Mortgage payment estimates, closing cost breakdowns, and homebuying data for Vermillion, South Dakota.
Median Home Price
$235K
Population
12K
Avg Monthly Rent
$850
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 Vermillion.
Vermillion vs South Dakota Median
The median home price in Vermillion is $235,000, which is 20% below the South Dakota state median of $295,000.
Mortgage Calculator — Vermillion, SD
Pre-filled with Vermillion median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $235K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$1,972/mo
Down: $11,750
Loan: $223K
P&I: $1,411
Tax: $239
Insurance: $192
PMI: $130
10% Down
$1,891/mo
Down: $23,500
Loan: $212K
P&I: $1,337
Tax: $239
Insurance: $192
PMI: $123
20% Down (No PMI)
$1,619/mo
Down: $47,000
Loan: $188K
P&I: $1,188
Tax: $239
Insurance: $192
Income needed (28% rule): $69K/year with 20% down, $81K/year with 10% down.
Rent vs Buy in Vermillion
Rent
$850/mo
vs
Buy (10% down)
$1,891/mo
Price-to-rent ratio: 23.0 — At a ratio above 20, renting may be more economical in Vermillion for shorter stays. Buying costs $1,041 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 Vermillion is $235,000, 20% below the South Dakota state median of $295,000. With a population of 11,695, Vermillion 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 $235,000 home in Vermillion would carry roughly $239/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 Vermillion is $850/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.
Vermillion 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 Vermillion.