Cost of Living in Lake County, South Dakota
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Lake County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Lake County ranks #2,067 of 3,142 counties for affordability (bottom 34%)
Sourced county brief
Lake County Median Home Value and Housing Cost Metrics
The median home value in Lake County was $247,600, which is higher than the South Dakota unweighted county mean of $181,021. According to the official ACS B25071, the median gross rent as a percentage of household income (GRAPI) was 29.1%. This figure is 6.4 percentage points above the unweighted county mean official GRAPI for the state, which was 22.7%. The median gross rent was $947 per month, exceeding the state unweighted county mean of $785. For owner-occupied units, the median selected monthly owner costs were $987, compared to the unweighted state county mean of $853. The median income for renter households was $42,830. These figures provide a static overview of housing and tenure-based income in the 2020-2024 period. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Lake County
Affordability Verdict
ACS B25071 estimates median gross rent at 29.1% of renter household income in Lake County, which is below the 30% affordability benchmark. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $947 per month; median selected monthly owner costs are $987. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $37,880 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The South Dakota unweighted mean of county median rents is $785 per month. Lake County's $947 median is 20.7% above that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Lake County
Rent Burden
14.8%
of gross income
Max Housing (28% Rule)
$1,792
per month
Owner Cost Burden
15.4%
of gross income
The median home in Lake County may be a stretch
Median home value is $247,600. Estimated monthly cost: $1,977 vs. your max of $1,792.
Rent Affordability Guide
Income Needed Calculator
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2020-2024). Data is informational only and is not personalized financial advice.
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