The typical owner-occupied home in Elk Point is worth about $248,500, 3% below the South Dakota median of $257,400 and 25% below the national median of $332,700. Owners pay a median $3,470 a year in property taxes, about 1.40% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $90,473 a year, so the median home costs 2.7 times the median income (3.4 times for South Dakota). 78% of occupied homes here are lived in by their owners, and 71% of those owners still have a mortgage.
Elk Point at a glance
| Elk Point | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $248,500 | $257,400 | $332,700 |
| Median property tax paid per year | $3,470 | $2,724 | $3,119 |
| Property tax as a share of value | 1.40% | 1.06% | 0.94% |
| Median household income | $90,473 | $75,081 | $80,734 |
| Homes lived in by their owners | 78% | 69% | 65% |
| Owner homes with a mortgage | 71% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,606 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 18.7% | 20.4% | 21.0% |
| Median rent | – | $946 | $1,413 |
| Rent as a share of renters' income | 32.1% | 25.9% | 30.6% |
| Median year homes were built | 1991 | 1980 | 1980 |
| Vacant homes | 5.2% | 10.5% | 10.1% |
| Population | 2,537 | 907,428 | 334,922,499 |
What a typical home costs per month in Elk Point
At this week's average 30-year rate of 7.11%, buying the median Elk Point home of $248,500 with 20% down costs about $1,731 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,145, 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 $74,177 for the 20%-down payment. That payment is 23% of the median Elk Point household income of $90,473; at that income and 20% down, the 28% guideline points to a home of about $303,000.
| Down payment | $49,700 |
|---|---|
| Loan amount | $198,800 |
| Principal and interest | $1,337 |
| Property taxes (1.40% a year) | $290 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| PMI | $0 |
| Total per month | $1,731 |
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| Down payment | $8,698 |
|---|---|
| Loan amount | $243,999 |
| Principal and interest | $1,641 |
| Property taxes (1.40% a year) | $290 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| FHA mortgage insurance | $110 |
| Total per month | $2,145 |
Change the numbers in the calculator
Questions about home buying in Elk Point
What is the median home value in Elk Point?
About $248,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elk Point?
Homeowners pay a median $3,470 a year, which is about 1.40% 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 Elk Point?
For the median home with 20% down at 7.11%, the payment is about $1,731 a month. Keeping that under 28% of gross income takes about $74,177 a year.
More about Elk Point
- Mortgage Refinance in Elk Point
- Debt Relief in Elk Point
- Home Equity Loans in Elk Point
- 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