Sioux Falls, SD
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
3.38×
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×-0.06
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
17.0%
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%-6.2
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.28%
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%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.38%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs South Dakota
- 0.41%
- vs U.S.
- 0.03%+0.35
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
8.06
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+4.53
Benchmark
Census BPS permits TTM ÷ population × 1,000
very tight labor market
Unemployment
2.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs South Dakota
- 2.3%
- vs U.S.
- 3.9%-1.6
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+48.0%
homeValues.yearOverYear
+3.5%
Median home value
$274,800
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $986 | $11,832 | 14.5% |
| 2 BR | $1,156 | $13,872 | 17.0% |
| 3 BR | $1,586 | $19,032 | 23.4% |
Labor market direction
Unemployment
2.3%
Median household income
$81,418
What's being built
Total TTM
2,239
Single-family
1,246
2–4 unit
91
5+ unit
902
All 5 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Minnehaha County | 197,742 | $266,600 | $76,074 | 1,878 | |
| Lincoln County | 65,801 | $323,500 | $96,552 | 240 | +0.8% |
| Rock County | 9,659 | $201,600 | $70,698 | 84 | +42.4% |
| Turner County | 8,687 | $199,000 | $75,283 | 23 | |
| McCook County | 5,714 | $217,300 | $80,847 | 14 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Sioux Falls | 277,944 | $81,418 | 3.38× | 3.28% | +48.0% | 8.06 | 2.3% |
| Atlantic City-Hammonton, NJ | 274,339 | $80,600 | — | — | +84.4% | — | 7.2% |
| Crestview-Fort Walton Beach-Destin, FL | 288,639 | $79,150 | — | — | +51.3% | — | 4.5% |
| Norwich-New London, CT | 268,448 | $84,185 | — | — | +65.2% | — | 4.0% |
| Cedar Rapids, IA | 275,693 | $77,084 | — | — | +38.5% | — | 3.4% |
| Hagerstown-Martinsburg, MD-WV | 295,165 | $75,473 | — | — | +50.6% | — | 3.9% |
Where people are moving in from
Net migration
+1,043
+0.38% of population
| Origin county | Tax returns |
|---|---|
| Minnehaha County, SD | 2,093 |
| Lincoln County, SD | 1,520 |
| Brookings County, SD | 198 |
| Pennington County, SD | 161 |
| Hennepin County, MN | 159 |
| Davison County, SD | 139 |
Who lives in Sioux Falls
- Median age
- 36
- Bachelor's+
- 35.7%
- Owner-occupancy
- 66.6%
- Vacancy rate
- 5.2%
- Rent burdened (30%+)
- 36.9%
- Median household income
- $81,418
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.