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
National Ranking
Affordability Rank
Lake County ranks #1,509 of 3,144 counties for affordability (top 48%)
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.
Cost of Living Advisory: Lake County
Affordability Verdict
Lake County is affordable for renters, with a median gross rent of $868/month representing approximately 14.1% of median household income. The rent burden (GRAPI) stands at 26.0%.
Rent vs. Own
At $868/month rent versus $908/month in owner costs, renting is roughly $40/month cheaper — a 4% difference.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $34,720/year. For owner costs at the 28% rule, the required income is roughly $38,914/year. With a median household income of $73,792, most households can comfortably afford rent here. Notably, 26.0% of renter households in Lake County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Hyde County where rent averages $921/month, Lake County is approximately 6% less expensive.
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
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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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 (2019-2023) — Informational only. Not financial or legal advice.
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