Rapid City, SD home prices
Typical home $370,125 · +2.1% in a year · income needed $107,600
The Rapid City, SD metro area ranks 193 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +2.1% in a year and +26.0% over five years. With 20% down at 7.11%, the typical home costs about $2,510 a month including 1.08% property tax (Pennington County rate).
Mortgage on the typical Rapid City home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $74,025 | $296,100 | $1,992 | $0 | $518 | $2,510 | $107,600 |
| 10% down | $37,012 | $333,112 | $2,241 | $139 | $518 | $2,898 | $124,200 |
| 5% down | $18,506 | $351,618 | $2,365 | $147 | $518 | $3,030 | $129,900 |
| 3.5% down (FHA) | $12,954 | $363,421 | $2,445 | $164 | $518 | $3,127 | $134,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.08% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Rapid City area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Pennington County, SD | $363,102 | +1.8% | 1.08% |
| Meade County, SD | $393,336 | +4.5% | 1.01% |
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Frequently asked questions
How much is a house in Rapid City?
The typical home in the Rapid City, SD metro area is worth $370,125 (Zillow, September 2026).
What salary do you need to buy a house in Rapid City?
About $107,600 a year for the typical home with 20% down at 7.11%.