Mortgage payment estimates, closing cost breakdowns, and homebuying data for Spearfish, South Dakota.
Median Home Price
$345K
Population
12K
Avg Monthly Rent
$1,120
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 Spearfish.
Spearfish vs South Dakota Median
The median home price in Spearfish is $345,000, which is 17% above the South Dakota state median of $295,000.
Mortgage Calculator — Spearfish, SD
Pre-filled with Spearfish median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $345K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$2,805/mo
Down: $17,250
Loan: $328K
P&I: $2,072
Tax: $351
Insurance: $192
PMI: $191
10% Down
$2,686/mo
Down: $34,500
Loan: $311K
P&I: $1,963
Tax: $351
Insurance: $192
PMI: $181
20% Down (No PMI)
$2,287/mo
Down: $69,000
Loan: $276K
P&I: $1,745
Tax: $351
Insurance: $192
Income needed (28% rule): $98K/year with 20% down, $115K/year with 10% down.
Rent vs Buy in Spearfish
Rent
$1,120/mo
vs
Buy (10% down)
$2,686/mo
Price-to-rent ratio: 25.7 — At a ratio above 20, renting may be more economical in Spearfish for shorter stays. Buying costs $1,566 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 Spearfish is $345,000, 17% above the South Dakota state median of $295,000. With a population of 12,193, Spearfish 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 $345,000 home in Spearfish would carry roughly $351/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 Spearfish is $1,120/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.
Spearfish presents moderate affordability. The $345K 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 Spearfish.