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 | Perkins County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,545 | $98,153 | $242,182 |
| Price Trend (Annual %) | — | -0.4% | 8.2% |
| Median Gross Rent | $702 | $912 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Perkins County is about 14% lower than in South Dakota. Rent is about 23% lower than the South Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2016
Median Rent Prices, 2015-2023
Median rent in Perkins County rose about 44.5% between 2015 and 2023, from $486 to $702. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Perkins County.
Buying the median-priced home in Perkins County costs roughly 10.0 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 Perkins County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Perkins County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,545 | $98,153 | $242,182 |
| Median Household Income | $67,500 | $72,558 | $78,145 |
| Price-to-Income Ratio | 1.3 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2016, the median home price in Perkins County rose about 143.1%, while median household income rose about 95.9% 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 | Perkins County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.3% | 61.2% | 58.2% |
| Rental Rate | 15.3% | 27.9% | 31.3% |
| Vacancy Rate | 27.5% | 10.9% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Perkins County has a homeownership rate of 57.3%, lower than the South Dakota average of 61.2%. Its housing vacancy rate is 27.5%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Perkins County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1965 | 1978 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Perkins County was built around 1965. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Perkins County, South Dakota.
What is the median home price in Perkins County, South Dakota?
The median home price in Perkins County, South Dakota is $84,545, lower than the South Dakota average of $98,153.
What is the average home price in Perkins 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 Perkins County, South Dakota?
The median gross rent in Perkins County, South Dakota is $702 per month, lower than the South Dakota average of $912.
What was the median gross rent in Perkins County in 2020?
In 2020, the median gross rent in Perkins County, South Dakota was $593 per month.
What is the price-to-rent ratio in Perkins County, South Dakota?
The price-to-rent ratio in Perkins County, South Dakota is about 10.0, meaning it would take roughly 10.0 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 Perkins County.
What is the homeownership rate in Perkins County, South Dakota?
57.3% of households in Perkins County, South Dakota own their home, lower than the South Dakota average of 61.2%.
What is the vacancy rate in Perkins County, South Dakota?
The housing vacancy rate in Perkins County, South Dakota is 27.5%, higher than the South Dakota average of 10.9%.