Total monthly cost of ownership
Cost to Own a Home in Mitchell, South Dakota
A $182,000 home here costs
$1,640per 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 $70,500 a year.
A standard mortgage calculator would have told you $992. The real number is $648 higher every month, 65% more than the payment most buyers budget for.
Compare Davison County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Mitchell against Davison County and South Dakota
| Measure | Mitchell | Davison County |
|---|---|---|
| Median home value | $182,000 | $190,000 |
| Median property tax | $2,327 | $2,361 |
| Effective tax rate | 1.279% | 1.243% |
| Median gross rent | $754 | $750 |
| Population | 15,637 | 19,936 |
The weather behind that power bill
Mitchell sits in Davison County, which averages a high of 86.7°F in its hottest month and a low of 9.3°F in its coldest, with 21.14" of precipitation a year and 43% of it in a single three-month stretch. That climate drives 880 cooling and 7,159 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Davison County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Davison County
No other places of this size are published in Davison County.
Full Davison County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Mitchell 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 Mitchell every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mitchell I already own here and may sell
Common questions
How much does it cost to own a home in Mitchell?
A $182,000 home in Mitchell, South Dakota costs approximately $1,640 per month with 20% down at 7.24%. That is $992 principal and interest, $194 property tax, $83 homeowners insurance, $219 utilities and $152 set aside for maintenance.
What is the property tax rate in Mitchell?
Mitchell has an effective property tax rate of 1.279%, based on a median home value of $182,000 and median real estate taxes of $2,327. That is higher than the Davison County average of 1.243%.
What is the average home price in Mitchell?
The median owner-occupied home value in Mitchell, South Dakota is $182,000, against $190,000 across Davison County.
Is it cheaper to rent or buy in Mitchell?
Median gross rent in Mitchell is $754 a month, against $1,640 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 Mitchell?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mitchell, South Dakota at today's rate takes a household income of roughly $70,500 a year. That covers the full $1,640 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mitchell, 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.