Silver Bay, Minnesota Population 2024

1,795

Silver Bay is a city located in Lake County Minnesota. Silver Bay has a 2024 population of 1,795. Silver Bay is currently declining at a rate of -0.94% annually and its population has decreased by -3.55% since the most recent census, which recorded a population of 1,861 in 2020.

The average household income in Silver Bay is $79,234 with a poverty rate of 8.67%. The median age in Silver Bay is 48.7 years: 43.4 years for males, and 54.2 years for females.

Silver Bay Demographics

According to the most recent ACS, the racial composition of Silver Bay was:

  • White: 92.96%
  • Two or more races: 6.33%
  • Asian: 0.71%
  • Black or African American: 0%
  • Native American: 0%
  • Native Hawaiian or Pacific Islander: 0%
  • Other race: 0%
Land Area (mi²)
7.6 sq mi
Density (mi²)
235.30/sq mi
Growth Since 2020
-3.55% (-66)
The current population of Silver Bay, Minnesota is 1,795 based on our projections of the latest US Census estimates (released May 2024). The last official US Census in 2020 recorded the population at 1,861.

Population by Race

Race
Population
Percentage (of total)
White1,57192.96%
Two or more races1076.33%
Asian120.71%
Black or African American00%
Native American00%
Native Hawaiian or Pacific Islander00%
Other race00%

White

Two or more races

Asian

Black or African American

Native American

Native Hawaiian or Pacific Islander

Other race

Silver Bay Population by Race

Silver Bay Population Pyramid 2024

Silver Bay Median Age

48.7

Total

43.4

Male

54.2

Female

Silver Bay Adults

There are 1,348 adults, (501 of whom are seniors) in Silver Bay.

Silver Bay Age Dependency

99.5

Age Dependency Ratio

59.1

Old Age Dependency Ratio

40.4

Child Dependency Ratio

Silver Bay Sex Ratio

Female89152.72%
Male79947.28%

Silver Bay Population by Age

Silver Bay Renter vs Owner Occupied by Household Type

Household Type
Count
Average Size
Owner
Renter
All8261.9481.618.4
Non Family3461.0775.724.3
Married3402.5492.47.6
Female1262.7166.733.3
Male142.071000

2.52

Average Family Size

1.94

Average Household Size

81.6%

Rate of Home Ownership

Married

Male

Female

NonFamily

owner

renter

Silver Bay Households and Families

Male

Female

Education Attained
Count
Percentage
9th to 12th Grade514.07%
Associates Degree15812.61%
Bachelors Degree25320.19%
Graduate Degree715.67%
High School Graduate39531.52%
Less Than 9th Grade100.8%
Some College31525.14%

Less Than 9th Grade

9th to 12th Grade

High School Graduate

Some College

Associates Degree

Bachelors Degree

Graduate Degree

Silver Bay Educational Attainment by Sex (over 25)

Silver Bay Educational Attainment by Race

High School Graduation Rate

Bachelors Rate

Race
Total
High School
Bachelors
White1,1831,133281
2+ Races392819
Hispanic292929
Asian12125

The highest rate of high school graduation is among asian people with a rate of 100%.

The highest rate of bachelors degrees is among hispanic people with a rate of 100%.

Silver Bay Educational Attainment by Race

All

Male

Female

Name
Average
Male
Female
Bachelors Degree$63,900$65,583$44,063
Graduate Degree$67,969$0$67,250
High School Graduate$35,917$41,136$34,135
Less Than 9th Grade$30,682$0$0
Overall$45,802$59,167$39,205
Some College$45,625$53,750$44,722

$45,802

Average Earnings

$59,167

Average Male

$39,205

Average Female

Silver Bay Earnings by Educational Attainment

Silver Bay Language by Age

Only English

Spanish

Other Indo-European Languages

Asian and Pacific Island Languages

Other Languages

Silver Bay Language

97.72% of Silver Bay residents speak only English, while 2.28% speak other languages. The non-English language spoken by the largest group is Other languages, which is spoken by 0.95% of the population.

Silver Bay Language

Silver Bay Poverty by Race

rate

Name
Total
In Poverty
Poverty Rate
White1,4731379.3%
Multiple10721.87%

8.67%

Overall Poverty Rate

7.26%

Male Poverty Rate

10.01%

Female Poverty Rate

Poverty in Silver Bay

The race most likely to be in poverty in Silver Bay is White, with 9.3% below the poverty level.

The race least likely to be in poverty in Silver Bay is Multiple, with 1.87% below the poverty level.

The poverty rate among those that worked full-time for the past 12 months was 0.43%. Among those working part-time, it was 5.92%, and for those that did not work, the poverty rate was 21.4%.

Silver Bay Poverty

rate

Rate
Poverty
Less Than 9th Grade51.79%
High School10.24%
Some College9.89%
Bachelors or Greater4.32%

Silver Bay Poverty Rate by Education

rate

Rate
Poverty
Female Employed4.1%
Male Employed0.58%
Male Unemployed0%
Female Unemployed0%

Silver Bay Poverty Rate by Employment Status and Sex

Silver Bay Income by Household Type

Households

Families

MarriedFamilies

NonFamilies

Name
Median
Mean
Families$94,318$100,099
Households$65,882$79,234
Married Families$101,406$-999,999,999
Non Families$30,417$50,289

mean

median

Income by Household Type

Silver Bay Marital Status

Married

Widowed

Divorced

Separated

NeverMarried

Marriage Rates

52.1%

Overall Marriage Rate

56.2%

Male Marriage Rate

48.5%

Female Marriage Rate

Silver Bay Married by Age and Sex

male

female

Silver Bay Marriage

The age group where males are most likely to be married is 45-54, while the female age group most likely to be married is 35-44.

Silver Bay Marital Status by Race

Married

Widowed

Divorced

Separated

NeverMarried

Silver Bay Marital Status

Second Gulf War

First Gulf War

Vietnam

Korea

World War II

102

Number of Veterans

98

Male Veterans

4

Female Veterans

War
Veterans
Vietnam46
First Gulf War24
Korea8
World War II5
Second Gulf War3

Silver Bay Veterans by War

count

Age Group
Veterans
65 to 7437
35 to 5430
75+21
55 to 6414
18 to 340

Silver Bay Veterans by Age

count

Name
Veterans
% of Total
White1028.01%

Silver Bay Veterans by Race

Silver Bay Veterans by Education

Less Than 9th Grade

High School Graduate

Some College

Bachelors or Greater

18.63%

Veteran Poverty Rate

45.1%

Veteran Disability Rate

Silver Bay Veterans by Education

LaborForceParticipation

53.4%

Labor Force Participation

51.3%

Employment Rate

3.9%

Unemployment Rate

Silver Bay Employment by Age

LaborForceParticipation

Silver Bay Employment by Race

LaborForceParticipation

Silver Bay Employment by Education

Origin of Non-Citizens

Europe

Asia

Africa

Oceania

Latin America

North America

Non citizens include legal permanent residents (green card holders), international students, temporary workers, humanitarian migrants, and illegal immigrants.

Origin of Naturalized Citizens

Europe

Asia

Africa

Oceania

Latin America

North America

81.01%

Born in Silver Bay

99.29%

Native Born

0.71%

Foreign Born

0.3%

Non Citizen

0.41%

Naturalized

Place of Birth

99.29% of Silver Bay residents were born in the United States, with 81.01% having been born in Minnesota. 0.3% of residents are not US citizens. Of those not born in the United States, the largest percentage are from Asia.

Silver Bay Place of Birth

Note: data after 2022 is projected based on recent change
Year
Population
Growth
Growth Rate
20291,714-16-0.92%
20281,730-16-0.92%
20271,746-17-0.96%
20261,763-16-0.9%
20251,779-16-0.89%
20241,795-17-0.94%
20231,812-25-1.36%
20221,837-29-1.55%
20211,86650.27%
20201,8611015.74%
20191,760-9-0.51%
20181,769130.74%
20171,756-14-0.79%
20161,770-15-0.84%
20151,785-19-1.05%
20141,804-23-1.26%
20131,827-23-1.24%
20121,850-4-0.22%
20111,854-20-1.07%
20101,87400%

Silver Bay Population by Year