Spearfish, SD

Below Avg · 78

South Dakota · Population 12,551 · Updated March 2026

$941
Median Rent / Month
$59,731
Median Income
$309,200
Median Home Value
$950
Owner Costs / Month

Affordability

How far your income goes in Spearfish

18.9%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in South Dakota

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
4.2%
Sales Tax
1.28%
Property Tax Rate

Estimated Annual Costs

$11,292
Annual Rent
$0
State Income Tax
$3,958
Property Tax (est.)

Cost of Living Overview

Spearfish is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 78 (where 100 equals the national median), Spearfish residents can expect to pay median rent of $941/month while earning a median household income of $59,731/year.

The median home value in Spearfish, SD is $309,200, with typical monthly owner costs around $950 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.9% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

South Dakota has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 4.2% sales tax rate and 1.28% effective property tax rate, the overall tax environment helps keep costs manageable in Spearfish.

Frequently Asked Questions

Common questions about living costs in Spearfish

What is the cost of living in Spearfish, SD?
The cost of living index in Spearfish, SD is 78 (US average = 100). Median monthly rent is $941, median household income is $59,731/year, and the median home value is $309,200.
Is Spearfish, SD affordable?
Yes, Spearfish is more affordable than the national average with a cost index of 78. The rent-to-income ratio is 18.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Spearfish, SD?
The median gross rent in Spearfish, SD is $941 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,292.
What is the median household income in Spearfish?
The median household income in Spearfish, SD is $59,731 per year. This compares to the national median of approximately $80,000.
What are the taxes like in South Dakota?
South Dakota has a top income tax rate of 0%, a sales tax of 4.2%, and an effective property tax rate of 1.28%. Notably, there is no state income tax.