Total monthly cost of ownership
Cost to Own a Home in Silver Bay, Minnesota
A $151,000 home here costs
$1,275per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $776. The real number is $498 higher every month — 64% more than the payment most buyers budget for.
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 $152 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
Common questions
How much does it cost to own a home in Silver Bay?
A $151,000 home in Silver Bay, Minnesota costs approximately $1,275 per month with 20% down at 6.66%. That is $776 principal and interest, $87 property tax, $66 homeowners insurance, $220 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 $1,275 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.