Total monthly cost of ownership
Cost to Own a Home in Martin, South Dakota
A $87,000 home here costs
$885per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $447. The real number is $437 higher every month — 98% 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.
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 $141 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
Common questions
How much does it cost to own a home in Martin?
A $87,000 home in Martin, South Dakota costs approximately $885 per month with 20% down at 6.66%. That is $447 principal and interest, $116 property tax, $40 homeowners insurance, $209 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 $885 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 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.