Total monthly cost of ownership
Cost to Own a Home in Martin, South Dakota
A $87,000 home here costs
$921per 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 $39,500 a year.
A standard mortgage calculator would have told you $474. The real number is $447 higher every month, 94% more than the payment most buyers budget for.
Compare Bennett County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Martin from a five-year rolling sample, and with about 1,054 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 Bennett 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.
Martin against Bennett County and South Dakota
| Measure | Martin | Bennett County |
|---|---|---|
| Median home value | $87,300 | $138,600 |
| Median property tax | $1,392 | $1,424 |
| Effective tax rate | 1.595% | 1.027% |
| Median gross rent | $667 | $616 |
| Population | 1,054 | 3,354 |
The weather behind that power bill
Martin sits in Bennett County, which averages a high of 87.3°F in its hottest month and a low of 12.7°F in its coldest, with 20.68" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 697 cooling and 7,059 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Bennett County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bennett County
No other places of this size are published in Bennett County.
Full Bennett County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Martin 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 Martin every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Martin I already own here and may sell
Common questions
How much does it cost to own a home in Martin?
A $87,000 home in Martin, South Dakota costs approximately $921 per month with 20% down at 7.24%. That is $474 principal and interest, $116 property tax, $40 homeowners insurance, $219 utilities and $73 set aside for maintenance.
What is the property tax rate in Martin?
Martin has an effective property tax rate of 1.595%, based on a median home value of $87,300 and median real estate taxes of $1,392. That is higher than the Bennett County average of 1.027%.
What is the average home price in Martin?
The median owner-occupied home value in Martin, South Dakota is $87,300, against $138,600 across Bennett County.
Is it cheaper to rent or buy in Martin?
Median gross rent in Martin is $667 a month, against $921 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 Martin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Martin, South Dakota at today's rate takes a household income of roughly $39,500 a year. That covers the full $921 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Martin, 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.