Total monthly cost of ownership
Cost to Own a Home in Spearfish, South Dakota
A $309,000 home here costs
$2,458per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,589. The real number is $869 higher every month — 55% 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.
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 $141 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
Common questions
How much does it cost to own a home in Spearfish?
A $309,000 home in Spearfish, South Dakota costs approximately $2,458 per month with 20% down at 6.66%. That is $1,589 principal and interest, $261 property tax, $142 homeowners insurance, $209 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 $2,458 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 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.