Cost Of Living in Hot Springs, SD

A+

10%

Overall NAT. AVG.

3%

Goods & Services NAT. AVG.

26%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Hot Springs	South Dakota	National
Cost of living	90	89	100
Goods & Services	98	94	100
Groceries	100	97	100
Health care	99	98	100
Housing	74	77	100
Transportation	103	97	100
Utilities	89	88	100

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Cost Of Living Quick Facts

The cost of living in Hot Springs is 2% higher than the South Dakota average
The cost of living in Hot Springs is 10% lower than the national average
Hot Springs housing is 26% lower than the national average
South Dakota general sales tax is 12% lower than the national average
South Dakota state income tax is 100% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$72,810	$6,068	$1,699	$2,185
Renters	$18,808	$1,567	$439	$564

To approximate the cost of living and the housing affordability in Hot Springs, SD, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Hot Springs have a median income of $72,810. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,699 per month to avoid calamity and poverty. The renters in the city have an income of about $18,808, which would make their monthly maximum allowable rental costs $439.

South Dakota Sales Tax

State	General Sales Tax	With Max Surtax
South Dakota	4.5%	6%

South Dakota Income Tax

State	Income Tax (Low)	Income Tax (High)
South Dakota	0%	0%

Goods & Services

Item	Hot Springs	National avg.	Difference
Haircut	$28.63	$24.26	18.0%
Beauty Salon	$42.85	$45.56	5.9%
Toothpaste	$3.46	$3.70	6.5%
Shampoo	$1.22	$1.28	4.3%
Movie	$11.69	$12.13	3.6%
Bowling	$19.55	$18.00	8.6%

Groceries

Item	Hot Springs	National avg.	Difference
Ground Beef	$6.37	$5.84	9.1%
Fried Chicken	$1.32	$1.57	15.8%
Milk	$4.71	$4.67	0.9%
Potatoes	$4.42	$4.93	10.4%
Pizza	$11.60	$12.09	4.0%
Beer	$9.34	$10.41	10.3%

Health Care

Item	Hot Springs	National avg.	Difference
Optometrist	$135.93	$125.68	8.2%
Doctor	$154.12	$135.78	13.5%
Dentist	$109.45	$113.29	3.4%
Ibuprofen	$10.18	$10.65	4.5%
Lipitor	$377.36	$468.60	19.5%

Housing

Item	Hot Springs	National avg.	Difference
Home Price	$127,600.00	$184,700.00	30.9%
Avg. Mortgage Payment	$1,834.99	$2,346.69	21.8%
Apartment Rent	$804.00	$949.00	15.3%

Transportation

Item	Hot Springs	National avg.	Difference
Gasoline	$3.65	$3.46	5.5%
Tire Balancing	$58.31	$59.92	2.7%

Utilities

Item	Hot Springs	National avg.	Difference
All Electricity	$158.39	$193.99	18.4%
Phone	$194.38	$192.25	1.1%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Pringle, SD	226	98	2.4%
Buffalo Gap, SD	116	98	2.4%
Hot Springs, SD	3,498	90	9.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Brimfield, OH	3,498	94	6.1%
Windermere, FL	3,497	167	66.9%
Beloit, KS	3,497	81	18.9%
Cedar Grove, FL	3,499	88	12.1%
Canton, SD	3,499	86	13.7%
Hot Springs, SD	3,498	90	9.6%