There are 2 assisted living facilities serving Silver Bay, Minnesota. This includes 1 facility in Silver Bay and 1 nearby. The median cost per day of assisted living in Minnesota is around $113, with costs ranging between $29 and $240 per day. On a per month basis, this equates to a mean cost of $3,403, with costs ranging from about $867 up to $7,200. The median annual cost is $40,830, which is below the nationwide average of $42,000.
SeniorScore™ for Silver Bay, Minnesota
The SeniorScore™ is calculated based on over 100 variables, some of which are shown below. The final score is curved based on a linear curving method. For More info visit senioradvice.com/seniorscore.
- Silver Bay scores lower than the Minnesota average of 70.
- Silver Bay scores significantly lower than the national average of 72.
- There is a very low number of Medicare registered physicians within the city limits.
- There are no hospitals within close range of the city.
- There are 2 senior living facilities in close proximity to the city (Silver Bay Veterans Home and Carefree Living)
- There is a very low number of home healthcare providers operating in the city.
- There is a very low number of fire stations serving the city.
- The average life expectancy is 81.1, compared to the national average of 78.6.
- There are 2 pharmacies within close range of the city.
- The area has a very low property crime rate.
- The area has a very low violent crime rate.
- The city has a very high percentage of seniors in the population (41% of residents).
- There are 2 golf courses in or around the city (Silver Bay Country Club and Lakeview Municipal Golf Course).
- There are 4 parks near the city center, including Lax Lake Resort, Palisade Head, and Tettegouche State Park.
- There are no churches in or near the city.
- There are no malls / shopping centers within close range of the city.
- There is 1 grocery store within the city.
- There are no movie theatres in or near the city.
- There is 1 gym or health club in or near the city.
- The property taxes average 1.46% of total income, which is significantly lower than the national average of 2.79%.
- The property taxes average 0.56% of property value, which is significantly lower than the national average of 1.09%.
- The city sales taxes averages 7.38%, which is higher than the national average of 6.97%.
- Minnesota has an average state income tax of 4.79%, compared to the national average of 3.38%.
- The city's mean household income is $56,052, which is significantly lower than the national average of $64,580.
- The city's median household income is $45,438, which is significantly lower than the national median of $51,560.
- The city's per capita income is $26,269, which is higher than the national average of $25,611.
- Assisted living costs average $36,336 per year, which are low compared to national figures.
- Nursing home costs average $90,710 per year, which are average compared to national costs.
- Adult daycare costs average $19,097 per year, which are high compared to national numbers.
- Home healthcare costs average $46,904 annually, which are average compared to national costs.
- The unemployment rate is about 14.58%, which is very high compared to national averages.
- The overall cost of living is high compared to national averages.
- 0% of the senior population are financially responsible for at least one grandchild.
- Silver Bay receives low levels of rainfall each year.
- Silver Bay has very harsh mean temperatures, with very cold winters and pleasant summers.
- This city has very good air quality.
- Silver Bay has a very sparse population density of 10.8 people per square mile.
- Residents of Silver Bay have a very short daily commute time.
- Silver Bay has a very high public school quality ranking.
- The city has a high public school safety rating.
- This city has a high graduation rate of 89.74%.
Silver Bay is a small municipality in Lake County, Minnesota. While the surrounding metro area is home to 1,077,918 inhabitants, there are only 2,627 within the city limits. About 41% of the local residents are over the age of 55.
Silver Bay has a moderate SeniorScore™ of 64. The city's average household income is $45,000 ($26,000 on a per capita basis), compared to an average of $53,000 for the entire state of Minnesota. The average housing price in Silver Bay is $156,000, which is lower than the Minnesota average of $211,500. The city also has a high unemployment rate of approximately 14.58%.
Silver Bay has very harsh average temperatures, with severely cold winters and mildly warm summers. The city receives low amounts of rainfall each year. In relation to similarly-sized cities, Silver Bay has a very low crime rate and exceptional air quality ratings.