What do four presidential heads and 900,000 South Dakotans know that we don’t?
They know they’re some pretty affordable places in The Mount Rushmore State to take up residence.
Whether it’s on the side of a mountain or along the Missouri River, South Dakota’s affordability has a little something to do with the great people; but we’re even more convinced that it’s due to its strong economy. We can thank South Dakota companies like Brookings’ Daktronics for providing scoreboards at our favorite games and Sioux Falls’ Furniture Mart for providing the seats. More importantly, we can thank all of South Dakota’s entrepreneurs for keeping its residents employed and the state affordable.
Now, don’t get it twisted; just because these South Dakota places are affordable, doesn’t mean they’re unsafe. It’s actually quite the opposite. When you save money on your cost of living, you have more money to spend on your home and more money to funnel back into your neighborhoods and communities. So, it’s definitely not lost on us that some of South Dakota’s most affordable places are also some of its safest. Have we peaked your interest? If so, read on.
With a statewide median income close to $60,000 per year, who wouldn’t want a piece of the South Dakota pie? With numbers like these, it’s no wonder South Dakota’s poverty rate is one of the lowest in the country and that its unemployment rate is way below the national average at 2.8%.
So, want to know where the cheapest place to live in South Dakota for your buck is? That would be Britton.
To see how your city compared, take a look at the list below.
And if you already knew these places were cheap, check out some more reading about South Dakota and the cheapest places in the country:
The 10 Cheapest Places To Live In South Dakota For 2019
The median income in Britton comes in at $59,821 and the median home value is $86,700 for 2019.
The median income in Tyndall comes in at $49,107 and the median home value is $83,200 for 2019.
The median income in De Smet comes in at $57,500 and the median home value is $93,900 for 2019.
The median income in Freeman comes in at $48,839 and the median home value is $75,100 for 2019.
The median income in Clear Lake comes in at $55,286 and the median home value is $96,400 for 2019.
The median income in Gettysburg comes in at $52,802 and the median home value is $85,800 for 2019.
The median income in Lemmon comes in at $38,688 and the median home value is $57,300 for 2019.
The median income in Salem comes in at $56,771 and the median home value is $93,400 for 2019.
The median income in Redfield comes in at $41,938 and the median home value is $71,200 for 2019.
Winner is a city in Tripp County, South Dakota, United States. The population was 2,897 at the 2010 census. It is the county seat of Tripp County. Winner also serves as the administrative center of neighboring Todd County, which does not have its own county seat. The nearest airport is Winner Regional Airport.
Winner was laid out in 1909, and named for the fact the town had emerged the “winner” as the county’s most successful trading point.
The median income in Winner comes in at $47,948 and the median home value is $88,800 for 2019.
How We Determined The Most Affordable Places To Live In The Mount Rushmore State For 2019
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it’s actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2013-2017 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in South Dakota to figure out which is the least expensive.
What you are left with is a “Cost of Living Index” by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 63 places in South Dakota that have more than 1,000 people.
The place with the lowest cost of living in South Dakota according to the data is Britton.
There You Have It Mr. Or Mrs. South Dakota Cheapskate
If you’re looking at the cost of living numbers in South Dakota, this is an accurate list of the most affordable places to live in south dakota for 2019.
Here’s a look at the most expensive cities in South Dakota according to the data:
- Rapid City
For more South Dakota reading, check out: