Lake County, South Dakota Housing Market Prices
Lake County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 80% below the South Dakota median Cheaper than 92% of counties in South Dakota$18,812
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Median rent About the same as the South Dakota median More expensive than 83% of counties in South Dakota$946
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lake County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $18,812 | $92,142 | $248,835 |
| Price Trend (Annual %) | 42.1% | -1.1% | 7.5% |
| Median Gross Rent | $946 | $946 | $1,407 |
| Rent Trend (Annual %) | 7.8% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 80% lower than in South Dakota. Rent follows a similar pattern, running close to the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2021-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Lake County, up about 42.1% and 7.8% a year respectively. Home prices are changing faster.
Median rent in Lake County rose about 85.5% between 2015 and 2024, from $510 to $946. Over the same span, rent in South Dakota rose about 44.4%.
Affordability
On average, housing unit costs 0.2 yearly household incomes in Lake County.
Buying the median-priced home in Lake County costs roughly 1.7 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 Lake County. The price-to-rent ratio in South Dakota is about 8.1.
| Metric | Lake County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $18,812 | $92,142 | $248,835 |
| Median Household Income | $78,179 | $75,087 | $80,455 |
| Price-to-Income Ratio | 0.2 | 1.2 | 3.1 |
Home Prices vs Income Over Time
Between 2021 and 2024, the median home price in Lake County rose about 131.6%, while median household income rose about 61.4% between 2009 and 2025 — 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 | Lake County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.1% | 61.3% | 58.5% |
| Rental Rate | 21.3% | 28.1% | 31.2% |
| Vacancy Rate | 18.6% | 10.5% | 10.2% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Lake County has a homeownership rate of 60.1%, lower than the South Dakota average of 61.3%. Its housing vacancy rate is 18.6%, compared with 10.5% in South Dakota.
Housing Stock
| Metric | Lake County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.40 people | 2.53 people |
| Median Structure Built Year | 1976 | 1980 | 1978 |
| Median Number of Rooms | 6.3 | 5.9 | 5.5 |
The typical housing unit in Lake County was built around 1976. On average, 2.2 people live in a home with about 6.3 rooms, staying for about 18.0 years on average.
Lake County, SD Housing Compared With Nearby Counties
How Lake County, SD compares with the 1 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lake County, SD | 10,972 | $18,812 #2/2 | $946 #2/2 | 73.8% #1/2 |
| Minnehaha County, SD | 203,266 | $96,546 | $977 | 63.1% |
Frequently Asked Questions
Common questions about the housing market in Lake County, South Dakota.
What is the median home price in Lake County, South Dakota?
The median home price in Lake County, South Dakota is $18,812, lower than the South Dakota average of $92,142.
What is the average home price in Lake County, South Dakota?
The typical home price in Lake County, South Dakota, reported as the median sale price, is $18,812. 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 Lake County, South Dakota?
The median gross rent in Lake County, South Dakota is $946 per month, about the same as the South Dakota average.
What was the median gross rent in Lake County in 2020?
In 2020, the median gross rent in Lake County, South Dakota was $665 per month.
What is the price-to-rent ratio in Lake County, South Dakota?
The price-to-rent ratio in Lake County, South Dakota is about 1.7, meaning it would take roughly 1.7 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 Lake County.
Are home prices or rent rising faster in Lake County, South Dakota?
Both home prices and rent are rising in Lake County, up about 42.1% and 7.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake County, South Dakota?
60.1% of households in Lake County, South Dakota own their home, lower than the South Dakota average of 61.3%.
What is the vacancy rate in Lake County, South Dakota?
The housing vacancy rate in Lake County, South Dakota is 18.6%, higher than the South Dakota average of 10.5%.
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