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City · 77,946 residents · Pennington County, South Dakota

Rapid City , South Dakota

In Rapid City, a typical home is worth $299,400 and typical rent is $1,109 a month. Compared with all of Pennington County, the share of households that own their home is 6 points lower.

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  • Typical home value

    $299,400

    About the same as the county

    16% above South Dakota

    • Rapid City
    • Pennington
    • South Dakota

  • Typical rent

    $1,109a month

    About the same as the county

    17% above South Dakota

    • Rapid City
    • Pennington
    • South Dakota

  • Typical household income

    $70,870a year

    5% below the county

    6% below South Dakota

    • Rapid City
    • Pennington
    • South Dakota

  • Households that own their home

    63%

    6 points below the county

    6 points below South Dakota

    • Rapid City
    • Pennington
    • South Dakota

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$360,913
1.9% more than 12 months ago
Typical rent
$1,445 a month
4.6% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Rapid City is in Pennington County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Pennington County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Rapid City apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Sturgis, the typical rent is $780: 30% less than in Rapid City ($1,109).

  2. Nearby, in Belle Fourche, the typical home value is $222,500: 26% less than in Rapid City ($299,400).

  3. 63% of households in Rapid City own their home, against 69% in Pennington County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Rapid City

What homes there are in Rapid City, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses are the majority in Rapid City (58%), but less so than in Pennington County (62%).

Year built

By age, homes in Rapid City look like those in Pennington County: the typical year built is 1979.

In Rapid City, 16% of homes have 1 bedroom or none (studios); 55% have 3 bedrooms or more, against 60% in Pennington County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 86% of owner-occupied homes in Rapid City are worth less than the FHA loan limit for Pennington County ($541,287).

Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Pennington County is $1,430; about 74% of rents in Rapid City are below it.

With a mortgage

$1,743 a month

Pennington County: $1,803 a month

Without a mortgage

$668 a month

Pennington County: $689 a month

Owners with a mortgage

60%

Pennington County: 59%

In Rapid City, 60% of owners have a mortgage; their typical cost is $1,743 a month, about the same as in Pennington County.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Much as in Pennington County, the typical home value in Rapid City rose 62% since 2015–2019.

Much as in Pennington County, the typical rent in Rapid City rose 33% since 2015–2019.

The typical household income in Rapid City rose 35% over that time; home values changed +62% and rent +33%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureRapid CityPennington CountySouth DakotaUnited States
Rental vacancy 6.3%6.1%6.0%5.5%
Homeowner vacancy Unreliable estimate1.1%0.8%0.9%
More than one person per room 1.2%1.4%2.3%3.4%
People per household 2.302.372.392.53
Drive alone 77%77%77%69%
Carpool 9%9%8%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 3%3%3%3%
Work from home 10%10%10%15%
Other means 1%1%1%2%
Typical commute 10 to 19 minutes10 to 19 minutes10 to 19 minutes20 to 29 minutes

Open rentals in Rapid City look like those in Pennington County: the rental vacancy rate is 6.3%.

Much as in Pennington County, 1.2% of households in Rapid City have more than one person per room.

By size, households in Rapid City look like those in Pennington County: 2.30 people on average.

To get to work, 77% of workers in Rapid City drive alone; in Pennington County, 77%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Rapid City?

A typical home costs more than the typical income allows

We start with a typical home in Rapid City, worth $299,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 43% of the typical household income in Rapid City, which is $70,870 a year. For that payment to be 28% of income, a household would need to earn about $108,027 a year.

The calculator's FHA and conventional loan limits are those of all of Pennington County.

Your numbers

Local data
$

Starts at the typical home value in Rapid City. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $10,479 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,521

at 7.18% · 30 years

Loan amount
$293,977
Total interest
$422,964
Paid off in
November 2056

Includes $5,056 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,654 a month

  • Tight

    $1,654 to $2,126 a month

  • Hard

    more than $2,126 a month

    Your payment · 43%

Compared with the typical household income in Rapid City ($70,870 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,521
Principal & interest$1,992
Property tax$272
Home insurance$125
FHA mortgage insurance (MIP)$132

You need at least $10,479 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Rapid City and Pennington County

Rapid City is in Pennington County, South Dakota. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Rapid City's own numbers

Typical home value
$299,400
Typical monthly rent
$1,109
Typical yearly household income
$70,870
Households that own their home
63%
Effective property tax rate
1.09%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Pennington County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,430
Price change over 5 years (FHFA)
+59%
Homes in a high flood-risk zone
3.1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Pennington County.

Everything about Pennington County

Buying

Buying a home in Rapid City

A typical home in Rapid City is worth $299,400: about the same as the county and 16% above South Dakota. With the typical household income in Rapid City ($70,870 a year), a typical home costs 4.2 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Rapid City 4.2 years
  • Pennington 4.1 years
  • South Dakota 3.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Pennington County

According to FHFA’s house price index, home prices in Pennington County rose 95% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Pennington County.

Period County South Dakota U.S.
Last year (2025) +2.5% +3.1% +2.9%
5 years (2020–2025) +59% +50% +47%
10 years (2015–2025) +95% +85% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Rapid City next to Pennington County, South Dakota and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Rapid City $299,400
  • Pennington $302,200
  • South Dakota $257,400
  • United States $332,700
Typical monthly rent
  • Rapid City $1,109
  • Pennington $1,120
  • South Dakota $946
  • United States $1,413
Typical yearly household income
  • Rapid City $70,870
  • Pennington $74,517
  • South Dakota $75,081
  • United States $80,734
See the full table
Rapid City next to Pennington County and South Dakota
Measure Rapid City Pennington County South Dakota U.S.
Typical home value $299,400 $302,200 $257,400 $332,700
Typical monthly rent $1,109 $1,120 $946 $1,413
Typical yearly household income $70,870 $74,517 $75,081 $80,734
Households that own their home 63% 69% 69% 65%
Typical yearly property tax $3,251 $3,265 $2,724 $3,119
Effective property tax rate 1.09% 1.08% 1.06% 0.94%
Renters with high rent for their income 50% 49% 40% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Pennington County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Rapid City

For a typical $299,400 home in Rapid City, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Rapid City's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,521a month

    Least cash to close
    Down payment
    $10,479
    Cash to close
    $19,461
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $132

  • Conventional, 5% down $2,466a month

    Down payment
    $14,970
    Cash to close
    $23,952
    Rate
    7.18%
    Mortgage insurance
    PMI · $142

  • Conventional, 20% down, no PMI $2,019a month

    Down payment
    $59,880
    Cash to close
    $68,862
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,296a month

    Down payment
    $44,910
    Cash to close
    $53,892
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Rapid City and for Pennington County.

Property tax

Effective rate in Rapid City

1.09%of the home’s value each year

$3,251 a year for the typical owner in Rapid City.

  • Rapid City 1.09%
  • Pennington 1.08%
  • South Dakota 1.06%

What South Dakota publishes Owner-occupied classification (South Dakota Department of Revenue (Owner-Occupied Classification tax fact, July 2026))

Exemptions and deadlines in South Dakota

Flood risk in Pennington County

FEMA does not publish these numbers by city: they are for all of Pennington County.

Homes in the high-risk zone
3.1%
1,251
Of those, with NFIP insurance
16%
County South Dakota U.S.
Homes in the high-risk zone 3.1% 2.3% 3.5%
Of those, with NFIP insurance 16% 14% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Rapid City

Typical rent in Rapid City is $1,109 a month: about the same as the county. In Rapid City, 50% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Pennington County, by unit size. To pay the 2-bedroom one ($1,430 a month) without spending more than 30% of your income, you would need to earn $27.50 an hour working full time.

HUD fair market rent for all of Pennington County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $996 $19.15 $39,840
1 bedroom $1,093 $21.02 $43,720
2 bedrooms $1,430 $27.50 $57,200
3 bedrooms $1,833 $35.25 $73,320
4 bedrooms $2,390 $45.96 $95,600

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Rapid City

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Rapid City has 3 ZIP codes with their own.

For 2 bedrooms it runs from $1,310 in 57701 to $1,750 in 57703.

2 of the 3 are above the fair market rent for Pennington County ($1,430).

  • 57701 $1,310$1,680
  • 57702 $1,530$1,960
  • 57703 $1,750$2,240

3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Rapid City when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Rapid City

HUD lists 39 buildings with rents for lower incomes in Rapid City. These are the largest.

  • Jackson Heights/Valley V. 1805 W Fulton St, Rapid City 57702 323 low-income homes · Run by Pennington County Housing and Redevelopment Commission · Average payment: $398 a month · Average wait: 3 months · Homes at several sites (605) 394-5350
  • Lakota Community Homes 545 Wambli Dr, Rapid City 57701 198 low-income homes · For families (605) 343-6836
  • Sheridan/Queen Heights 115 N Lacrosse St, Rapid City 57701 140 low-income homes · Run by Pennington County Housing and Redevelopment Commission · Average payment: $579 a month · Average wait: 25 months (605) 394-5350
  • Eagle Ridge 274 Bald Eagle Ln, Rapid City 57701 96 low-income homes · 2 bd: 49 · 3 bd: 47 · In service since 2007 · For families
  • Northern Heights - TC (rapid City) 908 Explorer St, Rapid City 57701 96 low-income homes · Studio: 48 · 1 bd: 48 · In service since 2006 · For people with disabilities

See all 42 buildings in Pennington County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Rapid City

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 2 HUD-approved agencies with an office in Pennington County; 1 says it serves in Spanish.

A man shakes hands with the specialist who helped him with his loan, in the kitchen of his new home.

HUD counseling is free or low-cost

Assistance programs in Rapid City

No down payment, repair or rent-help program on our list is for Rapid City or Pennington County. The ones below are statewide in South Dakota: they work in Rapid City the same as in the rest of the state.

Which programs do I qualify for? All programs in South Dakota

  • Fixed Rate Plus

    Statewide in South Dakota

    South Dakota state authority mortgage with 3% or 5% of the loan for the down payment and closing costs, as a 0% second mortgage with no payments, repaid when you sell or pay off the home. Offered by South Dakota Housing Development Authority.

    Deferred

    See the program Official page

  • South Dakota Housing Tax Credit (MCC)

    Statewide in South Dakota

    South Dakota state authority certificate that turns part of your mortgage interest into a credit on your federal taxes, of up to $2,000 a year while you live in the home and keep the original mortgage; for first-time buyers, requested through a participating lender before closing. Offered by South Dakota Housing Development Authority.

    Tax credit

    See the program Official page

Housing counselors near Rapid City

The HUD-approved agencies closest to the center of Rapid City, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Consumer Credit Counseling Service of the Black Hills

    2310 N Maple Ave, Rapid City · 3 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (605) 348-4550

  • Black Hills Children's Ranch, Inc. - Pioneer Credit Counseling

    3620 Homestead Street, Suite 1, Rapid City · 3 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (605) 348-1608

  • Neighborworks Dakota Home Resources

    795 Main St, Deadwood · 33 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 4 more
    (605) 578-1401

Every agency in Pennington County All counseling agencies in South Dakota

Help in Spanish near Rapid City

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Rapid City

HUD’s record names them for Rapid City or Pennington County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Pennington County Housing and Redevelopment Commission Public housing and Section 8 vouchers (605) 394-5350

All housing agencies in South Dakota Source: HUD

Cities

Other cities in Pennington County

These cities are also in Pennington County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Pennington County Housing in South Dakota

Nearby cities

The cities closest to Rapid City, with the typical home value.

Neighboring counties

If Pennington County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Rapid City.

All guides
A family roasts marshmallows over a campfire at a forest campsite.

Questions

Housing questions about Rapid City

Short answers with the numbers for Rapid City and all of Pennington County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Rapid City?

The typical home value in Rapid City is $299,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Pennington County it is $302,200.

How much does it cost to rent in Rapid City?

Typical rent in Rapid City is $1,109 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Pennington County is $1,430.

What is the FHA loan limit in Rapid City?

Rapid City uses the FHA limit for all of Pennington County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Rapid City?

The typical homeowner in Rapid City pays $3,251 a year, according to the U.S. Census Bureau. That is 1.09% of the home’s value; in Pennington County, the rate is 1.08%.

Where can I find free help to buy or rent in Rapid City?

There are 2 HUD-approved counseling agencies with an office in Pennington County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).