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 | Spink County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $69,166 | $98,153 | $242,182 |
| Price Trend (Annual %) | 52.1% | -0.4% | 8.2% |
| Median Gross Rent | $690 | $912 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spink County is about 30% lower than in South Dakota. Rent is about 24% 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 Spink County, up about 52.1% and 3.1% a year respectively. Home prices are changing faster.
Median rent in Spink County rose about 28.1% between 2015 and 2023, from $539 to $690. Over the same span, rent in South Dakota rose about 39.2%.
Affordability
On average, housing unit costs 0.9 yearly household incomes in Spink County.
Buying the median-priced home in Spink County costs roughly 8.3 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 Spink County. The price-to-rent ratio in South Dakota is about 9.0.
| Metric | Spink County | South Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $69,166 | $98,153 | $242,182 |
| Median Household Income | $73,706 | $72,558 | $78,145 |
| Price-to-Income Ratio | 0.9 | 1.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Spink County fell about 93.6%, while median household income rose about 65.3% 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 | Spink County | South Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.6% | 61.2% | 58.2% |
| Rental Rate | 20.4% | 27.9% | 31.3% |
| Vacancy Rate | 17.9% | 10.9% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Spink County has a homeownership rate of 61.6%, about the same as the South Dakota average of 61.2%. Its housing vacancy rate is 17.9%, compared with 10.9% in South Dakota.
Housing Stock
| Metric | Spink County | South Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.42 people | 2.54 people |
| Median Structure Built Year | 1952 | 1978 | 1978 |
| Median Number of Rooms | 6.6 | 5.9 | 5.5 |
The typical housing unit in Spink County was built around 1952. On average, 2.5 people live in a home with about 6.6 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Spink County, South Dakota.
What is the median home price in Spink County, South Dakota?
The median home price in Spink County, South Dakota is $69,166, lower than the South Dakota average of $98,153.
What is the average home price in Spink 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 Spink County, South Dakota?
The median gross rent in Spink County, South Dakota is $690 per month, lower than the South Dakota average of $912.
What was the median gross rent in Spink County in 2020?
In 2020, the median gross rent in Spink County, South Dakota was $613 per month.
What is the price-to-rent ratio in Spink County, South Dakota?
The price-to-rent ratio in Spink County, South Dakota is about 8.3, meaning it would take roughly 8.3 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 Spink County.
Are home prices or rent rising faster in Spink County, South Dakota?
Both home prices and rent are rising in Spink County, up about 52.1% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spink County, South Dakota?
61.6% of households in Spink County, South Dakota own their home, higher than the South Dakota average of 61.2%.
What is the vacancy rate in Spink County, South Dakota?
The housing vacancy rate in Spink County, South Dakota is 17.9%, higher than the South Dakota average of 10.9%.