Cost of Living in Castlewood, SD

With a cost of living index of 77, Castlewood, SD is a very affordable place to live. Living here is 23% cheaper than the national average and 3% above the South Dakota state average of 74. Castlewood is a small community of 756 residents.

Housing costs are the biggest factor in Castlewood's cost of living. The median monthly rent is $1,028 (22% below the US median of $1,319), and the median home value sits at $178,600 (41% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Castlewood is $87,768, which is 17% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Castlewood. The area sees an average annual temperature of 43°F, with summers averaging 69°F and winters around 15°F. Annual rainfall totals 22.7 inches spread over roughly 96 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.