The typical owner-occupied home in Morristown is worth about $23,100, 91% below the South Dakota median of $257,400 and 93% below the national median of $332,700. Owners pay a median $295 a year in property taxes, about 1.28% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $45,000 a year, so the median home costs 0.5 times the median income (3.4 times for South Dakota). 81% of occupied homes here are lived in by their owners, and 17% of those owners still have a mortgage.
Morristown at a glance
| Morristown | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $23,100 | $257,400 | $332,700 |
| Median property tax paid per year | $295 | $2,724 | $3,119 |
| Property tax as a share of value | 1.28% | 1.06% | 0.94% |
| Median household income | $45,000 | $75,081 | $80,734 |
| Homes lived in by their owners | 81% | 69% | 65% |
| Owner homes with a mortgage | 17% | 54% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,680 | $1,963 |
| Median rent | – | $946 | $1,413 |
| Median year homes were built | 1943 | 1980 | 1980 |
| Vacant homes | 20.0% | 10.5% | 10.1% |
| Population | 76 | 907,428 | 334,922,499 |
What a typical home costs per month in Morristown
At this week's average 30-year rate of 7.11%, buying the median Morristown home of $23,100 with 20% down costs about $159 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $197, 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 $6,797 for the 20%-down payment. That payment is 4% of the median Morristown household income of $45,000; at that income and 20% down, the 28% guideline points to a home of about $153,000.
| Down payment | $4,620 |
|---|---|
| Loan amount | $18,480 |
| Principal and interest | $124 |
| Property taxes (1.28% a year) | $25 |
| Homeowners insurance (our estimate, 0.5% a year) | $10 |
| PMI | $0 |
| Total per month | $159 |
Change the numbers in the calculator
| Down payment | $808 |
|---|---|
| Loan amount | $22,682 |
| Principal and interest | $153 |
| Property taxes (1.28% a year) | $25 |
| Homeowners insurance (our estimate, 0.5% a year) | $10 |
| FHA mortgage insurance | $10 |
| Total per month | $197 |
Change the numbers in the calculator
Questions about home buying in Morristown
What is the median home value in Morristown?
About $23,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morristown?
Homeowners pay a median $295 a year, which is about 1.28% 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 Morristown?
For the median home with 20% down at 7.11%, the payment is about $159 a month. Keeping that under 28% of gross income takes about $6,797 a year.
More about Morristown
- Mortgage Refinance in Morristown
- Debt Relief in Morristown
- Home Equity Loans in Morristown
- 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