Silver Bay, MN, offers a cost of living that is generally lower than the nationwide average. The overall cost of living index for Silver Bay stands at 93, which is 7% below the national average of 100. This lower cost of living is particularly noticeable in housing, where the index is 82, indicating a 18% reduction compared to the national average.
Despite the lower cost of living, Silver Bay maintains a competitive edge in certain areas. For instance, groceries and utilities are slightly above the national average, with indices of 95 and 98, respectively. This balance makes Silver Bay an attractive option for those seeking a more affordable lifestyle without sacrificing essential services.
Silver Bay, MN, offers a cost of living that is notably lower than the nationwide average. The housing index in Silver Bay stands at 82, which is 18% lower than the national average. This means that housing expenses in Silver Bay are significantly cheaper, making it an attractive option for those looking to save on their living costs. Additionally, the groceries index is 95, which is 5% lower than the national average, providing some relief for those who spend a significant portion of their budget on food.
Transportation costs in Silver Bay are also slightly below the national average, with an index of 93, which is 7% lower. This can be a significant advantage for those who rely on personal vehicles. Utilities in Silver Bay are at 98, just 2% below the national average, indicating that these costs are nearly on par with the rest of the country. Healthcare costs remain consistent with the national average at 100, ensuring that residents have access to necessary medical services without additional financial strain. Overall, Silver Bay presents a cost of living that is 10% lower than the national average, making it a financially prudent choice for many.
