Lake Madison, SD
Population 885 · South Dakota
About Lake Madison, SD
Lake Madison is a small community located in South Dakota with a population of 885 residents according to the latest US Census Bureau American Community Survey data. The median household income is $116,648 per year, which is 55% above the national median of $75,149. The median age of 61.3 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Lake Madison features a median home value of $496,600, which is 103% above the national median of $244,900. This places Lake Madison in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $595, 49% below the national average of $1,163/month. Of the 886 total housing units, 88% are owner-occupied (374 units) and 12% are renter-occupied (49 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Lake Madison shows an unemployment rate of 3.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 12.9%, above the national average of 12.4%. Workers in Lake Madison have an average one-way commute time of 25.6 minutes.
Education & Demographics
48.5% of Lake Madison residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.0% White, 18.3% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 2.1% of the population being foreign-born.
How Lake Madison Ranks in South Dakota
Cost of Living in Lake Madison, SD
Compared to national averages, Lake Madison has a median household income of $116,648 (55% above the national median of $75,149). Home values average $496,600, which is 103% above the national median. Monthly rent at $595 is 49% below the US average of $1,163. Within South Dakota, Lake Madison's income is 80% above the state average of $64,650, and home values are 245% above the state median of $143,757.
Why Live in Lake Madison, SD?
Lake Madison offers a strong local economy with a median household income of $116,648, well above the national average, and rent that’s lower than the national average at $595/month, and a strong job market with an unemployment rate of just 3.2%. Additionally, the city features a well-educated community where 48.5% of residents hold a bachelor’s degree or higher.
Potential considerations include a competitive housing market where the typical home costs $496,600. However, Lake Madison’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Lake Madison has a population of 885 with a median age of 61.3 years. Compare Lake Madison with other cities to see how it stacks up, or explore all cities in South Dakota.
Similar Cities Near Lake Madison
Cities in South Dakota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Mina | 888 | $102,969 | $448,600 | Compare |
| Meadow View Addition | 880 | $92,470 | $227,700 | Compare |
| Centerville | 876 | $58,438 | $123,600 | Compare |
| Viborg | 874 | $52,794 | $140,000 | Compare |
| Estelline | 862 | $74,231 | $139,000 | Compare |
| Allen | 860 | $0 | $0 | Compare |
| Agency Village | 911 | $47,569 | $204,200 | Compare |
| Edgemont | 845 | $42,440 | $81,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in South Dakota
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Lake Madison With Other Cities
Frequently Asked Questions about Lake Madison
What is the population of Lake Madison, SD?
The population of Lake Madison, SD is 885 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in South Dakota.
What is the median household income in Lake Madison?
The median household income in Lake Madison, SD is $116,648 per year, which is 55% above the national median of $75,149.
What is the median home value in Lake Madison?
The median home value in Lake Madison, SD is $496,600, which is 103% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Lake Madison?
The median monthly rent in Lake Madison, SD is $595, which is 49% below the national average of $1,163/month.
What is the unemployment rate in Lake Madison?
The unemployment rate in Lake Madison, SD is 3.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Lake Madison, SD a good place to live?
Lake Madison offers above-average incomes, a competitive housing market, and a strong job market. With a population of 885 and a median age of 61.3, the city appeals to established professionals and retirees.
How educated is Lake Madison, SD?
48.5% of residents in Lake Madison aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Lake Madison?
Key cost-of-living indicators for Lake Madison, SD: median home value is $496,600 (103% above national), median rent is $595/month, and median household income is $116,648. The home-value-to-income ratio is 4.3x, a moderate figure by national standards.
What is the poverty rate in Lake Madison?
The poverty rate in Lake Madison, SD is 12.9%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Lake Madison, SD?
Lake Madison's population is 0.0% White, 18.3% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 2.1% of residents are foreign-born.