The typical owner-occupied home in Lake City is worth about $109,400, 57% below the South Dakota median of $257,400 and 67% below the national median of $332,700. Owners pay a median $975 a year in property taxes, about 0.89% of their home's value, lower than the South Dakota rate of 1.06%. The median household earns $41,563 a year, so the median home costs 2.6 times the median income (3.4 times for South Dakota). 100% of occupied homes here are lived in by their owners, and 19% of those owners still have a mortgage.
Lake City at a glance
| Lake City | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $109,400 | $257,400 | $332,700 |
| Median property tax paid per year | $975 | $2,724 | $3,119 |
| Property tax as a share of value | 0.89% | 1.06% | 0.94% |
| Median household income | $41,563 | $75,081 | $80,734 |
| Homes lived in by their owners | 100% | 69% | 65% |
| Owner homes with a mortgage | 19% | 54% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 15.0% | 20.4% | 21.0% |
| Median rent | – | $946 | $1,413 |
| Median year homes were built | 1983 | 1980 | 1980 |
| Vacant homes | 32.3% | 10.5% | 10.1% |
| Population | 40 | 907,428 | 334,922,499 |
What a typical home costs per month in Lake City
At this week's average 30-year rate of 7.11%, buying the median Lake City home of $109,400 with 20% down costs about $715 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $898, 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 $30,663 for the 20%-down payment. That payment is 21% of the median Lake City household income of $41,563; at that income and 20% down, the 28% guideline points to a home of about $148,000.
| Down payment | $21,880 |
|---|---|
| Loan amount | $87,520 |
| Principal and interest | $589 |
| Property taxes (0.89% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| PMI | $0 |
| Total per month | $715 |
Change the numbers in the calculator
| Down payment | $3,829 |
|---|---|
| Loan amount | $107,418 |
| Principal and interest | $723 |
| Property taxes (0.89% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $46 |
| FHA mortgage insurance | $48 |
| Total per month | $898 |
Change the numbers in the calculator
Questions about home buying in Lake City
What is the median home value in Lake City?
About $109,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake City?
Homeowners pay a median $975 a year, which is about 0.89% 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 Lake City?
For the median home with 20% down at 7.11%, the payment is about $715 a month. Keeping that under 28% of gross income takes about $30,663 a year.
More about Lake City
- Mortgage Refinance in Lake City
- Debt Relief in Lake City
- Home Equity Loans in Lake City
- 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