Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bennett County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $125,000 | $98,153 | $242,182 |
| Price Trend (Annual %) | 15.9% | -0.4% | 8.2% |
| Median Gross Rent | $616 | $912 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bennett County is about 27% higher than in South Dakota. Rent is about 32% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2020
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bennett County, up about 15.9% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Bennett County rose about 20.1% between 2015 and 2023, from $513 to $616. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Bennett County.
Buying the median-priced home in Bennett County costs roughly 16.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bennett County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Bennett County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $125,000 | $98,153 | $242,182 |
| Median Household Income | $44,285 | $72,558 | $78,145 |
| Price-to-Income Ratio | 2.8 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2020, the median home price in Bennett County rose about 629.2%, while median household income rose about 22.0% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bennett County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.0% | 61.2% | 58.2% |
| Rental Rate | 35.1% | 27.9% | 31.3% |
| Vacancy Rate | 16.9% | 10.9% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Bennett County has a homeownership rate of 48.0%, lower than the South Dakota average of 61.2%. Its housing vacancy rate is 16.9%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Bennett County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.24 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1965 | 1978 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Bennett County was built around 1965. On average, 3.2 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bennett County, South Dakota.
What is the median home price in Bennett County, South Dakota?
The median home price in Bennett County, South Dakota is $125,000, higher than the South Dakota average of $98,153.
What is the average home price in Bennett County, South Dakota?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bennett County, South Dakota?
The median gross rent in Bennett County, South Dakota is $616 per month, lower than the South Dakota average of $912.
What was the median gross rent in Bennett County in 2020?
In 2020, the median gross rent in Bennett County, South Dakota was $617 per month.
What is the price-to-rent ratio in Bennett County, South Dakota?
The price-to-rent ratio in Bennett County, South Dakota is about 16.9, meaning it would take roughly 16.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bennett County.
Are home prices or rent rising faster in Bennett County, South Dakota?
Both home prices and rent are rising in Bennett County, up about 15.9% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bennett County, South Dakota?
48.0% of households in Bennett County, South Dakota own their home, lower than the South Dakota average of 61.2%.
What is the vacancy rate in Bennett County, South Dakota?
The housing vacancy rate in Bennett County, South Dakota is 16.9%, higher than the South Dakota average of 10.9%.