Total monthly cost of ownership
Cost to Own a Home in Rapid City, South Dakota
A $270,000 home here costs
$2,294per 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 $98,500 a year.
A standard mortgage calculator would have told you $1,472. The real number is $822 higher every month, 56% more than the payment most buyers budget for.
Compare Pennington 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.
Rapid City against Pennington County and South Dakota
| Measure | Rapid City | Pennington County |
|---|---|---|
| Median home value | $270,000 | $270,400 |
| Median property tax | $3,058 | $3,049 |
| Effective tax rate | 1.133% | 1.128% |
| Median gross rent | $1,053 | $1,066 |
| Population | 76,836 | 112,081 |
The weather behind that power bill
Rapid City sits in Pennington County, which averages a high of 86.4°F in its hottest month and a low of 12.7°F in its coldest, with 17.44" of precipitation a year and 49% of it in a single three-month stretch. That climate drives 607 cooling and 7,252 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Pennington County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Pennington County
Full Pennington County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Rapid City 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 Rapid City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Rapid City I already own here and may sell
Common questions
How much does it cost to own a home in Rapid City?
A $270,000 home in Rapid City, South Dakota costs approximately $2,294 per month with 20% down at 7.24%. That is $1,472 principal and interest, $255 property tax, $124 homeowners insurance, $219 utilities and $225 set aside for maintenance.
What is the property tax rate in Rapid City?
Rapid City has an effective property tax rate of 1.133%, based on a median home value of $270,000 and median real estate taxes of $3,058. That is in line with the Pennington County average of 1.128%.
What is the average home price in Rapid City?
The median owner-occupied home value in Rapid City, South Dakota is $270,000, against $270,400 across Pennington County.
Is it cheaper to rent or buy in Rapid City?
Median gross rent in Rapid City is $1,053 a month, against $2,294 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 Rapid City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Rapid City, South Dakota at today's rate takes a household income of roughly $98,500 a year. That covers the full $2,294 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Rapid City, 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.