Total monthly cost of ownership
Cost to Own a Home in Elk Point, South Dakota
A $228,000 home here costs
$1,934per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,172. The real number is $762 higher every month — 65% more than the payment most buyers budget for.
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 $141 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
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 $1,934 per month with 20% down at 6.66%. That is $1,172 principal and interest, $258 property tax, $105 homeowners insurance, $209 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 $1,934 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.