Total monthly cost of ownership
Cost to Own a Home in Springfield, South Dakota
A $127,000 home here costs
$1,179per 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 $50,500 a year.
A standard mortgage calculator would have told you $692. The real number is $487 higher every month, 70% more than the payment most buyers budget for.
Compare Bon Homme County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Springfield from a five-year rolling sample, and with about 2,073 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 Bon Homme 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.
Springfield against Bon Homme County and South Dakota
| Measure | Springfield | Bon Homme County |
|---|---|---|
| Median home value | $126,800 | $120,300 |
| Median property tax | $1,250 | $1,499 |
| Effective tax rate | 0.986% | 1.246% |
| Median gross rent | $802 | $620 |
| Population | 2,073 | 7,024 |
The weather behind that power bill
Springfield sits in Bon Homme County, which averages a high of 85.8°F in its hottest month and a low of 8.7°F in its coldest, with 26.24" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 833 cooling and 7,256 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Bon Homme County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bon Homme County
Full Bon Homme County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Springfield 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 Springfield every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Springfield I already own here and may sell
Common questions
How much does it cost to own a home in Springfield?
A $127,000 home in Springfield, South Dakota costs approximately $1,179 per month with 20% down at 7.24%. That is $692 principal and interest, $104 property tax, $58 homeowners insurance, $219 utilities and $106 set aside for maintenance.
What is the property tax rate in Springfield?
Springfield has an effective property tax rate of 0.986%, based on a median home value of $126,800 and median real estate taxes of $1,250. That is lower than the Bon Homme County average of 1.246%.
What is the average home price in Springfield?
The median owner-occupied home value in Springfield, South Dakota is $126,800, against $120,300 across Bon Homme County.
Is it cheaper to rent or buy in Springfield?
Median gross rent in Springfield is $802 a month, against $1,179 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 Springfield?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Springfield, South Dakota at today's rate takes a household income of roughly $50,500 a year. That covers the full $1,179 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Springfield, 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.