Living in Lake Madison, South Dakota
Cost of living, income, home prices, rent and demographics of Lake Madison · Census data 2020–2024
Lake Madison has 936 residents with a median age of 63.2. The median household income is $129,191 (72% higher than the South Dakota median), the median home value is $477,800, the median rent is $867/month.
Lake Madison is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Lake Madison at a glance
- Population
- 936
- Median age
- 63.2State: 38
- Median household income
- $129,191State: $75,081
- Median home value
- $477,800State: $257,400
- Median rent
- $867/moState: $946
- Homeowners
- 90.9%
- Bachelor's degree or higher
- 49.3%
- Average commute
- 17 min
Is Lake Madison a good place to live?
Pros: Median household income 72% higher than the South Dakota median; an average commute of 17 minutes; unemployment of 2.9%; a poverty rate of 1%.
Cons: Home values 86% higher than the state median.
The weather is best in June to September.
Cost of living in Lake Madison
Housing is the biggest part of the cost of living. In Lake Madison the median home value is $477,800, 44% higher than the U.S. median. Renters pay a median of $867 per month, which is 17.8% of household income. Homeowners with a mortgage pay $2,258 a month in housing costs.
Lake Madison median household income
The median household income in Lake Madison is $129,191 and the income per person is $120,127. 1% of residents live below the poverty line (South Dakota: 11.9%).
Housing in Lake Madison: homes for sale and rent
- Housing units
- 937
- Owner-occupied
- 90.9%
- Renter-occupied
- 9.1%
- Vacant
- 48.2%Includes seasonal homes
- Median year built
- 1988
- Average household size
- 1.93
48.2% of homes are vacant most of the year, a sign that Lake Madison has many vacation and second homes.
Lake Madison demographics
- Population
- 936
- Median age
- 63.2
- Under 18
- 10.5%
- 65 and older
- 37.8%
- Households
- 485
- Foreign-born
- 2.1%
- Veterans
- 9.5%Adults 18+
Hispanic or Latino can be of any race. Population history of Lake Madison ›
Education in Lake Madison
49.3% of adults 25 and older in Lake Madison have a bachelor's degree or higher (South Dakota: 31.9%), and 18.3% have a graduate or professional degree.
Jobs and commute in Lake Madison
- Unemployment rate
- 2.9%State: 2.9%
- Average commute
- 17 minState: 18 min
- Work from home
- 32.2%
- Drive alone
- 62.6%
- Public transit
- 0%
- Walk to work
- 1%
- Homes with broadband
- 97.1%
Lake Madison vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Lake Madison | 936 | $129,191 | $477,800 | $867 |
| Wentworth | 138 | $62,188 | $83,300 | $808 |
| Madison | 6,094 | $65,593 | $193,100 | $981 |
| Brant Lake South | 211 | $107,983 | — | — |
| Chester | 152 | $68,333 | $147,500 | — |
| Colman | 948 | $76,146 | $235,800 | $733 |
| Colton | 736 | $83,750 | $192,900 | $736 |
| Ramona | 538 | $78,750 | $85,800 | $675 |
| Lyons | 112 | $159,286 | $656,300 | — |
More for people moving to Lake Madison
Lake Madison ZIP code ›Weather and climate ›Living in Lake Madison: FAQ
What is the median household income in Lake Madison, SD?
The median household income in Lake Madison is $129,191, 72% higher than the South Dakota median of $75,081 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Lake Madison?
The median home value in Lake Madison is $477,800, compared with $257,400 in South Dakota.
How much is rent in Lake Madison?
The median gross rent in Lake Madison is $867 per month, about 17.8% of household income.
Is Lake Madison, SD a good place to live?
Pluses: median household income 72% higher than the South Dakota median; an average commute of 17 minutes; unemployment of 2.9%; a poverty rate of 1%. Minuses: home values 86% higher than the state median.
What is the median age in Lake Madison?
The median age in Lake Madison is 63.2 years (South Dakota: 38).
How long is the commute in Lake Madison?
The average commute to work in Lake Madison is 17 minutes; 32.2% of workers work from home.
What is the unemployment rate in Lake Madison?
The unemployment rate in Lake Madison is 2.9% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Lake Madison?
49.3% of adults in Lake Madison have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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