The typical owner-occupied home in Rapid City is worth about $299,400, 16% above the South Dakota median of $257,400 and 10% below the national median of $332,700. Owners pay a median $3,251 a year in property taxes, about 1.09% of their home's value, close to the South Dakota rate of 1.06%. The median household earns $70,870 a year, so the median home costs 4.2 times the median income (3.4 times for South Dakota). 63% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Rapid City at a glance
| Rapid City | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $299,400 | $257,400 | $332,700 |
| Median property tax paid per year | $3,251 | $2,724 | $3,119 |
| Property tax as a share of value | 1.09% | 1.06% | 0.94% |
| Median household income | $70,870 | $75,081 | $80,734 |
| Homes lived in by their owners | 63% | 69% | 65% |
| Owner homes with a mortgage | 60% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,743 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 22.6% | 20.4% | 21.0% |
| Median rent | $1,109 | $946 | $1,413 |
| Rent as a share of renters' income | 30.1% | 25.9% | 30.6% |
| Median year homes were built | 1979 | 1980 | 1980 |
| Vacant homes | 9.0% | 10.5% | 10.1% |
| Population | 77,946 | 907,428 | 334,922,499 |
What a typical home costs per month in Rapid City
At this week's average 30-year rate of 7.11%, buying the median Rapid City home of $299,400 with 20% down costs about $2,008 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,507, 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 $86,056 for the 20%-down payment. That payment is 34% of the median Rapid City household income of $70,870; at that income and 20% down, the 28% guideline points to a home of about $247,000.
The median rent here is $1,109 a month, so owning the median home costs about $899 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $59,880 |
|---|---|
| Loan amount | $239,520 |
| Principal and interest | $1,611 |
| Property taxes (1.09% a year) | $272 |
| Homeowners insurance (our estimate, 0.5% a year) | $125 |
| PMI | $0 |
| Total per month | $2,008 |
Change the numbers in the calculator
| Down payment | $10,479 |
|---|---|
| Loan amount | $293,977 |
| Principal and interest | $1,978 |
| Property taxes (1.09% a year) | $272 |
| Homeowners insurance (our estimate, 0.5% a year) | $125 |
| FHA mortgage insurance | $132 |
| Total per month | $2,507 |
Change the numbers in the calculator
Questions about home buying in Rapid City
What is the median home value in Rapid City?
About $299,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Rapid City?
Homeowners pay a median $3,251 a year, which is about 1.09% 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 Rapid City?
For the median home with 20% down at 7.11%, the payment is about $2,008 a month. Keeping that under 28% of gross income takes about $86,056 a year.
More about Rapid City
- Mortgage Refinance in Rapid City
- Debt Relief in Rapid City
- Home Equity Loans in Rapid 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