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Spearfish Real Estate Market Facts

  • $203,000Median home price
    38% higher than South Dakota
  • $641Median rent asked
    5% lower than South Dakota
  • 50.0%Home owners
    26% lower than South Dakota
  • 2.2People per home
    9% lower than South Dakota
Above, you will see a summary of real estate in Spearfish, SD. On average, homes in Spearfish, SD cost $203,000, a value that is 38% higher than the average in South Dakota. In general terms, this results in Spearfish, SD real estate being less affordable than South Dakota real estate. On average, people who rent houses in Spearfish, SD pay $641; this value is 5% lower than the average amount renters pay in South Dakota. 50.0% of Spearfish, SD residents own their own homes and, on average, each of the homes has 2.2 occupants. Spearfish, SD real estate features a range of homes, which include everthing from large houses to small condos to stacked townhomes. Accessing real estate listings and homes that are up for sale in Spearfish, SD is easy because in our search area shown above, we categorize real estate and homes based on location, price, and the number of bedrooms and bathrooms.

Spearfish Home Affordability

  • $203,000Median home price
    38% higher than South Dakota
  • $44,330Median home income
    15% lower than South Dakota
  • 4.6xHome price to income ratio
    63% higher than South Dakota
It’s advisable to look at home affordability when trying to find the ideal place to find real estate in Spearfish, SD. To estimate home affordability, one method is to use the ratio of home price to median household income. The Spearfish, SD’s median home price stands at $203,000 while $44,330 is the value of the average household income. The resulting home price to income ratio, which is 4.6x, differs from the South Dakota average as the ratio is 63% higher than the state’s average. The average home price divided by the median home income results in the home affordability ratio. Considering the comparison between the home price and home income, homes in Spearfish, SD are considered less expensive if the ratio of home price to income is lower. Besides the home price to median household income ratio, other considerable factors do apply in determining home affordability. Using the home affordability calculator displayed below can help determine the exact price that suits any budget when searching for real estate in Spearfish, SD.

Spearfish Affordability Calculator

Include PMI
You can afford a home up to:
Debt-to-income ratio
Monthly income breakdown
  • Monthly income
  • Monthly payment
  • Debt payment
  • Income taxes
  • Remainder
Are you looking for real estate in Spearfish, SD? Be careful not to purchase a home outside of your budget. A home affordability calculator lets you input your income, down payment, and debts to figure out how much you can afford to spend on your new home. If you know further information, such as mortgage term and rate or insurance, taxes, and HOA dues, you can input that as well to get a better estimate of the total cost. The calculator will show you the maximum amount you can afford to spend on a home. With that number in mind, you can start looking for a home in Spearfish, SD and avoid homes that don’t fit in your budget to guard yourself from an emotional, yet costly, decision. Thanks to the home affordability calculator, you can also create a stronger budget plan. Once you know your housing costs, you can figure out how much money you should spend and how much money you can save.

Spearfish Mortgage Calculator

Your monthly payment will be:
Monthly payment breakdown
  • Monthly payment
  • Mortgage
  • PMI fees
  • Property tax
  • Home insurance
  • HOA dues
What will I pay monthly if I buy real estate in Spearfish, SD? Determining the monthly payment amount of a home is based on a number of different factors. Obviously, the most significant variable is the overall price of the house, but there are also other considerations to make such as homeowners insurance, the interest rate, amount of the down payment, property taxes, private mortgage insurance (PMI), and even home owner's association dues. A great way to eliminate the PMI is by paying 20% of the cost of the house as a down payment. The mortgage calculator is filled out with default values for these variables, but they can be reset to give you a more accurate payment amount. The best rule when it comes to house payments is that you want to keep your debt to income ratio at no more than 36%. This means paying no more than 36% of your monthly income on your housse and all other debt payments.

Spearfish Demographics

  • 11,176Population
  • 679People / sq mile
  • 31.8Median age
  • 0.9:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
Central City, SD173$0100%
Beulah, WY103$0100%
St. Onge, SD34$0100%
Nisland, SD325$43,20077%
Fruitdale, SD59$95,00049%
Spearfish, SD11,176$203,00010%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Spencer, IA11,172$119,70035%
Westwood, NJ11,170$437,800137%
Oneida, NY11,186$109,60041%
Raymondville, TX11,165$47,60074%
Seymour, TN11,164$151,50018%
Spearfish, SD11,176$203,00010%
Source: The Spearfish, SD housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).