Mortgage payment estimates, closing cost breakdowns, and homebuying data for Mitchell, South Dakota.
Median Home Price
$195K
Population
16K
Avg Monthly Rent
$780
Property Tax Rate
1.22% *
* Property tax shown is the South Dakota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Mitchell.
Mitchell vs South Dakota Median
The median home price in Mitchell is $195,000, which is 34% below the South Dakota state median of $295,000.
Mortgage Calculator — Mitchell, SD
Pre-filled with Mitchell median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$1,669/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $198
Insurance: $192
PMI: $108
10% Down
$1,602/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $198
Insurance: $192
PMI: $102
20% Down (No PMI)
$1,376/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $198
Insurance: $192
Income needed (28% rule): $59K/year with 20% down, $69K/year with 10% down.
Rent vs Buy in Mitchell
Rent
$780/mo
vs
Buy (10% down)
$1,602/mo
Price-to-rent ratio: 20.8 — At a ratio above 20, renting may be more economical in Mitchell for shorter stays. Buying costs $822 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Mitchell is $195,000, 34% below the South Dakota state median of $295,000. With a population of 15,660, Mitchell is a smaller market where home prices tend to be more accessible than in many parts of South Dakota.
Property taxes in South Dakota average 1.22% annually. This moderate property tax rate means a $195,000 home in Mitchell would carry roughly $198/month in property taxes. Homeowners insurance in South Dakota runs approximately $2,300 per year. This is within the normal range nationally.
Average rent in Mitchell is $780/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Mitchell offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with South Dakota's SDHDA First-Time Homebuyer program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Mitchell.