The typical owner-occupied home in Chester is worth about $147,500, 43% below the South Dakota median of $257,400 and 56% below the national median of $332,700. Owners pay a median $996 a year in property taxes, about 0.68% of their home's value, lower than the South Dakota rate of 1.06%. The median household earns $68,333 a year, so the median home costs 2.2 times the median income (3.4 times for South Dakota). 87% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Chester at a glance
| Chester | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $147,500 | $257,400 | $332,700 |
| Median property tax paid per year | $996 | $2,724 | $3,119 |
| Property tax as a share of value | 0.68% | 1.06% | 0.94% |
| Median household income | $68,333 | $75,081 | $80,734 |
| Homes lived in by their owners | 87% | 69% | 65% |
| Owner homes with a mortgage | 63% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $891 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 17.4% | 20.4% | 21.0% |
| Median rent | – | $946 | $1,413 |
| Median year homes were built | 1938 | 1980 | 1980 |
| Vacant homes | 21.3% | 10.5% | 10.1% |
| Population | 152 | 907,428 | 334,922,499 |
What a typical home costs per month in Chester
At this week's average 30-year rate of 7.11%, buying the median Chester home of $147,500 with 20% down costs about $939 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,185, 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 $40,236 for the 20%-down payment. That payment is 16% of the median Chester household income of $68,333; at that income and 20% down, the 28% guideline points to a home of about $250,000.
| Down payment | $29,500 |
|---|---|
| Loan amount | $118,000 |
| Principal and interest | $794 |
| Property taxes (0.68% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $61 |
| PMI | $0 |
| Total per month | $939 |
Change the numbers in the calculator
| Down payment | $5,162 |
|---|---|
| Loan amount | $144,828 |
| Principal and interest | $974 |
| Property taxes (0.68% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $61 |
| FHA mortgage insurance | $65 |
| Total per month | $1,185 |
Change the numbers in the calculator
Questions about home buying in Chester
What is the median home value in Chester?
About $147,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Chester?
Homeowners pay a median $996 a year, which is about 0.68% 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 Chester?
For the median home with 20% down at 7.11%, the payment is about $939 a month. Keeping that under 28% of gross income takes about $40,236 a year.
More about Chester
- Mortgage Refinance in Chester
- Debt Relief in Chester
- Home Equity Loans in Chester
- 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