Affordable

What Salary Do You Need to Live in Lake Madison?

To afford a 2-bedroom in Lake Madison, you need to earn at least $40,480/year based on estimated fair market rent data. The median household income here is $114,250, which means the typical resident is $73,770 above the threshold.

Census ACS Data Pop. 850

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$708	$2,360	$28,320	$-85,930
1 Bedroom	$840	$2,800	$33,600	$-80,650
2 Bedroom BENCHMARK	$1,012	$3,373	$40,480	$-73,770
3 Bedroom	$1,235	$4,117	$49,400	$-64,850
4 Bedroom	$1,518	$5,060	$60,720	$-53,530

Affordability Breakdown

Where the required salary line crosses above Lake Madison's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$114,250

Annual household

2BR Required Salary

$40,480

Under 30% rule

Income Gap

+$73,770

Surplus

Verdict

Affordable

Ratio: 10.6%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Lake Madison

Your Annual Salary

Pre-filled with Lake Madison's median household income

Max monthly rent you can afford$2,856

Studio

$708/mo

1 BR

$840/mo

2 BR

$1,012/mo

3 BR

$1,235/mo

4 BR

$1,518/mo

Your salary is $0 above the median income in Lake Madison.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Lake Madison's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Lake Madison

Lake Madison, South Dakota stands out as one of the more financially accessible housing markets in the state. The median household income of $114,250 significantly exceeds the $40,480 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $73,770 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Lake Madison, a studio at $708/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,235/month remains accessible for dual-income households earning above $49,400.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $60,720 would position you well — though many residents in Lake Madison manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Lake Madison, South Dakota.

With a total population of 850, the city supports an active civilian workforce of 434 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $40,480 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

434

Active civilian employees in Lake Madison

Frequently Asked Questions About Renting in Lake Madison

What salary do I need to live in Lake Madison, South Dakota?

To afford a 2-bedroom in Lake Madison under the 30% rule, you need an annual salary of at least $40,480. The median household income in Lake Madison is $114,250.

Can I afford a 2-bedroom in Lake Madison on $114,250?

The affordability verdict for Lake Madison is "Affordable". The rent-to-income ratio is 10.6%, meaning median earners have a $73,770 surplus.

What is the average rent in Lake Madison compared to median income?

The median gross rent in Lake Madison is $840/month. With a median household income of $114,250, residents spend approximately 10.6% of their income on rent.

What salary do I need for a studio in Lake Madison?

A studio in Lake Madison rents for approximately $708/month. Under the 30% rule, you need an annual salary of $28,320 to afford this.

Is Lake Madison considered an affordable place to live?

Based on the surplus of $73,770 and an affordability verdict of "Affordable", Lake Madison is considered a affordable rental market when comparing the required 2-bedroom salary of $40,480 to the local median household income.

How Lake Madison Compares

Other cities in South Dakota with salary requirements