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 | Faulk County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,544 | $98,153 | $242,182 |
| Price Trend (Annual %) | -12.9% | -0.4% | 8.2% |
| Median Gross Rent | $691 | $912 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Faulk County is about 39% lower than in South Dakota. Rent is about 24% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Faulk County: home prices fell about 12.9% a year while rent rose about 3.6% a year. That is an unusual pattern worth watching.
Median rent in Faulk County rose about 29.3% between 2015 and 2023, from $535 to $691. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Faulk County.
Buying the median-priced home in Faulk County costs roughly 7.2 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 Faulk County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Faulk County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $59,544 | $98,153 | $242,182 |
| Median Household Income | $56,666 | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.1 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2023, the median home price in Faulk County fell about 69.6%, while median household income rose about 56.5% 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 | Faulk County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.4% | 61.2% | 58.2% |
| Rental Rate | 14.0% | 27.9% | 31.3% |
| Vacancy Rate | 22.6% | 10.9% | 10.6% |
| Median Tenure (years) | 21.0 | 15.0 | 15.0 |
| Median Year Moved In | 2005 | 2011 | 2011 |
Faulk County has a homeownership rate of 63.4%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 22.6%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Faulk County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1962 | 1978 | 1978 |
| Median Number of Rooms | 6.2 | 5.9 | 5.5 |
The typical housing unit in Faulk County was built around 1962. On average, 2.3 people live in a home with about 6.2 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Faulk County, South Dakota.
What is the median home price in Faulk County, South Dakota?
The median home price in Faulk County, South Dakota is $59,545, lower than the South Dakota average of $98,153.
What is the average home price in Faulk 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 Faulk County, South Dakota?
The median gross rent in Faulk County, South Dakota is $691 per month, lower than the South Dakota average of $912.
What was the median gross rent in Faulk County in 2020?
In 2020, the median gross rent in Faulk County, South Dakota was $657 per month.
What is the price-to-rent ratio in Faulk County, South Dakota?
The price-to-rent ratio in Faulk County, South Dakota is about 7.2, meaning it would take roughly 7.2 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 Faulk County.
Are home prices or rent rising faster in Faulk County, South Dakota?
Home prices and rent are moving in opposite directions in Faulk County: home prices fell about 12.9% a year while rent rose about 3.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Faulk County, South Dakota?
63.4% of households in Faulk County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Faulk County, South Dakota?
The housing vacancy rate in Faulk County, South Dakota is 22.6%, higher than the South Dakota average of 10.9%.