Cost of Living in Silver Lake, MN

A-
6%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
29%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Silver Lake Minnesota National
Cost of living9499100
Goods & Services109100100
Groceries9798100
Health care124109100
Housing71100100
Transportation9997100
Utilities9393100
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Cost Of Living Quick Facts

  • The cost of living in Silver Lake is 5% lower than the Minnesota average
  • The cost of living in Silver Lake is 6% lower than the national average
  • Silver Lake housing is 29% lower than the national average
  • Minnesota general sales tax is 35% higher than the national average
  • Minnesota state income tax is 106% higher than the national average

Most Affordable Places to Live in and Around Silver Lake

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Compare Silver Lake, MN Cost of Living

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      Salary Calculator

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$59,375$4,948$1,385$1,781
      Renters$60,833$5,069$1,419$1,825

      Minnesota Sales Tax

      State General Sales Tax With Max Surtax
      Minnesota 6.875% 7.875%

      Minnesota Income Tax

      State Income Tax (Low) Income Tax (High)
      Minnesota 5.35% 9.85%

      Goods & Services

      Item Silver Lake National avg. Difference
      Haircut $27.97$24.2615.3%
      Beauty Salon $37.17$45.5618.4%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.52$1.2818.6%
      Movie $11.24$12.137.4%
      Bowling $26.39$18.0046.6%

      Groceries

      Item Silver Lake National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.35$1.5713.9%
      Milk $4.58$4.672.0%
      Potatoes $4.86$4.931.4%
      Pizza $13.07$12.098.2%
      Beer $9.52$10.418.5%

      Health Care

      Item Silver Lake National avg. Difference
      Optometrist $109.94$125.6812.5%
      Doctor $162.98$135.7820.0%
      Dentist $96.90$113.2914.5%
      Ibuprofen $10.88$10.652.1%
      Lipitor $492.95$468.605.2%

      Housing

      Item Silver Lake National avg. Difference
      Home Price $134,600.00$184,700.0027.1%
      Avg. Mortgage Payment $1,954.72$2,346.6916.7%
      Apartment Rent $636.00$949.0033.0%

      Transportation

      Item Silver Lake National avg. Difference
      Gasoline $3.31$3.464.3%
      Tire Balancing $61.97$59.923.4%

      Utilities

      Item Silver Lake National avg. Difference
      All Electricity $175.69$193.999.4%
      Phone $188.55$192.251.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Stewart, MN6108316.6%
      Brownton, MN5558415.6%
      Darwin, MN302927.6%
      Winsted, MN2,036909.5%
      Lester Prairie, MN1,719919.1%
      Silver Lake, MN906945.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      North Edwards, CA906955.0%
      Newport, DE9061077.4%
      Elizabeth, IL9068415.6%
      East Gull Lake, MN90612323.1%
      Hallock, MN9068416.3%
      Silver Lake, MN906945.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
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