The typical owner-occupied home in Spearfish is worth about $346,200, 34% above the South Dakota median of $257,400 and 4% above the national median of $332,700. Owners pay a median $3,183 a year in property taxes, about 0.92% of their home's value, lower than the South Dakota rate of 1.06%. The median household earns $65,688 a year, so the median home costs 5.3 times the median income (3.4 times for South Dakota). 50% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Spearfish at a glance
| Spearfish | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $346,200 | $257,400 | $332,700 |
| Median property tax paid per year | $3,183 | $2,724 | $3,119 |
| Property tax as a share of value | 0.92% | 1.06% | 0.94% |
| Median household income | $65,688 | $75,081 | $80,734 |
| Homes lived in by their owners | 50% | 69% | 65% |
| Owner homes with a mortgage | 55% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,737 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 20.4% | 21.0% |
| Median rent | $963 | $946 | $1,413 |
| Rent as a share of renters' income | 26.7% | 25.9% | 30.6% |
| Median year homes were built | 1992 | 1980 | 1980 |
| Vacant homes | 8.7% | 10.5% | 10.1% |
| Population | 12,930 | 907,428 | 334,922,499 |
What a typical home costs per month in Spearfish
At this week's average 30-year rate of 7.11%, buying the median Spearfish home of $346,200 with 20% down costs about $2,273 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,850, 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 $97,406 for the 20%-down payment. That payment is 42% of the median Spearfish household income of $65,688; at that income and 20% down, the 28% guideline points to a home of about $233,000.
The median rent here is $963 a month, so owning the median home costs about $1,310 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $69,240 |
|---|---|
| Loan amount | $276,960 |
| Principal and interest | $1,863 |
| Property taxes (0.92% a year) | $265 |
| Homeowners insurance (our estimate, 0.5% a year) | $144 |
| PMI | $0 |
| Total per month | $2,273 |
Change the numbers in the calculator
| Down payment | $12,117 |
|---|---|
| Loan amount | $339,929 |
| Principal and interest | $2,287 |
| Property taxes (0.92% a year) | $265 |
| Homeowners insurance (our estimate, 0.5% a year) | $144 |
| FHA mortgage insurance | $153 |
| Total per month | $2,850 |
Change the numbers in the calculator
Questions about home buying in Spearfish
What is the median home value in Spearfish?
About $346,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spearfish?
Homeowners pay a median $3,183 a year, which is about 0.92% 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 Spearfish?
For the median home with 20% down at 7.11%, the payment is about $2,273 a month. Keeping that under 28% of gross income takes about $97,406 a year.
More about Spearfish
- Mortgage Refinance in Spearfish
- Debt Relief in Spearfish
- Home Equity Loans in Spearfish
- 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