Cost of Living in Summerset, SD

With a cost of living index of 97, Summerset, SD is slightly more affordable than average. Living here is 3% cheaper than the national average and 22% above the South Dakota state average of 74. Summerset is a small community of 2,978 residents.

Housing costs are the biggest factor in Summerset's cost of living. The median monthly rent is $1,233 (7% below the US median of $1,319), and the median home value sits at $337,900 (11% above the national median of $304,900). At current prices, the median home costs roughly 2.9x the median household income — well within traditional affordability guidelines.

The median household income in Summerset is $115,197, which is 53% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

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.