SD · Housing affordability · 2024

South DakotaHousing Affordability by County

South Dakota remains one of the more affordable housing markets in America

With homes costing around 3.4× of a typical annual income, South Dakota offers better value than the national average and significantly better value than coastal markets.

Good value Population: 907,428

Housing costs here are below the national average — a relatively good-value market.

Years of income to buy a home

3.4×

▼ 19% vs US average

Typical home price

$257,400

▼ 25% vs US average

Typical monthly rent

$946

▼ 28% vs US average

Renters paying too much for rent

36.4%

▼ 19% vs US average

Homeowners stretched thin

12.6%

▼ 22% vs US average

Typical household income

$75,081

▼ 7% vs US average

How to read the bars: the coloured bar is SD's value; the grey tick is the US average. "Paying too much" means spending more than 30% of income on housing — the standard economic threshold for cost burden.

What the data shows

Buying a home in South Dakota is still well within reach for most families. The typical home costs $257,400 — about 3.4× of the typical household income of $75,081 a year. That's one of the better ratios in the country. A family putting aside their entire income, with no other expenses, could cover the purchase price in around 3.4 years.

Renters face moderate pressure. The typical rent in South Dakota is $946 a month, and 36% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 19% lower than the national average of 45%.

12.6% of South Dakota homeowners with a mortgage spend more than 30% of their income on housing — close to the national average of 16.1%.

How South Dakota ranks nationally

Rank 1 = most expensive / highest burden. Compared against all 50 states and DC (51 in total).

Years to buy a home

34th

of 51 states

Typical home price

34th

of 51 states

Typical monthly rent

50th

of 51 states

Renters paying too much

50th

of 51 states

Common questions

Is South Dakota affordable to live in? +

Yes — South Dakota is one of the more affordable states in the US. The typical home costs $257,400, which is 3.4× of the typical household income. That puts it well below the national average.

What is the average rent in South Dakota? +

The typical monthly rent in South Dakota is $946, according to the 2024 American Community Survey. About 36% of SD renters spend more than 30% of their income on rent.

How much do you need to earn to buy a home in South Dakota? +

As a rough guide, you'd need a household income of around $64,000 a year to comfortably afford the typical South Dakota home of $257,400, assuming a 20% down payment and standard mortgage terms. The typical South Dakota household earns $75,081 a year.

Explore South Dakota county by county on the map

The state average is only part of the story. Drill into individual counties and census tracts to see where affordability varies most across South Dakota.

Open SD on the map

Other states in the same tier — Good value