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Everyone wants a home that mixes affordability with comfort and South Dakota does this very well. Families love the Mount Rushmore State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in South Dakota that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in South Dakota for 2021.
So where is the most expensive place to live in South Dakota? That would be Spearfish.
the 2015-2019 American Community Survey for the 64 places in South Dakota with more than 1,000 people.
What's the most expensive place to live in South Dakota? Well, HomeSnacks crunched the numbers and discovered that Spearfish is the most expensive place to live in South Dakota.
So hopefully Britton (the cheapest place to live in South Dakota) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about South Dakota and the most expensive cities in the country:
The 10 Most Expensive Places To Live In South Dakota For 2021
The median income in Spearfish comes in at $46,193 and the median home value is $212,700 for 2021.
The median income in Rapid City comes in at $52,351 and the median home value is $184,700 for 2021.
The median income in Vermillion comes in at $40,874 and the median home value is $159,600 for 2021.
The median income in Watertown comes in at $50,971 and the median home value is $170,500 for 2021.
The median income in Box Elder comes in at $53,382 and the median home value is $160,700 for 2021.
The median income in Brookings comes in at $53,863 and the median home value is $181,000 for 2021.
The median income in Sioux Falls comes in at $59,912 and the median home value is $189,800 for 2021.
The median income in Mitchell comes in at $46,661 and the median home value is $147,200 for 2021.
The median income in North Sioux City comes in at $50,625 and the median home value is $148,100 for 2021.
The median income in Volga comes in at $56,852 and the median home value is $166,000 for 2021.
How We Determined The Most Expensive Places To Live In The Mount Rushmore State For 2021
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in South Dakota to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 64 places in South Dakota that have more than 1,000 people.
The place with the highest cost of living in South Dakota according to the data is Spearfish. You can download the data here.
Taking A Chunk Out Of Your Paycheck In South Dakota For 2021
Well there you have it, the places in South Dakota that have the highest cost of living, with Spearfish ranking as the most expensive city in the Mount Rushmore State.
Here's a look at the most affordable cities in South Dakota according to the data:
- De Smet
For more South Dakota reading, check out:
- Best Places To Live In South Dakota
- Cheapest Places To Live In South Dakota
- Most Dangerous Cities In South Dakota
- Best Places To Raise A Family In South Dakota
- Safest Places In South Dakota
- Worst Places To Live In South Dakota
Detailed List Of The Most Expensive Cities In South Dakota
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