Cost of Living in Lake Preston, SD

With a cost of living index of 59, Lake Preston, SD is one of the most affordable cities in the country. Living here is 41% cheaper than the national average and 15% below the South Dakota state average of 74. Lake Preston is a small community of 539 residents.

Housing costs are the biggest factor in Lake Preston's cost of living. The median monthly rent is $533 (60% below the US median of $1,319), and the median home value sits at $139,100 (54% below the national median of $304,900). At current prices, the median home costs roughly 2.3x the median household income — well within traditional affordability guidelines.

The median household income in Lake Preston is $60,917, which is 19% lower than the national median of $75,149. Residents spend roughly 10% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Lake Preston. The area sees an average annual temperature of 43°F, with summers averaging 69°F and winters around 15°F. Annual rainfall totals 22.7 inches spread over roughly 96 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.