Silver Bay, MN is a small city located on the north shore of Lake Superior. This coastal town has a population of 1,898 as of the 2020 census. Its quiet and relaxed atmosphere make it an attractive place to call home for those looking for a slower pace of life. The rent for a two-bedroom apartment in Silver Bay is slightly lower than the national average at $1,150 compared to the US average of $1,430. Groceries are also cheaper here with the Grocery Cost Index coming in at 94 compared to 100 nationally. Businesses in Silver Bay include Northshore Mining Co., Super One Foods, Chevy dealership, and Superior National Bank & Trust Company. Taking into consideration housing costs and other amenities such as grocery stores, Silver Bay offers an affordable cost of living for its residents.
Silver Bay has an unemployment rate of 5.1%. The US average is 6.0%.
Silver Bay has seen the job market increase by 5.1% over the last year. Future job growth over the next ten years is predicted to be 36.7%, which is higher than the US average of 33.5%.
Tax Rates for Silver Bay
- The Sales Tax Rate for Silver Bay is 7.4%. The US average is 7.3%.
- The Income Tax Rate for Silver Bay is 7.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Silver Bay
- The average income of a Silver Bay resident is $25,056 a year. The US average is $28,555 a year.
- The Median household income of a Silver Bay resident is $61,544 a year. The US average is $69,021 a year.