Total monthly cost of ownership
Cost to Own a Home in Elk Point, South Dakota
A $228,000 home here costs
$2,014per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $86,500 a year.
A standard mortgage calculator would have told you $1,243. The real number is $771 higher every month, 62% more than the payment most buyers budget for.
Compare Union County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Elk Point from a five-year rolling sample, and with about 2,391 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Union County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Elk Point against Union County and South Dakota
| Measure | Elk Point | Union County |
|---|---|---|
| Median home value | $228,400 | $269,500 |
| Median property tax | $3,097 | $2,997 |
| Effective tax rate | 1.356% | 1.112% |
| Median gross rent | $801 | $1,055 |
| Population | 2,391 | 16,916 |
The weather behind that power bill
Elk Point sits in Union County, which averages a high of 85.5°F in its hottest month and a low of 10.2°F in its coldest, with 28" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 904 cooling and 6,758 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Union County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Union County
Full Union County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Elk Point averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Elk Point every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elk Point I already own here and may sell
Common questions
How much does it cost to own a home in Elk Point?
A $228,000 home in Elk Point, South Dakota costs approximately $2,014 per month with 20% down at 7.24%. That is $1,243 principal and interest, $258 property tax, $105 homeowners insurance, $219 utilities and $190 set aside for maintenance.
What is the property tax rate in Elk Point?
Elk Point has an effective property tax rate of 1.356%, based on a median home value of $228,400 and median real estate taxes of $3,097. That is higher than the Union County average of 1.112%.
What is the average home price in Elk Point?
The median owner-occupied home value in Elk Point, South Dakota is $228,400, against $269,500 across Union County.
Is it cheaper to rent or buy in Elk Point?
Median gross rent in Elk Point is $801 a month, against $2,014 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Elk Point?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elk Point, South Dakota at today's rate takes a household income of roughly $86,500 a year. That covers the full $2,014 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elk Point, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for South Dakota.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.