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 | Minnehaha County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,129 | $98,153 | $242,182 |
| Price Trend (Annual %) | -0.9% | -0.4% | 8.2% |
| Median Gross Rent | $953 | $912 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Minnehaha County is about 37% higher than in South Dakota. Rent is about 5% higher than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Minnehaha County: home prices fell about 0.9% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
Median rent in Minnehaha County rose about 33.8% between 2015 and 2023, from $712 to $953. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Minnehaha County.
Buying the median-priced home in Minnehaha County costs roughly 11.7 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 Minnehaha County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Minnehaha County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,129 | $98,153 | $242,182 |
| Median Household Income | $76,124 | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.8 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Minnehaha County fell about 3.0%, while median household income rose about 49.9% 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 | Minnehaha County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.1% | 61.2% | 58.2% |
| Rental Rate | 34.5% | 27.9% | 31.3% |
| Vacancy Rate | 5.3% | 10.9% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Minnehaha County has a homeownership rate of 60.1%, lower than the South Dakota average of 61.2%. Its housing vacancy rate is 5.3%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Minnehaha County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1986 | 1978 | 1978 |
| Median Number of Rooms | 6.0 | 5.9 | 5.5 |
The typical housing unit in Minnehaha County was built around 1986. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Minnehaha County, South Dakota.
What is the median home price in Minnehaha County, South Dakota?
The median home price in Minnehaha County, South Dakota is $134,129, higher than the South Dakota average of $98,153.
What is the average home price in Minnehaha 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 Minnehaha County, South Dakota?
The median gross rent in Minnehaha County, South Dakota is $953 per month, higher than the South Dakota average of $912.
What was the median gross rent in Minnehaha County in 2020?
In 2020, the median gross rent in Minnehaha County, South Dakota was $814 per month.
What is the price-to-rent ratio in Minnehaha County, South Dakota?
The price-to-rent ratio in Minnehaha County, South Dakota is about 11.7, meaning it would take roughly 11.7 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 Minnehaha County.
Are home prices or rent rising faster in Minnehaha County, South Dakota?
Home prices and rent are moving in opposite directions in Minnehaha County: home prices fell about 0.9% a year while rent rose about 3.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Minnehaha County, South Dakota?
60.1% of households in Minnehaha County, South Dakota own their home, lower than the South Dakota average of 61.2%.
What is the vacancy rate in Minnehaha County, South Dakota?
The housing vacancy rate in Minnehaha County, South Dakota is 5.3%, lower than the South Dakota average of 10.9%.