1st Advantage MortgageIn Lake County, South Dakota, the typical household earns $76,808 a year and the typical rent is $947. A loan makes sense only if its total cost beats your alternatives and the payment fits your budget. Check the lender's South Dakota license first.
On this page
- Who lives in Lake County
- Rent, home values and ownership in Lake County
- Household income in Lake County
- Employment and commuting in Lake County
- Towns and communities in Lake County
- Counties near Lake County
- Budget math at the Lake County median
- More Lake County figures
- Reading the Lake County data as a borrower
- A Lake County borrower's checklist
- South Dakota rules that apply in Lake County
- More guides for Lake County
- Frequently asked questions
Who lives in Lake County
Lake County is home to about 10,972 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 16th most populous of 66 county-level areas in South Dakota. Spread over 563 square miles, that works out to roughly 19.5 residents per square mile. No metropolitan area includes Lake County in the 2023 federal delineation, so its numbers stand on their own rather than as part of a metro. Of the 11 Census places inside Lake County, Madison leads by population with about 6,094; 5 of the 11 are incorporated.
Rent, home values and ownership in Lake County
Renters in Lake County pay a median of $947 a month, in line with South Dakota's $946. Rent takes 30% or more of income for 47% of renter households here. The median owner-occupied home is valued at $247,600, about 3.2 times the median household income. The ownership rate is 74%.
| Lake County | South Dakota | U.S. county median | |
|---|---|---|---|
| Median gross rent | $947/mo | $946/mo | $877/mo |
| Median home value | $247,600 | $257,400 | $185,300 |
| Owners | 74% | 69% | 75% |
| Rent-burdened renters | 47% | 40% | 45% |
| Burdened owners | 25% | 23% | n/a |
| Mobile homes | 8.2% | 7.2% | n/a |
Owners with equity have a second option. Weigh a secured line against an unsecured loan by risk as well as cost before you choose (how they compare).
Household income in Lake County
The median household income in Lake County is $76,808; statewide it is $75,081, so Lake County runs 2% above South Dakota as a whole. Only 16 South Dakota counties post a higher median.
| Household income | Lake County | vs South Dakota |
|---|---|---|
| Under $35,000 | 22.0% | +1.0 pts |
| $35,000 to $99,999 | 39.8% | -3.8 pts |
| $100,000 to $199,999 | 29.1% | +1.7 pts |
| $200,000 or more | 9.2% | +1.0 pts |
About 22% of households earn under $35,000, while 38% clear $100,000. 8.4% of residents fall below the federal poverty line (statewide: 11.9%). For a borrower in Lake County, the county median is only context: a lender looks at the income you can document, so pay stubs, benefit letters or tax returns matter more than any average.
Employment and commuting in Lake County
Education and health care employs 26% of working residents, the largest share; retail trade is next with 12%. The sharpest difference from the state is in agriculture, forestry and mining, at 10% locally and 6% for South Dakota. The survey's unemployment rate for Lake County averages 3.0% over 2020 to 2024 (state: 2.9%). Long commutes are the exception here: 8% of workers spend 45 minutes or longer getting to work. Households without a car make up 3.5% of the total (5.2% statewide).
| Top industries | Lake County share | +/- vs South Dakota |
|---|---|---|
| Education and health care | 25.9% | +0.9 pts |
| Retail trade | 11.5% | 0.0 pts |
| Manufacturing | 10.6% | +0.9 pts |
| Agriculture, forestry and mining | 9.9% | +3.6 pts |
| Arts, lodging and food service | 7.5% | -0.9 pts |
| Transportation, warehousing and utilities | 7.4% | +3.0 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
Towns and communities in Lake County
Here are the 11 most populous of the county's 11 Census places, with income and rent from the same 2020 to 2024 survey. About 75% of Lake County residents live in one of the 11. Incomes vary by place: $129,191 at the median in Lake Madison, $65,593 in Madison. No Lake County place has a separate guide yet; this county page serves all 11.
| Name | Kind | Pop. | Income | Rent | Miles |
|---|---|---|---|---|---|
| Madison | city | 6,094 | $65,593 | $981 | 2 mi |
| Lake Madison | CDP | 936 | $129,191 | $867 | 7 mi |
| Ramona | town | 538 | $78,750 | $675 | 8 mi |
| Brant Lake South | CDP | 211 | $107,983 | n/a | 12 mi |
| Chester | CDP | 152 | $68,333 | n/a | 13 mi |
| Wentworth | village | 138 | $62,188 | $808 | 8 mi |
| Brant Lake | city | 63 | $104,318 | n/a | 11 mi |
| Nunda | town | 40 | n/a | n/a | 10 mi |
| Winfred | CDP | 34 | n/a | n/a | 12 mi |
| Rustic Acres Colony | CDP | 30 | n/a | n/a | 11 mi |
| Graceville Colony | CDP | 0 | n/a | n/a | 11 mi |
A CDP is a named community without its own municipal government.
Counties near Lake County
The six counties whose centers lie closest to Lake County's, from 22 to 30 miles away. 3 of the six report a higher median household income than Lake County; McCook County is highest at $83,852 and Brookings County lowest at $70,064.
| County | Distance | Median income | Median rent | Owners |
|---|---|---|---|---|
| Lake County | - | $76,808 | $947/mo | 74% |
| Moody County, SD | 22 mi | $78,427 | $758/mo | 73% |
| Miner County, SD | 24 mi | $76,140 | $644/mo | 85% |
| McCook County, SD | 27 mi | $83,852 | $945/mo | 79% |
| Brookings County, SD | 29 mi | $70,064 | $901/mo | 57% |
| Kingsbury County, SD | 30 mi | $74,000 | $685/mo | 82% |
| Minnehaha County, SD | 30 mi | $76,880 | $978/mo | 63% |
Budget math at the Lake County median
Here is the Lake County median household run through a simple DTI check. Your numbers will differ.
- Start: $6,401 gross per month ($76,808 / 12)
- Housing at the median rent of $947 uses 15%
- Under a 36% cap, $2,304 total minus rent leaves $1,357
- Under a 43% cap, $2,752 total minus rent leaves $1,805
Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Lake County's.
More Lake County figures
Degree holders: 35% of adults over 25. About 4% go without health insurance.
| Measure | Lake County | South Dakota statewide | Typical U.S. county |
|---|---|---|---|
| Median age | 43.8 | 38.0 | 41.5 |
| Bachelor's or higher | 34.6% | 31.9% | 22.2% |
| No high school diploma | 6.6% | 6.8% | n/a |
| No health insurance | 4.0% | 9.0% | 7.8% |
| No vehicle | 3.5% | 5.2% | 5.4% |
| Work from home | 10.5% | 9.7% | 8.7% |
| Poverty rate | 8.4% | 11.9% | 13.2% |
| Unemployment (ACS) | 3.0% | 2.9% | 4.4% |
| Travel time to work | Workers |
|---|---|
| Under 15 min | 63.5% |
| 15 to 29 min | 20.6% |
| 30 to 44 min | 7.6% |
| 45 to 59 min | 5.4% |
| 60+ min | 2.8% |
Reading the Lake County data as a borrower
The county's numbers point to a few situations that come up often for Lake County borrowers.
- Rent squeeze. 47% of renters spend 30%+ of income on rent; borrow only if the loan cuts what you pay overall.
- Fraud. Gift cards, wire transfers or fees to unlock a loan mean walk away (report it).
- Consolidating cards in Lake County. Compare the total repaid, not the monthly figure (how).
A Lake County borrower's checklist
Before you apply, wherever you live in Lake County:
- Know the exact dollar figure you need before talking to a lender.
- Shop at least three lenders, including one Lake County-area credit union.
- A South Dakota license check takes minutes; do it first.
- Confirm the first due date before setting up autopay.
South Dakota rules that apply in Lake County
The South Dakota Division of Banking is the place to verify any lender's South Dakota license. The Consumer Financial Protection Bureau accepts complaints nationwide. More on South Dakota: South Dakota personal loans.
More guides for Lake County
The South Dakota guide covers the whole state.
Frequently asked questions
What is the median household income in Lake County?
$76,808 a year in the 2020 to 2024 Census survey, versus $75,081 for South Dakota. It ranks 17th of 66 in the state.
How does Lake County rent compare with South Dakota?
$947 locally, close to the state figure.
Should Lake County homeowners use home equity instead?
Maybe, but weigh the risk: 74% of Lake County homes are owner-occupied, and a home-equity loan or line is secured by the house while a personal loan usually is not.
Which towns does the Lake County guide cover?
Every community in the county, unincorporated areas included. The largest of its 11 Census places: Madison, Lake Madison, Ramona, Brant Lake South, Chester.
Are Lake County applicants treated differently?
No. Everyone answers the same questions and is screened on the same objective points; lending partners set their own criteria under fair-lending laws.