Mortgage Calculator & Closing Costs: Rapid City, SD
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Rapid City, South Dakota.
Median Home Price
$315K
Population
78K
Avg Monthly Rent
$1,180
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 Rapid City.
Rapid City vs South Dakota Median
The median home price in Rapid City is $315,000, which is 7% above the South Dakota state median of $295,000.
Mortgage Calculator — Rapid City, SD
Pre-filled with Rapid City median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $315K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$2,578/mo
Down: $15,750
Loan: $299K
P&I: $1,891
Tax: $320
Insurance: $192
PMI: $175
10% Down
$2,469/mo
Down: $31,500
Loan: $284K
P&I: $1,792
Tax: $320
Insurance: $192
PMI: $165
20% Down (No PMI)
$2,105/mo
Down: $63,000
Loan: $252K
P&I: $1,593
Tax: $320
Insurance: $192
Income needed (28% rule): $90K/year with 20% down, $106K/year with 10% down.
Rent vs Buy in Rapid City
Rent
$1,180/mo
vs
Buy (10% down)
$2,469/mo
Price-to-rent ratio: 22.2 — At a ratio above 20, renting may be more economical in Rapid City for shorter stays. Buying costs $1,289 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 Rapid City is $315,000, 7% above the South Dakota state median of $295,000. With a population of 77,503, Rapid City is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in South Dakota average 1.22% annually. This moderate property tax rate means a $315,000 home in Rapid City would carry roughly $320/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 Rapid City is $1,180/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.
Rapid City presents moderate affordability. The $315K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Rapid City.