Milbank, SD
Population 3,513 · South Dakota
About Milbank, SD
Milbank is a small town located in South Dakota with a population of 3,513 residents according to the latest US Census Bureau American Community Survey data. The median household income is $58,462 per year, which is 22% below the national median of $75,149. The median age of 42.3 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 Milbank features a median home value of $161,300, which is 34% below the national median of $244,900. This positions Milbank in a moderately priced market relative to the rest of the country. Median monthly rent is $480, 59% below the national average of $1,163/month. Of the 1,622 total housing units, 76% are owner-occupied (1,083 units) and 24% are renter-occupied (337 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milbank shows an unemployment rate of 4.7%, which is near the national rate of 3.7%. The poverty rate stands at 13.6%, above the national average of 12.4%. Workers in Milbank have an average one-way commute time of 11.4 minutes, one of the shorter commutes in the region.
Education & Demographics
34.3% of Milbank residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 10.4% White, 5.7% Hispanic or Latino, 0.0% Black or African American, and 1.3% Asian residents, with 10.1% of the population being foreign-born.
How Milbank Ranks in South Dakota
Cost of Living in Milbank, SD
Compared to national averages, Milbank has a median household income of $58,462 (22% below the national median of $75,149). Home values average $161,300, which is 34% below the national median. Monthly rent at $480 is 59% below the US average of $1,163. Within South Dakota, Milbank's income is 10% below the state average of $64,650, and home values are 12% above the state median of $143,757.
Why Live in Milbank, SD?
Milbank offers affordable housing with a median home value of $161,300, below the US average of $244,900, and rent that’s lower than the national average at $480/month, and a well-educated community where 34.3% of residents hold a bachelor’s degree or higher. Additionally, the city features short commute times averaging just 11.4 minutes.
Potential considerations include median household income ($58,462) that falls below the national average. However, Milbank’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Milbank has a population of 3,513 with a median age of 42.3 years. Compare Milbank with other cities to see how it stacks up, or explore all cities in South Dakota.
Similar Cities Near Milbank
Cities in South Dakota with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Hot Springs | 3,506 | $49,688 | $168,200 | Compare |
| Hartford | 3,412 | $95,426 | $223,400 | Compare |
| Dell Rapids | 3,947 | $101,250 | $284,400 | Compare |
| Canton | 3,060 | $65,500 | $191,000 | Compare |
| North Sioux City | 3,018 | $76,481 | $234,500 | Compare |
| Lead | 2,997 | $57,348 | $192,800 | Compare |
| Summerset | 2,978 | $115,197 | $337,900 | Compare |
| Mobridge | 2,928 | $61,556 | $122,000 | 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 Milbank With Other Cities
Frequently Asked Questions about Milbank
What is the population of Milbank, SD?
The population of Milbank, SD is 3,513 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in South Dakota.
What is the median household income in Milbank?
The median household income in Milbank, SD is $58,462 per year, which is 22% below the national median of $75,149.
What is the median home value in Milbank?
The median home value in Milbank, SD is $161,300, which is 34% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Milbank?
The median monthly rent in Milbank, SD is $480, which is 59% below the national average of $1,163/month.
What is the unemployment rate in Milbank?
The unemployment rate in Milbank, SD is 4.7%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Milbank, SD a good place to live?
Milbank offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 3,513 and a median age of 42.3, the city appeals to a broad range of residents.
How educated is Milbank, SD?
34.3% of residents in Milbank 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 Milbank?
Key cost-of-living indicators for Milbank, SD: median home value is $161,300 (34% below national), median rent is $480/month, and median household income is $58,462. The home-value-to-income ratio is 2.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Milbank?
The poverty rate in Milbank, SD is 13.6%, 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 Milbank, SD?
Milbank's population is 10.4% White, 5.7% Hispanic or Latino, 0.0% Black or African American, 1.3% Asian, and 0.0% two or more races. 10.1% of residents are foreign-born.