Cost of Living in Spearfish, SD

With a cost of living index of 85, Spearfish, SD is a very affordable place to live. Living here is 15% cheaper than the national average and 11% above the South Dakota state average of 74. Spearfish is a smaller community of 12,551 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Spearfish's cost of living. The median monthly rent is $941 (29% below the US median of $1,319), and the median home value sits at $309,200 (1% above the national median of $304,900). At current prices, the median home costs roughly 5.2x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Spearfish is $59,731, which is 21% lower than the national median of $75,149. Residents spend roughly 19% 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.

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.