Watertown, South Dakota

Population

Growing. Up 4.7% since 2020.

23,736

people, the 5th-largest of South Dakota's cities and towns.

Census Population Estimates, 2025. Rank among South Dakota's cities and towns computed by the Almanac. Sources: Census Population Estimates

The workday

4 in 10 jobs here go to people who live somewhere else.

43.4%

of 14,890 jobs located in Watertown are filled by in-commuters.

Census LEHD LODES, 2023. Sources: Census LEHD LODES

Rent

Median rent is up 70% since the 2005–2009 survey, before inflation.

$942

a month. South Dakota's median is $946.

Census ACS 5-year, 2020-2024 (latest), with earlier 5-year windows. Sources: Census ACS 5-year

The seam

Cross one tract line and median rent jumps $653.

A $653 gap between neighbors, the sharpest rent edge between adjacent tracts in Codington County.

• $730 Tract 9544.02
• $1,383 Tract 9543.02

Census ACS 5-year, 2020-2024, adjacent tracts compared by the Almanac. Tract estimates carry wide margins of error. Sources: Census ACS 5-year

Room to build

Local wages can carry more rent than the median charged today.

$1,057–$1,586

is the monthly rent range local workforce wages support.

• $942 median

Supportable rent computed by the Almanac from 2023 source wage data. Median rent: Census ACS 5-year, 2020-2024. Sources: Computed by the Almanac, Census ACS 5-year

Building

72% of the housing here was built before 2000.

• 1,232 homes permitted in ten years, 2016–2025
• 50% of those were in multifamily buildings
• 72% of all homes were built before 2000

Census Building Permits Survey, 2016–2025; Census ACS 5-year, 2020-2024. Sources: Census Building Permits Survey, Census ACS 5-year

Units needed

Closing the gap would add 0.3–1.3% to the 11,110 homes here.

34–149

is the estimated number of missing housing units, from the lowest to the highest of three estimates.

Range computed by the Almanac from 2023 jobs and household data, using three demand models: 1% of jobs located here, 1% of renter households, and a rate by town size applied to renters. The low end is the lowest of the three and the high end the highest. It is an estimate, not a count. Sources: Computed by the Almanac

Home value

A median home costs 11% less than South Dakota's.

$229,400

median home value in Watertown.

• $229,400 Watertown
• $257,400 South Dakota
• $332,700 U.S.

Census ACS 5-year, 2020-2024. Sources: Census ACS 5-year