The typical owner-occupied home in Clay County is worth about $232,300, 10% below the South Dakota median of $257,400 and 30% below the national median of $332,700. Owners pay a median $2,937 a year in property taxes, about 1.26% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $56,850 a year, so the median home costs 4.1 times the median income (3.4 times for South Dakota). 51% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Clay County at a glance
| Clay County | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $232,300 | $257,400 | $332,700 |
| Median property tax paid per year | $2,937 | $2,724 | $3,119 |
| Property tax as a share of value | 1.26% | 1.06% | 0.94% |
| Median household income | $56,850 | $75,081 | $80,734 |
| Homes lived in by their owners | 51% | 69% | 65% |
| Owner homes with a mortgage | 60% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,653 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 20.4% | 21.0% |
| Median rent | $770 | $946 | $1,413 |
| Rent as a share of renters' income | 29.6% | 25.9% | 30.6% |
| Median year homes were built | 1976 | 1980 | 1980 |
| Vacant homes | 11.4% | 10.5% | 10.1% |
| Population | 15,219 | 907,428 | 334,922,499 |
How much equity Clay County owners could borrow
Home equity is what your home is worth minus what you owe. Most lenders let you borrow until your loans add up to 80% to 85% of the home's value. For the median Clay County home of $232,300, 80% is $185,840.
40% of Clay County owners have no mortgage at all, so they could borrow up to the full 80% limit.
Owners with a mortgage here already spend a median $1,653 a month on housing, so a new payment should fit next to that. At the median income of $56,850, lenders typically cap all debt payments at about 43% of gross income, or $2,037 a month.
If you instead refinance and take cash out, the whole loan moves to the new rate (this week's 30-year average is 7.11%). A home equity loan or line of credit keeps your current first mortgage, which is usually better when your existing rate is lower than today's.
| Owe nothing | $185,840 to $197,455 |
|---|---|
| Owe $58,075 | $127,765 to $139,380 |
| Owe $116,150 | $69,690 to $81,305 |
| Owe $150,995 | $34,845 to $46,460 |
Before the lender's own limits, fees and your credit and income checks.
Change the numbers in the calculator
Questions about home equity loans in Clay County
What is the median home value in Clay County?
About $232,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Clay County?
Homeowners pay a median $2,937 a year, which is about 1.26% of the median home value. Your bill depends on your home's assessed value and local rates.
How much can I borrow against my home in Clay County?
Usually up to 80% to 85% of your home's value, minus what you owe. On the median home of $232,300, an 80% limit is $185,840 before subtracting your mortgage.
More about Clay County
- Mortgage Refinance in Clay County
- Home Buying in Clay County
- Debt Relief in Clay County
- 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