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 | Hanson County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $217,045 | $98,153 | $242,182 |
| Price Trend (Annual %) | 21.5% | -0.4% | 8.2% |
| Median Gross Rent | $732 | $912 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hanson County is about 121% higher than in South Dakota. Rent is about 20% 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 Hanson County, up about 21.5% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Hanson County rose about 37.9% between 2015 and 2023, from $531 to $732. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Hanson County.
Buying the median-priced home in Hanson County costs roughly 24.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hanson County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Hanson County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $217,045 | $98,153 | $242,182 |
| Median Household Income | $84,704 | $72,558 | $78,145 |
| Price-to-Income Ratio | 2.6 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hanson County rose about 195.0%, while median household income rose about 83.9% 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 | Hanson County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 78.0% | 61.2% | 58.2% |
| Rental Rate | 10.0% | 27.9% | 31.3% |
| Vacancy Rate | 12.0% | 10.9% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Hanson County has a homeownership rate of 78.0%, higher than the South Dakota average of 61.2%. Its housing vacancy rate is 12.0%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Hanson County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.01 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1962 | 1978 | 1978 |
| Median Number of Rooms | 6.8 | 5.9 | 5.5 |
The typical housing unit in Hanson County was built around 1962. On average, 3.0 people live in a home with about 6.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hanson County, South Dakota.
What is the median home price in Hanson County, South Dakota?
The median home price in Hanson County, South Dakota is $217,045, higher than the South Dakota average of $98,153.
What is the average home price in Hanson 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 Hanson County, South Dakota?
The median gross rent in Hanson County, South Dakota is $732 per month, lower than the South Dakota average of $912.
What was the median gross rent in Hanson County in 2020?
In 2020, the median gross rent in Hanson County, South Dakota was $715 per month.
What is the price-to-rent ratio in Hanson County, South Dakota?
The price-to-rent ratio in Hanson County, South Dakota is about 24.7, meaning it would take roughly 24.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hanson County.
Are home prices or rent rising faster in Hanson County, South Dakota?
Both home prices and rent are rising in Hanson County, up about 21.5% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hanson County, South Dakota?
78.0% of households in Hanson County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Hanson County, South Dakota?
The housing vacancy rate in Hanson County, South Dakota is 12.0%, higher than the South Dakota average of 10.9%.