The typical owner-occupied home in Timber Lake is worth about $81,400, 68% below the South Dakota median of $257,400 and 76% below the national median of $332,700. Owners pay a median $1,198 a year in property taxes, about 1.47% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $60,694 a year, so the median home costs 1.3 times the median income (3.4 times for South Dakota). 64% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Timber Lake at a glance
| Timber Lake | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $81,400 | $257,400 | $332,700 |
| Median property tax paid per year | $1,198 | $2,724 | $3,119 |
| Property tax as a share of value | 1.47% | 1.06% | 0.94% |
| Median household income | $60,694 | $75,081 | $80,734 |
| Homes lived in by their owners | 64% | 69% | 65% |
| Owner homes with a mortgage | 57% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,167 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 20.4% | 21.0% |
| Median rent | $546 | $946 | $1,413 |
| Rent as a share of renters' income | 17.3% | 25.9% | 30.6% |
| Median year homes were built | 1964 | 1980 | 1980 |
| Vacant homes | 13.1% | 10.5% | 10.1% |
| Population | 779 | 907,428 | 334,922,499 |
What a typical home costs per month in Timber Lake
At this week's average 30-year rate of 7.11%, buying the median Timber Lake home of $81,400 with 20% down costs about $572 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $707, 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 $24,501 for the 20%-down payment. That payment is 11% of the median Timber Lake household income of $60,694; at that income and 20% down, the 28% guideline points to a home of about $202,000.
The median rent here is $546 a month, so owning the median home costs about $26 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $16,280 |
|---|---|
| Loan amount | $65,120 |
| Principal and interest | $438 |
| Property taxes (1.47% a year) | $100 |
| Homeowners insurance (our estimate, 0.5% a year) | $34 |
| PMI | $0 |
| Total per month | $572 |
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| Down payment | $2,849 |
|---|---|
| Loan amount | $79,926 |
| Principal and interest | $538 |
| Property taxes (1.47% a year) | $100 |
| Homeowners insurance (our estimate, 0.5% a year) | $34 |
| FHA mortgage insurance | $36 |
| Total per month | $707 |
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Questions about home buying in Timber Lake
What is the median home value in Timber Lake?
About $81,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Timber Lake?
Homeowners pay a median $1,198 a year, which is about 1.47% 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 Timber Lake?
For the median home with 20% down at 7.11%, the payment is about $572 a month. Keeping that under 28% of gross income takes about $24,501 a year.
More about Timber Lake
- Mortgage Refinance in Timber Lake
- Debt Relief in Timber Lake
- Home Equity Loans in Timber Lake
- 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