The 10 Most Affordable Places To Live In South Dakota In 2023

The 10 Cheapest Places To Live In South Dakota For 2023

You don’t have to be English to get a sweet deal in Britton, the first least expensive place to live in South Dakota. While homes are slightly pricier in Britton than Freeman, with a median cost of $118,600, residents are also paid a slightly higher median income of $68,698. That combination of statistics makes Britton the fifth easiest place to pay off the mortgage in South Dakota. If you want to learn more about South Dakota’s culture, Britton’s got you covered with the Prayer Rock Museum.

Britton is located in the northeastern part of the state, 10 miles south of North Dakota.

Clear Lake earns its position on this list by being an absolute godsend for renters. Even in a state known for cheap rent, Clear Lake stands out. With a median rent of a measly $532/month and a median income of $60,486, Clear Lake has the second best rent to income ratio in the state. Unfortunately, Clear Lake’s affordability takes a precipitous drop for home-buyers. Clear Lake hosts the annual Crystal Springs Rodeo, one of the premier events in South Dakota that’s been going strong for 70+ years.

Parkston’s motto is “A Great Place To Grow,” and boy does this city hold true to those words. If you’re just trying Parkston out, rent will cost you around $675/month. With an umemployment rate under 1%, you should have no trouble locking down a job to start earning a median salary of $64,922. Homes in Parkston go for about $121,500, so it’s slightly more economical to rent here. Either way, Parkston is safely in the top ten statewide for housing to income ratios, both for renting and buying.

Located in the heart of south dakota, Mission is on a miassion to offer affordable living without compromising the quality of life. With a population of 1,216, this charming community boasts a median home value of $45,000 and a median rent of $428. These factors make Mission an excellent choice for those looking to stretch their budget further.

Beyond its affordability, Mission has plenty to offer its residents. The town’s low unemployment rate and overall cost of living make it an attractive option for those seeking employment opportunities and a comfortable lifestyle.

Webster, sd is a hidden gem for those looking for an affordable place to call home. With a population of only 1,772, Webster enjoys a median home value of $100,000, making it one of the most affordable places to live in south dakota. The median rent in Webster is also quite reasonable at just $501, making it an excellent option for renters on a budget.

The county seat of Day County, Webster is situated in a beautiful area of South Dakota and offers plenty of opportunities for outdoor recreation, including nearby lakes and parks.

Even if you’ve never heard of De Smet, it should be vaguely familiar to you. Why, you ask? Because it was the home of Laura Ingalls, the author of the Little House on the Prairie books, who based her stories on her experiences in De Smet. Even if you’re not a fan of the literature, definitely spend a day at Ingalls Homestead to learn how things were done back in the frontier days.

De Smet is sitting at basically 0% unemployment, which is a good start for economic quality. Homes in De Smet are the second highest on this list, with a median price tag of $139,400. However, a median income of $71,875 keeps De Smet in the top five statewide for housing to income ratio. But the real good news is the median cost of rent; a ridiculouosly low $697/month. Not only is that the lowest you’re going to see on this list, it’s also three times lower than the average rent in South Dakota. Of course, this gives De Smet the #1 ranking statewide for rent to income ratio.

Looking for an affordable and vibrant place to live in South Dakota? Look no further than Clark, a charming farming and ranching community in the scenic Glacial Lakes region. With its picturesque landscapes and welcoming atmosphere, Clark offers an idyllic setting for those seeking an affordable way of life. With a population of 1,152 and a median home value of $76,400, Clark ranks high on the list of cheapest places to live in the state.

Clark offers a plethora of outdoor activities that celebrate the region’s natural beauty. Whether you enjoy hunting, fishing, or exploring the great outdoors, this community has something for everyone. You can tee off on a 9-hole golf course, take a refreshing dip in the swimming pool, or indulge in summer recreational activities at the many beautiful parks throughout the town.

Milbank ranks as the eighth most affordable city in south dakota, mostly thanks to its relatively cheap homes. Milbank residents earn a median income of $60,997 and pay $136,100 for homes on average. This gives Newton the 26th best ratio of home price to income in the state.

Milbank is a small, peaceful community located along the historic Yellowstone Trail. It’s an ideal destination for camping enthusiasts situated near Lake Farley Campground and Big Stone Lake.

We finish off our list of most affordable places to live in the Mount Rushmore State with Lemmon, the first and only representative of northwestern South Dakota here. We promise that Lemmon won’t leave sour taste in your mouth; not when you’re paying the fourth lowest price for a home statewide, at a median cost of $69,900. Even better, the home price to income ratio in Lemmon is the fourth best in South Dakota, so you can have that mortgage paid off before the new coat of paint dries. A word to the wise though — you can’t buy a home in Lemmon’s Petrified Woods Park, which occupies nearly a full city block. Sad, but true.

Located at the intersection of Route 37 and Route 12 in north eastern South Dakota is Groton, one of the most affordable places to live in South Dakota. Groton is known regionally for its great schools and family amenities that include parks, swimming pools, and rec halls. The town also has a strong business district that offers plenty of jobs and the residents of Groton an average income of $75,909.

Rent in Groton is cheaper than the statewide average, with a median price of $831. If you decide to move here long term, the median home price in Groton is $139,900. The median income in Groton is $75,909. Overall the cost of living is considerably lower than the South Dakota and country average, driven by housing affordability.

Cheapest places to live in South Dakota FAQs

Methodology: How we determined the most affordable places to live in the Mount Rushmore State for 2023

Determining affordability for places in South Dakota boils down to two factors:

1. How much money do I make?
2. How much does it cost to live here?

You need to understand your costs in the context of how much money you make to determine affordability. For example, imagine a place in South Dakota where median incomes are $100,000 and housing costs $200,000 to buy. That’s more affordable than living in a place with a median income of $50,000 where houses cost $101,000. The ratio of income to home prices is higher in the first example.

With that logic in mind, we derived several cost of living statistics from the latest Census American Community Survey 2017-2021 for South Dakota. The cost of living statistics are:

• Median Home Price / Median Income (lower is better)
• Median Rent / Median Income (lower is better)
• Median Home Price

You can include median home price as a stand alone variable because high home prices generally correlate with higher costs for all goods and services (heating, electricity, food, etc). You then compare these cost of living metrics for each place in South Dakota to figure out which is the least expensive.

We aggregate those rankings into a “Cost of Living Index” for each city in South Dakota. The “Cost of Living Index” allows you to rank all of the 66 places in South Dakota that have more than 1,000 people from least expensive to most expensive.

The place in South Dakota with the lowest cost of living according to the data is Britton.

We updated this article for 2023. This reports reflects our tenth time ranking the cheapest places to live in South Dakota.