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Pennington County, SD

RANK #557 / 996  ·  POP 110,386  ·  SD

PROJECTED GROWTH: +0.5%

Pennington County shows below-average economic momentum. Growth signals are flat or softening.

[01] Why Pennington County?

Pennington County, South Dakota, is defined by its dramatic landscapes, from the rugged Black Hills in the west, home to Mount Rushmore, to the rolling prairies eastward. Rapid City, the county seat, serves as a central hub, approximately 130 miles west of Pierre. The community offers a blend of urban amenities and access to extensive outdoor recreation, including hiking, biking, fishing, and wildlife viewing in areas like Black Hills National Forest and Badlands National Park. Public transportation, like RapidRide in Rapid City, offers fixed routes, and Eastern Pennington County Transit provides services to smaller towns like Wall, Quinn, and Wasta, including shuttles to Rapid City. Life in Pennington County attracts families and young professionals, with public schools generally performing above average. The economy is supported by diverse sectors, including tourism, healthcare, and manufacturing. Recent economic trends indicate population growth, particularly in areas like Rapid City and Box Elder, partly due to the expansion of Ellsworth Air Force Base. This growth has created demand for more housing across the county. The area also sees ongoing development in technology and engineering, with local universities collaborating to create opportunities for graduates.

[02] Market Snapshot

Housing Ratio
4.3x

Below national median (4.7x)

GDP Growth
+2.3%

Below national median

Home Prices
+1.8%

Above national median

Climate & Terrain
1.3

Moderate climate & terrain

Price/Rent
16x

Above national median (13x)

Housing is fairly valued at 4.3x relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Pennington County U.S. National

The Numbers

DEMOGRAPHICS
Population
110,386
+1.54% YoY
Median Household Income
$67,823
Median Home Value
$247,800
+1.84% 12mo
Median Rent
$996
Average Annual Pay
$57,286
+4.3% YoY
Employment
62,114
+1.2% YoY
Income-to-Home-Value
0.2737
More affordable than average
Migration Inflow
3.63%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$337,000
Days on Market
94
Slower market
Months of Supply
4.6
Balanced market
Sale-to-List Ratio
97.7%
Negotiation room for buyers
Sold Above List
16.7%
Listings w/ Price Drops
14.9%
Building Permits (2024)
1,183
Single-Family Permits
447

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$1,605M
TOTAL
PROJECT AMOUNT STATUS
Philip Wind Project
Philip Wind Partners (Invenergy subsidiary)
$750M Planned
Data Center Development (Black Hills Industrial Center)
Various (e.g., Amazon, Google, Meta, Microsoft, Apple, Open AI)
$500M Proposed
Cheyenne River Ranch Wind and Solar Farm
Unknown
$227M Proposed
Wild Springs Solar Project
National Grid Renewables
$128M Operating

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +2.3% 43 percentile
Population Growth +1.5% 83 percentile
Income Growth +8.4% 49 percentile
Vacancy Rate 1.2% 43 percentile
Home Price Change +1.8% 57 percentile
Rent Growth +2.7% 45 percentile
Price/Rent 16x 29 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Pennington County, SD a good place to move to?

Pennington County has a Boom Town Index score of 44/100, ranking #557 among 996 U.S. counties. With job growth at +1.2% and a median household income of $67,823, it faces some economic headwinds compared to faster-growing counties.

Is Pennington County affordable?

The median home value in Pennington County is $247,800 with median rent at $996/month. The income-to-home-value ratio is 0.2737, which is more affordable than the national average.

Is Pennington County growing or shrinking?

Population growth: +1.5% year-over-year. Job growth: +1.2%. Home values changed +1.8% in the past 12 months.

Are people moving to Pennington County?

Yes — 3.63% of Pennington County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

Faulkner County, AR 54 Washington County, PA 54 Westmoreland County, PA 54 Pickens County, SC 54 Franklin County, VT 54 Henrico County, VA 54 James City County, VA 54 Kanawha County, WV 54