Total monthly cost of ownership
Cost to Own a Home in Silver Bay, Minnesota
A $151,000 home here costs
$1,292per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $55,500 a year.
A standard mortgage calculator would have told you $823. The real number is $468 higher every month, 57% more than the payment most buyers budget for.
Compare Lake County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Silver Bay from a five-year rolling sample, and with about 1,790 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Lake County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Silver Bay against Lake County and Minnesota
| Measure | Silver Bay | Lake County |
|---|---|---|
| Median home value | $150,700 | $222,900 |
| Median property tax | $1,037 | $1,674 |
| Effective tax rate | 0.688% | 0.751% |
| Median gross rent | $1,044 | $1,026 |
| Population | 1,790 | 10,911 |
The weather behind that power bill
Silver Bay sits in Lake County, which averages a high of 76.1°F in its hottest month and a low of 1.0°F in its coldest, with 32.52" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 175 cooling and 9,634 heating degree days, which is what sets the $122 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Talk to someone who works this market
These are Silver Bay averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Silver Bay every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Silver Bay I already own here and may sell
Common questions
How much does it cost to own a home in Silver Bay?
A $151,000 home in Silver Bay, Minnesota costs approximately $1,292 per month with 20% down at 7.24%. That is $823 principal and interest, $87 property tax, $66 homeowners insurance, $190 utilities and $126 set aside for maintenance.
What is the property tax rate in Silver Bay?
Silver Bay has an effective property tax rate of 0.688%, based on a median home value of $150,700 and median real estate taxes of $1,037. That is lower than the Lake County average of 0.751%.
What is the average home price in Silver Bay?
The median owner-occupied home value in Silver Bay, Minnesota is $150,700, against $222,900 across Lake County.
Is it cheaper to rent or buy in Silver Bay?
Median gross rent in Silver Bay is $1,044 a month, against $1,292 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Silver Bay?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Silver Bay, Minnesota at today's rate takes a household income of roughly $55,500 a year. That covers the full $1,292 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Bay, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Minnesota.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.