Total monthly cost of ownership
Cost to Own a Home in Spearfish, South Dakota
A $309,000 home here costs
$2,563per 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 $110,000 a year.
A standard mortgage calculator would have told you $1,685. The real number is $879 higher every month, 52% more than the payment most buyers budget for.
Compare Lawrence 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.
Spearfish against Lawrence County and South Dakota
| Measure | Spearfish | Lawrence County |
|---|---|---|
| Median home value | $309,200 | $310,800 |
| Median property tax | $3,132 | $2,671 |
| Effective tax rate | 1.013% | 0.859% |
| Median gross rent | $941 | $923 |
| Population | 12,551 | 26,574 |
The weather behind that power bill
Spearfish sits in Lawrence County, which averages a high of 81.7°F in its hottest month and a low of 17.6°F in its coldest, with 31.79" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 425 cooling and 7,206 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Lawrence County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lawrence County
Full Lawrence County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Spearfish 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 Spearfish every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spearfish I already own here and may sell
Common questions
How much does it cost to own a home in Spearfish?
A $309,000 home in Spearfish, South Dakota costs approximately $2,563 per month with 20% down at 7.24%. That is $1,685 principal and interest, $261 property tax, $142 homeowners insurance, $219 utilities and $258 set aside for maintenance.
What is the property tax rate in Spearfish?
Spearfish has an effective property tax rate of 1.013%, based on a median home value of $309,200 and median real estate taxes of $3,132. That is higher than the Lawrence County average of 0.859%.
What is the average home price in Spearfish?
The median owner-occupied home value in Spearfish, South Dakota is $309,200, against $310,800 across Lawrence County.
Is it cheaper to rent or buy in Spearfish?
Median gross rent in Spearfish is $941 a month, against $2,563 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 Spearfish?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spearfish, South Dakota at today's rate takes a household income of roughly $110,000 a year. That covers the full $2,563 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spearfish, 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.