Income & Economy in Silver Bay, MN
Household income, poverty rates, employment, and economic data — 2023 ACS Data
Income Overview
Source: U.S. Census Bureau ACS (2023)Median Household Income
$70,870
-3% vs national
Per Capita Income
$42,557
+14% vs national
Poverty Rate
8.9%
-34% vs national
Gini Index
0.4110
0 = perfect equality
Unemployment
2.3%
-56% vs national
SNAP Recipients
11.7%
of households
How Silver Bay Compares
Source: Census ACS (2023)Silver Bay vs Similar Cities
Source: Census ACS (2023)Compared to cities with under 10,000 residents. Silver Bay is highlighted.
Median Household Income
Per Capita Income
Poverty Rate
Unemployment Rate
Where Do You Stack Up?
Enter your household income to see how you compare to other households in Silver Bay. The median household income here is $70,870.
Income Distribution
Source: U.S. Census Bureau ACS (2023)Employment Snapshot
Source: U.S. Census Bureau ACS (2023)Unemployment Rate
2.3%
-49% vs MN avg
Labor Force
782
Employed
764
How People Get to Work
Source: Census ACS (2023)Employment by Sector
Source: Census ACS (2023)Education & Workforce
Source: U.S. Census Bureau ACS (2023)Bachelor's Degree+
14.7%
of adults 25+
High School Diploma+
37.9%
of adults 25+
Median Age
48.0
Work from Home
8.4%
of workers
The median household income in Silver Bay, MN is $70,870, which is 3.2% below the national average of $73,224. Per capita income is $42,557. The poverty rate of 8.9% is lower than the MN state average of 11.4%. The Gini index of income inequality is 0.4110, where 0 represents perfect equality and 1 represents maximum inequality. The unemployment rate is 2.3%, compared to the state average of 4.5%. 14.7% of adults hold a bachelor's degree or higher.