| Index | Spearfish | South Dakota | National |
| Cost of living | 103 | 92 | 100 |
| Groceries | 100 | 99 | 100 |
| Health care | 98 | 97 | 100 |
| Housing | 113 | 77 | 100 |
| Transportation | 98 | 96 | 100 |
| Utilities | 102 | 103 | 100 |
| Lifestyle & Entertainment | 96 | 94 | 100 |
| Household Items | 97 | 96 | 100 |
| Education & Childcare | 98 | 98 | 100 |
Knowing the cost of living in Spearfish allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Spearfish stands at 103, marking it 3% higher than the national average.
The cost of living in Spearfish closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, houshold expenses, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Spearfish can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
When it comes to knowing a city, its residents are the experts. We conducted a survey with 10 locals to understand their opinions on the cost of living in Spearfish. The results indicated that 20% found it reasonably priced with decreasing prices of goods and services, while 80% viewed it as quite expensive, with increasing prices.
Is Spearfish an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Spearfish is 23.8% higher than the national average, while the average monthly rent prices are 12.7% lower than average. The affordability of any location can also be influenced by median income levels. Spearfish has a median household income of $74,946, which is 7.9% lower than the national average.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Spearfish, the utilities index registers at 1.9% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Spearfish, the general sales tax rate starts at 4.5%, and income tax rates begin at 0%.
The Spearfish cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $124,438 | $10,370 | $2,903 | $3,734 |
| Renters | $53,591 | $4,466 | $1,250 | $1,608 |
| State | General Sales Tax | With Max Surtax |
| South Dakota | 4.5% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| South Dakota | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Beulah, WY | 0 | 99 | 1.3% |
| St. Onge, SD | 26 | 99 | 1.3% |
| Central City, SD | 163 | 87 | 12.6% |
| Whitewood, SD | 1,014 | 90 | 10.3% |
| Nisland, SD | 216 | 90 | 10.0% |
| Spearfish, SD | 12,076 | 103 | 2.9% |
| City | Population | Cost of Living Index | National Avg. |
| Florham Park, NJ | 12,075 | 173 | 73.1% |
| Red Bank, TN | 12,075 | 94 | 6.2% |
| Bogalusa, LA | 12,080 | 86 | 14.3% |
| Portales, NM | 12,084 | 88 | 12.0% |
| Oskaloosa, IA | 12,090 | 84 | 15.7% |
| Spearfish, SD | 12,076 | 103 | 2.9% |
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