Housing in Lake Madison

A typical Lake Madison home is worth roughly $478,000

Typical home value

$478K

SD $322K

Estimate

2-bedroom rent

$940

a month, utilities in · HUD

Median tax bill

$4,403

SD $2,724

What kind of housing town is Lake Madison?

Read from the numbers below. The page puts what stands out first.

A second-home town38% of homes are seasonal or vacation homes.Pricier than SD49% above the South Dakota typical home.A town of owners91% of households own their home.

★ What stands out · The homes

91% of Lake Madison households own their home

Half of Lake Madison’s homes were built before 1988.

Owners and renters

Own 91%Rent 9%

South Dakota: 69% own.

1988

typical home built · SD 1980

$4,403

median property tax bill · SD $2,724

0.92%

of a home’s value, a year in tax · SD 1.06%

38%

of homes are seasonal or vacation homes

U.S. Census Bureau, American Community Survey 2020-2024 · figures for a place this size carry wide margins of error.

Affordability

A typical home costs 3.7 years of income

Less than across South Dakota (4.3 years). Try your own numbers below.

You could afford about

$501,000

Typical Lake Madison home $478K

That covers a typical Lake Madison home, with $23K to spare.

The typical home, each month

$2,870

Loan $2,370Tax $370Insurance $140

A two-bedroom rents for about $940 a month here, $1,930 less than owning.

Where your budget reaches nearby

Wentworth$485K Lake View$481K Chester$390K

An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Lake Madison’s typical property tax (0.92% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.

Renting

A two-bedroom rents for about $940

Renters already here pay a median of $867.

Fair Market Rent a month, utilities included

Studio$650

1 bedroom$730

2 bedrooms$940

3 bedrooms$1,140

4 bedrooms$1,570

of households rent · SD 31%

renter households

$867

median rent paid today · Census

U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Lake County, SD): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.

Next door

Lake Madison vs. its neighbors

Lake Madison is the 2nd least expensive of 4 neighboring towns. Tap one to see its housing page.

Wentworth$485K Lake View$481K Lake Madison$478K Chester$390K

Compare more

Town	Typical value	1-yr change	2-bed rent	Median income
Lake Madison	$478K*	—	$940	$129,191
Wentworth	$485K	−2%	$930	$107,212
Lake View	$481K*	+4.9%†	$950	$150,556
Chester	$390K	+5.2%	$1,150	$69,375

Typical value: Zillow Home Value Index; * Census median home value where Zillow has none. † FHFA price index change where Zillow has none. Rent: HUD Fair Market Rent. New homes: Census building permits.

Neighbors talk housing

What Lake Madison buyers, sellers and renters are saying.

Town Square →

Weigh in

Is Lake Madison still affordable for young families?

Your answer becomes a post in Town Square.

Start the conversation

Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.