South Dakota · Federal data hub

Rapid City, SD

0.140M people3 counties#2 of 3 in South Dakota$71,985 median HHIUpdated April 10, 2026

Investor first look

The numbers that matter most

What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.

moderate

Price to income

3.81×

The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.

vs South Dakota: 3.59×+0.22
vs U.S.: 3.43×+0.38

Benchmark

3.81×

▼

affordable

moderate

expensive

0×–3×

3×–5×

5×–7×

ACS median home value ÷ median HHI

comfortable

Rent to income

22.3%

What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.

vs South Dakota: 19.7%+2.6
vs U.S.: 23.3%-1.0

Benchmark

22.3%

▼

comfortable

moderate

burdened

15%–25%

25%–30%

30%–40%

(HUD FMR 2BR × 12) ÷ median HHI

tight

Cap rate proxy

3.80%

Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.

vs South Dakota: 3.54%+0.26
vs U.S.: 4.35%-0.55

Benchmark

3.80%

▼

tight

deal-by-deal

solid

1%–3%

3%–5%

5%–7%

(FMR 2BR × 12 × 0.65) ÷ ACS median home value

steady

Net migration

+0.45%

Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.

vs South Dakota: 0.41%+0.04
vs U.S.: 0.03%+0.42

Benchmark

+0.45%

▼

shrinking

steady

growing

-1%–-0.1%

-0.1%–+0.1%

+0.1%–+1%

IRS net migration ÷ population

strong

Permit pipeline

6.79

permits per 1,000 residents

Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.

vs South Dakota: 7.42-0.63
vs U.S.: 3.52+3.27

Benchmark

6.79

▼

tight

moderate

strong

0–2

2–5

5–10

Census BPS permits TTM ÷ population × 1,000

very tight labor market

Unemployment

2.2%

Tighter unemployment means higher wages, more rental demand, lower vacancy.

vs South Dakota: 2.3%-0.0
vs U.S.: 3.9%-1.7

Benchmark

2.2%

▼

healthy

normal

loose

2%–4%

4%–5.5%

5.5%–8%

BLS LAUS, latest month

Home values

Where prices are and where they've been

5-year price appreciation

+57.7%

homeValues.yearOverYear

+2.3%

Median home value

$274,200

Rents

The rent ladder

Bedroom	Monthly	Annual	% of median HHI
1 BR	$1,018	$12,216	17.0%
2 BR	$1,336	$16,032	22.3%
3 BR	$1,743	$20,916	29.1%

Jobs & income

Labor market direction

Unemployment

2.2%

Median household income

$71,985

Supply pipeline

What's being built

Total TTM

953

-14.9% YoY

Single-family

850

2–4 unit

5+ unit

Counties

All 3 counties, ranked by population

County	Population	Home value	Median HHI	Permits TTM	YoY
Pennington County	110,386	$270,400	$70,768	560	-38.6%
Meade County	29,970	$274,800	$74,161	135	+0.8%
Custer County	8,515	$327,200	$81,958	258	+28.4%

Peer metros

Similar metros nationally

Metro	Pop	Med HHI	P/I	Cap proxy	HPI 5y	Permits/1k	Unemp
★Rapid City	140,356	$71,985	3.81×	3.80%	+57.7%	6.79	2.2%
La Crosse-Onalaska, WI-MN	139,042	$71,009	—	—	+52.3%	—	2.9%
Sherman-Denison, TX	137,008	$70,455	—	—	+52.3%	—	3.6%
Harrisonburg, VA	135,689	$72,145	—	—	+48.7%	—	3.1%
Flagstaff, AZ	144,705	$69,748	—	—	+64.4%	—	4.9%
Sioux City, IA-NE-SD	149,113	$72,027	—	—	+47.8%	—	3.5%

Migration

Where people are moving in from

Net migration

+630

+0.45% of population

Origin county	Tax returns
Pennington County, SD	674
Meade County, SD	609
Lawrence County, SD	208
Custer County, SD	103
Maricopa County, AZ	98
Minnehaha County, SD	97

Demographic backbone

Who lives in Rapid City

Median age: 40
Bachelor's+: 32.5%
Owner-occupancy: 70.9%
Vacancy rate: 10.1%
Rent burdened (30%+): 42.2%
Median household income: $71,985

This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.