Total monthly cost of ownership
Cost to Own a Home in Hot Springs, South Dakota
A $168,000 home here costs
$1,517per 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 $65,000 a year.
A standard mortgage calculator would have told you $916. The real number is $601 higher every month, 66% more than the payment most buyers budget for.
Compare Fall River County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Hot Springs from a five-year rolling sample, and with about 3,506 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 Fall River 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.
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 $151 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
Talk to someone who works this market
These are Hot Springs 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 Hot Springs every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Hot Springs I already own here and may sell
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 $1,517 per month with 20% down at 7.24%. That is $916 principal and interest, $165 property tax, $77 homeowners insurance, $219 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 $1,517 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 Hot Springs?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Hot Springs, South Dakota at today's rate takes a household income of roughly $65,000 a year. That covers the full $1,517 monthly cost, not just the mortgage payment.
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.