Mortgage payment estimates, closing cost breakdowns, and homebuying data for Watertown, South Dakota.
Median Home Price
$225K
Population
23K
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 Watertown.
Watertown vs South Dakota Median
The median home price in Watertown is $225,000, which is 24% below the South Dakota state median of $295,000.
Mortgage Calculator — Watertown, SD
Pre-filled with Watertown median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$1,896/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $229
Insurance: $192
PMI: $125
10% Down
$1,818/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $229
Insurance: $192
PMI: $118
20% Down (No PMI)
$1,558/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $229
Insurance: $192
Income needed (28% rule): $67K/year with 20% down, $78K/year with 10% down.
Rent vs Buy in Watertown
Rent
$850/mo
vs
Buy (10% down)
$1,818/mo
Price-to-rent ratio: 22.1 — At a ratio above 20, renting may be more economical in Watertown for shorter stays. Buying costs $968 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 Watertown is $225,000, 24% below the South Dakota state median of $295,000. With a population of 22,655, Watertown 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 $225,000 home in Watertown would carry roughly $229/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 Watertown 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.
Watertown 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 Watertown.