Total monthly cost of ownership
Cost to Own a Home in Hot Springs, South Dakota
A $168,000 home here costs
$1,455per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $864. The real number is $592 higher every month — 69% 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.
Hot Springs against Fall River County and South Dakota
| Measure | Hot Springs | Fall River County |
|---|---|---|
| Median home value | $168,200 | $176,300 |
| Median property tax | $1,987 | $1,876 |
| Effective tax rate | 1.181% | 1.064% |
| Median gross rent | $854 | $866 |
| Population | 3,506 | 7,179 |
The weather behind that power bill
Hot Springs sits in Fall River County, which averages a high of 88.9°F in its hottest month and a low of 12.9°F in its coldest, with 17.85" of precipitation a year and 48% of it in a single three-month stretch. That climate drives 694 cooling and 7,015 heating degree days, which is what sets the $141 electricity line above.
See the full climate breakdown for Fall River County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Fall River County
No other places of this size are published in Fall River County.
Full Fall River County cost breakdown · Every county in South Dakota
Common questions
How much does it cost to own a home in Hot Springs?
A $168,000 home in Hot Springs, South Dakota costs approximately $1,455 per month with 20% down at 6.66%. That is $864 principal and interest, $165 property tax, $77 homeowners insurance, $209 utilities and $140 set aside for maintenance.
What is the property tax rate in Hot Springs?
Hot Springs has an effective property tax rate of 1.181%, based on a median home value of $168,200 and median real estate taxes of $1,987. That is higher than the Fall River County average of 1.064%.
What is the average home price in Hot Springs?
The median owner-occupied home value in Hot Springs, South Dakota is $168,200, against $176,300 across Fall River County.
Is it cheaper to rent or buy in Hot Springs?
Median gross rent in Hot Springs is $854 a month, against $1,455 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 Hot Springs — 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.