The typical owner-occupied home in Rapids City is worth about $203,700, 23% below the Illinois median of $263,300 and 39% below the national median of $332,700. Owners pay a median $4,205 a year in property taxes, about 2.06% of their home's value, close to the Illinois rate of 2.01%. The median household earns $83,125 a year, so the median home costs 2.5 times the median income (3.2 times for Illinois). 96% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Rapids City at a glance
| Rapids City | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $203,700 | $263,300 | $332,700 |
| Median property tax paid per year | $4,205 | $5,298 | $3,119 |
| Property tax as a share of value | 2.06% | 2.01% | 0.94% |
| Median household income | $83,125 | $83,390 | $80,734 |
| Homes lived in by their owners | 96% | 67% | 65% |
| Owner homes with a mortgage | 45% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,576 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.4% | 20.6% | 21.0% |
| Median rent | – | $1,274 | $1,413 |
| Median year homes were built | 1972 | 1971 | 1980 |
| Vacant homes | 6.5% | 7.7% | 10.1% |
| Population | 980 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Rapids City
At this week's average 30-year rate of 7.11%, buying the median Rapids City home of $203,700 with 20% down costs about $1,531 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,870, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $65,606 for the 20%-down payment. That payment is 22% of the median Rapids City household income of $83,125; at that income and 20% down, the 28% guideline points to a home of about $258,000.
| Down payment | $40,740 |
|---|---|
| Loan amount | $162,960 |
| Principal and interest | $1,096 |
| Property taxes (2.06% a year) | $350 |
| Homeowners insurance (our estimate, 0.5% a year) | $85 |
| PMI | $0 |
| Total per month | $1,531 |
Change the numbers in the calculator
| Down payment | $7,130 |
|---|---|
| Loan amount | $200,010 |
| Principal and interest | $1,345 |
| Property taxes (2.06% a year) | $350 |
| Homeowners insurance (our estimate, 0.5% a year) | $85 |
| FHA mortgage insurance | $90 |
| Total per month | $1,870 |
Change the numbers in the calculator
Questions about home buying in Rapids City
What is the median home value in Rapids City?
About $203,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Rapids City?
Homeowners pay a median $4,205 a year, which is about 2.06% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Rapids City?
For the median home with 20% down at 7.11%, the payment is about $1,531 a month. Keeping that under 28% of gross income takes about $65,606 a year.
More about Rapids City
- Mortgage Refinance in Rapids City
- Debt Relief in Rapids City
- Home Equity Loans in Rapids City
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data