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Rental Insights for ZIP Code 57103 (Sioux Falls, SD)

Housing Rentals in ZIP Code 57103 (Sioux Falls, SD)

57103 ZIP Code in South Dakota

A Deep Analysis of Housing Rentals in the ZIP Code 57103

The 57103 ZIP Code is principally located in Sioux Falls, SD in Minnehaha County. The estimated median housing rent in this region of South Dakota is $777 per month. Approximately 31.7% of housing units in this Minnehaha County ZIP Code are renter-occupied, and the region has an estimated rental vacancy rate of 8.6%.

The median rent in ZIP Code 57103 of $777 per month is 4% higher than the aggregate South Dakota median monthly rent of $747, and is 27% lower than the $1,062 the median monthly rent in the U.S. overall. Approximately 74.5% of residents in ZIP Code 57103 pay between $500 and $999 per month for rent. That is 29% higher than in South Dakota overall, in which 57.6% of total state residents pay between $500 and $999 per month for housing. Just 1.9% of renters in ZIP Code 57103 pay between $2,000 and $2,499 for monthly rent.

ZIP Code 57103 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 57103

See the chart below for a comparison of monthly rental costs in ZIP Code 57103, South Dakota, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 57103 along with those in the state of South Dakota and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 57103

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 57103 South Dakota U.S.
Less than $500 10.8% 19.7% 9.4%
$500 to $999 74.5% 57.6% 36.2%
$1,000 to $1,499 10.6% 17.6% 30.0%
$1,500 to $1,999 2.2% 3.3% 14.0%
$2,000 to $2,499 1.9% 0.7% 5.6%
$2,500 to $2,999 0.0% 0.4% 2.4%
$3,000 or more 0.0% 0.7% 2.4%

Rent Cost vs. Income in ZIP Code 57103

Renters in ZIP Code 57103 use an estimated 28.14% of their income to cover their monthly rent payments. That is about 4% higher than in South Dakota overall. The estimate for South Dakota overall is 27.05% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 57103 renters use about 6% less of their income to cover rent expense. Household income figures for ZIP Code 57103 come in higher than in South Dakota as a whole. The median annual household income in ZIP Code 57103 of $61,756 sits approximately 6% higher than the overall South Dakota median income of $58,275 and approximately 2% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 57103

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 57103, South Dakota, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 57103 along with the same calculations in the state of South Dakota and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 57103

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 57103 South Dakota U.S.
Less than 15.0 percent 15.1% 18.8% 13.1%
15.0 to 19.9 percent 17.5% 15.6% 12.9%
20.0 to 24.9 percent 11.3% 14.5% 12.9%
25.0 to 29.9 percent 9.0% 11.2% 11.6%
30.0 to 34.9 percent 14.7% 8.6% 9.1%
35.0 percent or more 32.4% 31.3% 40.5%

Household Income in ZIP Code 57103

See the table below for the regional comparison of annual household income in ZIP Code 57103.

Income ZIP 57103 South Dakota U.S.
Less than $10,000 4.5% 5.4% 6.0%
$10,000 to $14,999 5.2% 4.5% 4.3%
$15,000 to $24,999 7.9% 9.0% 8.9%
$25,000 to $34,999 8.8% 10.2% 8.9%
$35,000 to $49,999 15.2% 13.6% 12.3%
$50,000 to $74,999 16.8% 19.4% 17.2%
$75,000 to $99,999 16.8% 14.6% 12.7%
$100,000 to $149,999 15.8% 14.4% 15.1%
$150,000 to $199,999 4.9% 4.7% 6.8%
$200,000 or more 4.1% 4.2% 7.7%

Household Income in ZIP Code 57103

See the chart below for a comparison of annual household income figures in ZIP Code 57103, South Dakota, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 57103 alongside the same figures for the state of South Dakota and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 57103

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 57103.

ZIP 57103 South Dakota U.S.
Median Housing Rent $777 $747 $1,062
Renter-Occupied Housing Units 31.7% 32.2% 36.0%
Rental Vacancy Rate 8.6% 6.7% 6.0%
Average Size of Renter-Occupied Unit 2.01 2.20 2.49
Average # of Bedrooms Per Unit 2.89 2.91 2.75
Percent of Income Spent on Rent 28.14% 27.05% 29.83%
Per Capita Income $30,883 $30,773 $34,103
Median Household Income $76,389 $76,240 $88,607
Living Below the Poverty Line 7.2% 8.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 57103

In ZIP Code 57103 (Sioux Falls, SD), and estimated 31.7% of housing units are occupied by renters. This region has an approximate rental vacany rate of 8.6%.

The per capita income in 57103 is estimated at $30,883, which goes along with an estimated median household income of $76,389. About 7.2% of residents in this Minnehaha County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.01 occupants, while the units have an aggregate average size of 2.89 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 28.14% of their income on housing rental costs.

Rental FAQs for ZIP Code 57103

1

What is the median monthly rent in ZIP Code 57103?

Median rent for housing in ZIP Code 57103 in Minnehaha County in South Dakota is approximately $777 per month.
2

Is it expensive to rent in ZIP Code 57103?

Rent in ZIP Code 57103 is higher than average in the state of South Dakota overall. The median monthly rent of $777 in ZIP Code 57103 is approximately 4% higher than the South Dakota median of $747. Additionally, median rent in this Sioux Falls, SD region ($777) is about 27% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 57103?

High-priced rentals are not common in the Sioux Falls, SD ZIP Code of 57103, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of South Dakota overall, approximately 0.7% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 57103?

Affordable rentals are more common in ZIP Code 57103 than in South Dakota overall. The percentage of housing rentals in ZIP Code 57103 costing $999 or less per month (85.3%) is approximately 10% higher than the South Dakota rate of 77.3% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 87% lower than the previously mentioned 57103 rate of 85.3%.
5

What is the most common cost range that rentals fall into in ZIP Code 57103?

The most common range for rental cost in ZIP Code 57103 is between $500 and $999 per month. About 74.5% of renters in 57103 pay in this range for monthly rent. In comparison, approximately 57.6% of renters in the state of South Dakota fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 57103 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 57103 is higher than the rental vacancy rate in the state of South Dakota overall. Rental vacancy of 8.6% in ZIP Code 57103 is about 28% higher than the South Dakota rate of 6.7%. Looking more broadly, rental vacancy in this Sioux Falls, SD region (8.6%) is an estimated 43% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 57103? How does it compare to other South Dakota regions?

Median household income in ZIP Code 57103 is higher than in the state of South Dakota overall. Annual household income of $61,756 in ZIP Code 57103 is about 6% higher than the South Dakota median of $58,275. Additionally, median household income in this Sioux Falls, SD region ($61,756) is approximately 2% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 57103 spend on housing costs?

Renters in ZIP Code 57103 spend a higher amount of their income on rent costs than do renters in South Dakota overall. Renters in ZIP Code 57103 spend an estimated 28.14% of their income on rent payments, which is about 4% higher than the overall South Dakota estimated rate of 27.05%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 6% higher than the ZIP Code 57103 estimated rate of 28.14%.
9

Do renters in ZIP Code 57103 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 57103 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 57103 spending 30 percent or more of their income on rent costs (47.1%) is approximately 18% higher than the South Dakota rate of 39.9% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 5% higher than the aforementioned 57103 rate of 47.1%.
10

What is the average household size of renter-occupied units in ZIP Code 57103?

The average household size of renter-occupied units in ZIP Code 57103 is lower than in the state of South Dakota overall. Annual household size of 2.01 in ZIP Code 57103 is about 9% lower than the South Dakota median of 2.20. Additionally, median household size in this Sioux Falls, SD region (2.01) is approximately 19% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other South Dakota ZIP Codes