The typical owner-occupied home in Clay County is worth about $232,300, 10% below the South Dakota median of $257,400 and 30% below the national median of $332,700. Owners pay a median $2,937 a year in property taxes, about 1.26% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $56,850 a year, so the median home costs 4.1 times the median income (3.4 times for South Dakota). 51% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Clay County at a glance
| Clay County | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $232,300 | $257,400 | $332,700 |
| Median property tax paid per year | $2,937 | $2,724 | $3,119 |
| Property tax as a share of value | 1.26% | 1.06% | 0.94% |
| Median household income | $56,850 | $75,081 | $80,734 |
| Homes lived in by their owners | 51% | 69% | 65% |
| Owner homes with a mortgage | 60% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,653 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 20.4% | 21.0% |
| Median rent | $770 | $946 | $1,413 |
| Rent as a share of renters' income | 29.6% | 25.9% | 30.6% |
| Median year homes were built | 1976 | 1980 | 1980 |
| Vacant homes | 11.4% | 10.5% | 10.1% |
| Population | 15,219 | 907,428 | 334,922,499 |
What a typical home costs per month in Clay County
At this week's average 30-year rate of 7.11%, buying the median Clay County home of $232,300 with 20% down costs about $1,591 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,978, 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 $68,180 for the 20%-down payment. That payment is 34% of the median Clay County household income of $56,850; at that income and 20% down, the 28% guideline points to a home of about $194,000.
The median rent here is $770 a month, so owning the median home costs about $821 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,460 |
|---|---|
| Loan amount | $185,840 |
| Principal and interest | $1,250 |
| Property taxes (1.26% a year) | $244 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| PMI | $0 |
| Total per month | $1,591 |
Change the numbers in the calculator
| Down payment | $8,130 |
|---|---|
| Loan amount | $228,092 |
| Principal and interest | $1,534 |
| Property taxes (1.26% a year) | $244 |
| Homeowners insurance (our estimate, 0.5% a year) | $97 |
| FHA mortgage insurance | $103 |
| Total per month | $1,978 |
Change the numbers in the calculator
Questions about home buying in Clay County
What is the median home value in Clay County?
About $232,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Clay County?
Homeowners pay a median $2,937 a year, which is about 1.26% 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 Clay County?
For the median home with 20% down at 7.11%, the payment is about $1,591 a month. Keeping that under 28% of gross income takes about $68,180 a year.
More about Clay County
- Mortgage Refinance in Clay County
- Debt Relief in Clay County
- Home Equity Loans in Clay County
- 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