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 | Bon Homme County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $55,000 | $98,153 | $242,182 |
| Price Trend (Annual %) | 2.3% | -0.4% | 8.2% |
| Median Gross Rent | $619 | $912 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bon Homme County is about 44% lower than in South Dakota. Rent is about 32% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bon Homme County, up about 2.3% and 4.9% a year respectively. Rent is changing faster.
Median rent in Bon Homme County rose about 32.7% between 2015 and 2023, from $467 to $619. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Bon Homme County.
Buying the median-priced home in Bon Homme County costs roughly 7.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Bon Homme County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Bon Homme County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $55,000 | $98,153 | $242,182 |
| Median Household Income | $61,547 | $72,558 | $78,145 |
| Price-to-Income Ratio | 0.9 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bon Homme County rose about 47.8%, while median household income rose about 57.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bon Homme County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.4% | 61.2% | 58.2% |
| Rental Rate | 18.6% | 27.9% | 31.3% |
| Vacancy Rate | 14.1% | 10.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Bon Homme County has a homeownership rate of 67.4%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 14.1%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Bon Homme County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1958 | 1978 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Bon Homme County was built around 1958. On average, 2.2 people live in a home with about 6.3 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bon Homme County, South Dakota.
What is the median home price in Bon Homme County, South Dakota?
The median home price in Bon Homme County, South Dakota is $55,000, lower than the South Dakota average of $98,153.
What is the average home price in Bon Homme 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 Bon Homme County, South Dakota?
The median gross rent in Bon Homme County, South Dakota is $619 per month, lower than the South Dakota average of $912.
What was the median gross rent in Bon Homme County in 2020?
In 2020, the median gross rent in Bon Homme County, South Dakota was $582 per month.
What is the price-to-rent ratio in Bon Homme County, South Dakota?
The price-to-rent ratio in Bon Homme County, South Dakota is about 7.4, meaning it would take roughly 7.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Bon Homme County.
Are home prices or rent rising faster in Bon Homme County, South Dakota?
Both home prices and rent are rising in Bon Homme County, up about 2.3% and 4.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Bon Homme County, South Dakota?
67.4% of households in Bon Homme County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Bon Homme County, South Dakota?
The housing vacancy rate in Bon Homme County, South Dakota is 14.1%, higher than the South Dakota average of 10.9%.