Total monthly cost of ownership
Cost to Own a Home in Vermillion, South Dakota
A $210,000 home here costs
$1,906per 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 $81,500 a year.
A standard mortgage calculator would have told you $1,145. The real number is $761 higher every month, 66% more than the payment most buyers budget for.
Compare Clay 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.
Vermillion against Clay County and South Dakota
| Measure | Vermillion | Clay County |
|---|---|---|
| Median home value | $210,200 | $221,800 |
| Median property tax | $3,256 | $2,879 |
| Effective tax rate | 1.549% | 1.298% |
| Median gross rent | $728 | $736 |
| Population | 11,800 | 15,133 |
The weather behind that power bill
Vermillion sits in Clay County, which averages a high of 84.4°F in its hottest month and a low of 6.8°F in its coldest, with 26.88" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 745 cooling and 7,492 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Clay County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Clay County
No other places of this size are published in Clay County.
Full Clay County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Vermillion 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 Vermillion every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Vermillion I already own here and may sell
Common questions
How much does it cost to own a home in Vermillion?
A $210,000 home in Vermillion, South Dakota costs approximately $1,906 per month with 20% down at 7.24%. That is $1,145 principal and interest, $271 property tax, $96 homeowners insurance, $219 utilities and $175 set aside for maintenance.
What is the property tax rate in Vermillion?
Vermillion has an effective property tax rate of 1.549%, based on a median home value of $210,200 and median real estate taxes of $3,256. That is higher than the Clay County average of 1.298%.
What is the average home price in Vermillion?
The median owner-occupied home value in Vermillion, South Dakota is $210,200, against $221,800 across Clay County.
Is it cheaper to rent or buy in Vermillion?
Median gross rent in Vermillion is $728 a month, against $1,906 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 Vermillion?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Vermillion, South Dakota at today's rate takes a household income of roughly $81,500 a year. That covers the full $1,906 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Vermillion, 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.