The median home price in South Dakota is $290,043, which has increased by 1.2% since the last year. The South Dakota housing market has witnessed an 11.3% year-over-year decline in the number of homes listed. With a 4-month supply, you will get your choice of house with the seller being more willing to negotiate.
As per our research, home prices are relatively higher in the eastern areas near Rapid City, SD. On the other hand, as you move towards the North-central areas of The Mount Rushmore State, like Mobridge, you can find cheaper housing options.
4 Reasons to live in South Dakota ☀️
- Cheaper Houses: The median home sale price in South Dakota is ~$290K. But you can get houses between $168K and $241K in cities like Huron, Aberdeen, and Mitchell.
- Tax Benefits: South Dakota is one of the few states in the United States that does not levy a state income tax on individuals or corporations.
- Affordable Utilities: Utilities in cities that are mentioned in this blog are up to 7% lower than the state average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $1,000 per month in rent.
Cheapest Places to Live in South Dakota in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Huron | $57,702 | $168,439 | 14,462 | 3.0% | 11.1% |
| Winner | $52,500 | $187,274 | 2,921 | 2.2% | 27.9% |
| Aberdeen | $62,684 | $214,774 | 28,210 | 1.9% | 13.0% |
| Madison | $62,756 | $220,319 | 6,097 | 3.0% | 14.8% |
| Vermillion | $47,813 | $224,384 | 11,915 | 2.7% | 26.2% |
| Mitchell | $51,763 | $229,007 | 15,659 | 2.9% | 17.6% |
| Yankton | $60,180 | $241,997 | 15,534 | 1.7% | 8.0% |
7 Cheapest Places to Live in SD
The annual population growth of 11.5% since 2010 is reflective of people’s intention to move to South Dakota. If you’re considering shifting to the Mount Rushmore State, here are some cities that offer affordable living options:
1. Huron
| 🟢 Cost of Living Compared to National Average | 22.9%⬇️ |
| 🏡 Median Home Price | $168,439 |
| 💲 Median Rent | $700 |
| 🌅 Known For | Splash Central Waterpark |
Huron is an affordable place to live in South Dakota. Its median house rent ranges from $700 – $850. It also offers affordable utilities which are 3.9% lower than the national average.
Huron is renowned for its scenic beauty. Situated in east-central South Dakota along the James River, the city is part of the state’s Glacial Lakes and Prairies region.
» Homes for Sale in Huron, SD: Find your dream home in this city.
2. Winner
| 🟢 Cost of Living Compared to National Average | 17.5%⬇️ |
| 🏡 Median Home Price | $187,274 |
| 💲 Median Rent | $875 |
| 🏞️ Known For | Winner Drive-In Theatre |
Winner is one of the most budget-friendly rental destinations in South Dakota with an average home rent ranging from $100 – $942. It also offers affordable grocery which is 2.8% lower than the national average.
Winner holds historical significance as it was established as a city along the Chicago, Milwaukee, St. Paul, and Pacific Railroad in the late 19th century. This railroad played a crucial role in the development and growth of Winner, shaping its early economy and infrastructure.
» Homes for Sale in Winner, SD: Browse thousands of property listings in Winner.
3. Aberdeen
| 🟢 Cost of Living Compared to National Average | 11.6%⬇️ |
| 🏡 Median Home Price | $214,774 |
| 💲 Median Rent | $836 |
| 🏖️ Known For | Dacotah Prairie Museum |
With rental costs below the national average, Aberdeen stands as one of the most affordable cities to live in South Dakota. The house rent price is between $100 – $3,000.
As the third-largest city in South Dakota, Aberdeen is known for its thriving agricultural industry. It is also famous for educational institutions like Northern State University and Presentation College, as well as cultural attractions such as the Dacotah Prairie Museum.
» Homes for Sale in Aberdeen, SD: View all the properties for sale in this city.
4. Madison
| 🟢 Cost of Living Compared to National Average | 17.1%⬇️ |
| 🏡 Median Home Price | $220,319 |
| 💲 Median Rent | $1,000 |
| 🏖️ Known For | Lake Herman State Park |
Madison offers budget-friendly living with a median rent that is $1,000 lower than the national median. With transportation costs being 37% lower than the national average, the city stands out as one of the most inexpensive places to live in South Dakota.
Madison’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in America. The city is renowned for being the home of Dakota State University, known for its strong programs in computer science and cybersecurity.
» Homes for Sale in Madison, SD: Browse through thousands of affordable properties.
5. Vermillion
| 🟢 Cost of Living Compared to National Average | 19.7%⬇️ |
| 🏡 Median Home Price | $224,384 |
| 💲 Median Rent | $689 |
| 🎨 Known For | University of South Dakota (USD) |
Often referred to as the ‘Waséoyuze,’ Vermillion’s cost of living is 9% lower than the state average. The utility expenses are 6.3% lower than the national average.
Vermillion is renowned for its vibrant community, diverse cultural offerings, and rich history. It is home to the University of South Dakota, providing educational opportunities and contributing to the town’s lively atmosphere.
» Homes for Sale in Vermillion, SD: Browse through thousands of properties in Vermillion.
6. Mitchell
| 🟢 Cost of Living Compared to National Average | 20.5%⬇️ |
| 🏡 Median Home Price | $229,007 |
| 💲 Median Rent | $850 |
| 🏫 Known For | Corn Palace |
The house rent in Mitchell is between $100 – $2,200. With an average household income of $51,763, you can comfortably live in this city.
Mitchell hosts a range of cultural events throughout the year. This includes the Corn Palace Festival, which showcases local talent, music, and arts, drawing visitors from near and far.
» Homes for Sale in Mitchell, SD: Find a home in one of the cheapest places to live in South Dakota.
7. Yankton
| 🟢 Cost of Living Compared to National Average | 17.3%⬇️ |
| 🏡 Median Home Price | $241,997 |
| 💲 Median Rent | $525 |
| 🖼️ Known For | Lewis and Clark Recreation Area |
Yankton is indeed one of the best places to live in South Dakota, with a slight year-over-year median home price decline of 2.9% in December 2023. The annual expenditure on food for an individual amounts to $3,185. This makes it one of the most budget-friendly options across the country.
Yankton is renowned for its rich Native American history, including its significance to the Lewis and Clark expedition. Additionally, Yankton city is known for its diverse outdoor recreational activities, such as fishing, boating, and hiking.
» Homes for Sale in Yankton, SD: Get yourself a home in this city.
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The Bottom Line
The cost of living in South Dakota is 6% lower than the national average. Nevertheless, it is still home to some of the most expensive cities in America. However, if you want to shift to South Dakota, you can find affordable housing in cities like Huron, Winner, and Aberdeen.
Cities like Vermillion and Mitchell have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in South Dakota, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
What is the cheapest place to live in South Dakota?
The cheapest place to live in South Dakota is Huron. It offers affordable transportation, which is 40.1% lower than the national average.
» 7 Cheapest Places to Live in South Dakota: Find out the other cheapest places to live in South Dakota!
Is South Dakota the cheapest place to live in?
No, it is not. The median home value is $290,043. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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