Much like its surrounding areas, it is significantly less expensive compared to the nation as a whole. Compared to the city of Minneapolis, it is substantially less expensive.
Home prices
The median home in Silver Lake costs $140,700. This is is very similar compared to the surrounding areas.It is approximately $76,800 (35%) lower in comparison to the United States as a whole, and compared to the city of Minneapolis is roughly $110,900 (44%) lower.
Rents
Silver Lake's median monthly rent is $525. In comparison to the surrounding areas it is roughly $248 (32%) lower.It is approximately $537 (50%) lower in comparison to the entire country, and is roughly $502 (48%) lower compared to the city of Minneapolis.
Nearby places
Biscay
Biscay is approximately 5 miles southwest from Silver Lake. The housing prices there are a lot less expensive. The median home in Biscay costs $93,000, which comes out to $47,700 (51%) lower than Silver Lake. The rent there is substantially more expensive. In Biscay the median monthly rent is $1,094, which works out to $569 (52%) higher than Silver Lake.
Lester Prairie
Lester Prairie is approximately 6 miles east from Silver Lake. Its real estate prices are a little more expensive. The median home in Lester Prairie is valued at $149,800, which comes out to $9,100 (6%) higher than Silver Lake. Rents there are pretty similar. In Lester Prairie the median monthly rent is $543, which works out to $18 (3%) higher than Silver Lake.
Winsted
Winsted is roughly 7 miles northeast of Silver Lake. Real estate prices there are a bit more expensive. The cost of the median home in Winsted is $159,300, which works out to $18,600 (11%) higher than Silver Lake. Rents there are a bit more expensive. In Winsted the median rent is $706 per month, which comes out to $181 (25%) higher than Silver Lake.
Hutchinson
Hutchinson is roughly 7 miles west from Silver Lake. Real estate prices there are a little more expensive. The median home in Hutchinson is valued at $149,200, which works out to $8,500 (5%) higher than Silver Lake. Rent there is significantly more expensive. In Hutchinson the median monthly rent is $835, which comes out to $310 (37%) higher than Silver Lake.
Glencoe
Glencoe is about 8 miles south of Silver Lake. The housing prices there are similar. The price of the median home in Glencoe is $147,300, which comes out to $6,600 (4%) higher than Silver Lake. Rent there is somewhat more expensive. In Glencoe the median monthly rent is $689, which comes out to $164 (23%) higher than Silver Lake.
