Total monthly cost of ownership
Cost to Own a Home in Milbank, South Dakota
A $161,000 home here costs
$1,443per 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 $62,000 a year.
A standard mortgage calculator would have told you $878. The real number is $565 higher every month, 64% more than the payment most buyers budget for.
Compare Grant County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Milbank from a five-year rolling sample, and with about 3,513 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 Grant 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.
Milbank against Grant County and South Dakota
| Measure | Milbank | Grant County |
|---|---|---|
| Median home value | $161,300 | $179,400 |
| Median property tax | $1,664 | $1,527 |
| Effective tax rate | 1.032% | 0.851% |
| Median gross rent | $480 | $668 |
| Population | 3,513 | 7,544 |
The weather behind that power bill
Milbank sits in Grant County, which averages a high of 81.0°F in its hottest month and a low of 3.5°F in its coldest, with 25.43" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 483 cooling and 8,452 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Grant County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grant County
No other places of this size are published in Grant County.
Full Grant County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Milbank 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 Milbank every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Milbank I already own here and may sell
Common questions
How much does it cost to own a home in Milbank?
A $161,000 home in Milbank, South Dakota costs approximately $1,443 per month with 20% down at 7.24%. That is $878 principal and interest, $138 property tax, $74 homeowners insurance, $219 utilities and $134 set aside for maintenance.
What is the property tax rate in Milbank?
Milbank has an effective property tax rate of 1.032%, based on a median home value of $161,300 and median real estate taxes of $1,664. That is higher than the Grant County average of 0.851%.
What is the average home price in Milbank?
The median owner-occupied home value in Milbank, South Dakota is $161,300, against $179,400 across Grant County.
Is it cheaper to rent or buy in Milbank?
Median gross rent in Milbank is $480 a month, against $1,443 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 Milbank?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Milbank, South Dakota at today's rate takes a household income of roughly $62,000 a year. That covers the full $1,443 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Milbank, 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.