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)
How Lake County Compares
Median monthly rent comparison
Detailed Housing Stats
Data Story
About Cost of Living in Lake County, South Dakota
Lake County rents exceed state average
Renters in Lake County spend 14.1% of their income on housing, slightly above South Dakota's 13.8% average and notably higher than national benchmarks. A $868 median rent reflects the county's relatively higher housing costs, though the $73,792 median income provides decent support.
Mid-tier affordability with higher home values
Lake County's 14.1% rent-to-income ratio ranks slightly above the state average, driven partly by above-average rents and more expensive home values at $231,000. Despite this, the county maintains reasonable affordability relative to other South Dakota communities.
Premium rents reflect higher property values
Lake's $868 median rent ranks third-highest in the region, between Kingsbury ($725) and Lawrence ($923), reflecting the county's status as a more developed community. Median home values of $231,000 are among the highest in the comparison, justifying elevated ownership costs.
Homeownership costs nearly match rent
Renters pay $868 monthly against a $73,792 income, consuming 14.1% of earnings, while homeowners face a $908 monthly payment representing 14.8% of income. This near-parity suggests homeownership may offer modest long-term value in Lake County.
Lake County suits those seeking stability
Lake County's higher home values and slightly-above-average rents reflect a more developed community with additional services and amenities. Relocators willing to pay a modest affordability premium will find solid income levels and property values that support long-term equity building.
Affordability Calculator
See how your income compares to housing costs in Lake County
Rent Burden
14.1%
of gross income
Max Housing (28% Rule)
$1,722
per month
Owner Cost Burden
14.8%
of gross income
The median home in Lake County may be a stretch
Median home value is $231,000. Estimated monthly cost: $1,844 vs. your max of $1,722.
Rent Affordability Guide
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.