Cost of Living in Silver Bay, MN
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
102.3
100 = national avg
+2.3 vs national average
Living Wage (1 Adult)
$44,991
per year
Living Wage (Family of 4)
$106,341
per year
Cost Index by Category
Housing96.1
Food104.2
Transportation108.3
Healthcare103.3
Utilities101.7
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$973
per month
2 Bedroom
$1,277
per month
The overall cost of living index in Silver Bay is 102.3, which is 2.3% above the national average. Housing costs are below the national average at an index of 96.1. A single adult needs to earn approximately $44,991 per year to cover basic expenses.