silver Bay provides an affordable cost of living that is perfect for those seeking a simpler life.