Cost of Living in Deadwood, SD

With a cost of living index of 72, Deadwood, SD is one of the most affordable cities in the country. Living here is 28% cheaper than the national average and 3% below the South Dakota state average of 74. Deadwood is a small community of 1,319 residents.

Housing costs are the biggest factor in Deadwood's cost of living. The median monthly rent is $706 (46% below the US median of $1,319), and the median home value sits at $227,000 (26% below the national median of $304,900). At current prices, the median home costs roughly 4.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Deadwood is $52,679, which is 30% lower than the national median of $75,149. Residents spend roughly 16% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Deadwood. The area sees an average annual temperature of 41.1°F, with summers averaging 61°F and winters around 23°F. Annual rainfall totals 29.2 inches spread over roughly 149 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Rapid City, SD (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.