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City · 6,975 residents · Pennington County, South Dakota

Rapid Valley , South Dakota

In Rapid Valley, a typical home is worth $255,500 and typical rent is $1,174 a month. Compared with all of Pennington County, the typical home value is 15% lower, typical household income is 12% higher, and the share of households that own their home is 23 points higher.

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  • Typical home value

    $255,500

    15% below the county

    About the same as South Dakota

    • Rapid Valley
    • Pennington
    • South Dakota

  • Typical rent

    $1,174a month

    5% above the county

    24% above South Dakota

    • Rapid Valley
    • Pennington
    • South Dakota

  • Typical household income

    $83,208a year

    12% above the county

    11% above South Dakota

    • Rapid Valley
    • Pennington
    • South Dakota

  • Households that own their home

    92%

    23 points above the county

    24 points above South Dakota

    • Rapid Valley
    • Pennington
    • South Dakota

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

Rapid Valley 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 Valley apart

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

  1. Rapid Valley has the highest homeownership rate of the 19 cities in South Dakota with more than 5,000 people: 92%.

  2. Nearby, in Sturgis, the typical rent is $780: 34% less than in Rapid Valley ($1,174).

  3. The typical home in Rapid Valley is worth $255,500, 15% less than in Pennington County as a whole ($302,200).

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

The homes here

Housing in Rapid Valley

What homes there are in Rapid Valley, 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

In Rapid Valley, 8 in 10 homes are single-family detached houses; in Pennington County, 6.

Year built

Homes in Rapid Valley are bigger: 76% have 3 bedrooms or more; in Pennington County, 60%.

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
Monthly rent with utilities

With a mortgage

$1,633 a month

Pennington County: $1,803 a month

Without a mortgage

$564 a month

Pennington County: $689 a month

Owners with a mortgage

58%

Pennington County: 59%

Owning costs less in Rapid Valley: with a mortgage, the typical cost is $1,633 a month; in Pennington County, $1,803. Without one, $564.

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

Rapid Valley does not have the same boundaries as in 2015–2019: that is why there is no change to compare. For reference, in Pennington County the typical home value rose 61%.

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 ValleyPennington CountySouth DakotaUnited States
Rental vacancy Unreliable estimate6.1%6.0%5.5%
Homeowner vacancy Unreliable estimate1.1%0.8%0.9%
More than one person per room Unreliable estimate1.4%2.3%3.4%
People per household 2.202.372.392.53
Drive alone 82%77%77%69%
Carpool Unreliable estimate9%8%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate3%3%3%
Work from home 9%10%10%15%
Other means Unreliable estimate1%1%2%
Typical commute 10 to 19 minutes10 to 19 minutes10 to 19 minutes20 to 29 minutes

Households in Rapid Valley are smaller: 2.20 people on average; in Pennington County, 2.37.

In Rapid Valley, 82% of workers drive alone to work; 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 Valley?

A typical home is tight for the typical income

We start with a typical home in Rapid Valley, worth $255,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 31% of the typical household income in Rapid Valley, which is $83,208 a year. For that payment to be 28% of income, a household would need to earn about $91,549 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 Valley. 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 $8,943 (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

$2,136

at 7.18% · 30 years

Loan amount
$250,872
Total interest
$360,946
Paid off in
November 2056

Includes $4,315 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,942 a month

  • Tight

    $1,942 to $2,496 a month

    Your payment · 31%

  • Hard

    more than $2,496 a month

Compared with the typical household income in Rapid Valley ($83,208 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,136
Principal & interest$1,699
Property tax$217
Home insurance$107
FHA mortgage insurance (MIP)$113

You need at least $8,943 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 Valley and Pennington County

Rapid Valley 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 Valley's own numbers

Typical home value
$255,500
Typical monthly rent
$1,174
Typical yearly household income
$83,208
Households that own their home
92%
Effective property tax rate
1.02%

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 Valley

A typical home in Rapid Valley is worth $255,500: 15% below the county and about the same as South Dakota. With the typical household income in Rapid Valley ($83,208 a year), a typical home costs 3.1 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 Valley 3.1 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 Valley 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 Valley $255,500
  • Pennington $302,200
  • South Dakota $257,400
  • United States $332,700
Typical monthly rent
  • Rapid Valley $1,174
  • Pennington $1,120
  • South Dakota $946
  • United States $1,413
Typical yearly household income
  • Rapid Valley $83,208
  • Pennington $74,517
  • South Dakota $75,081
  • United States $80,734
See the full table
Rapid Valley next to Pennington County and South Dakota
Measure Rapid Valley Pennington County South Dakota U.S.
Typical home value $255,500 $302,200 $257,400 $332,700
Typical monthly rent $1,174 $1,120 $946 $1,413
Typical yearly household income $83,208 $74,517 $75,081 $80,734
Households that own their home 92% 69% 69% 65%
Typical yearly property tax $2,612 $3,265 $2,724 $3,119
Effective property tax rate 1.02% 1.08% 1.06% 0.94%

“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 Valley

For a typical $255,500 home in Rapid Valley, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Rapid Valley's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,136a month

    Least cash to close
    Down payment
    $8,943
    Cash to close
    $16,608
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $113

  • Conventional, 5% down $2,089a month

    Down payment
    $12,775
    Cash to close
    $20,440
    Rate
    7.18%
    Mortgage insurance
    PMI · $121

  • Conventional, 20% down, no PMI $1,708a month

    Down payment
    $51,100
    Cash to close
    $58,765
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,945a month

    Down payment
    $38,325
    Cash to close
    $45,990
    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 Valley and for Pennington County.

Property tax

Effective rate in Rapid Valley

1.02%of the home’s value each year

$2,612 a year for the typical owner in Rapid Valley.

  • Rapid Valley 1.02%
  • 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 Valley

Typical rent in Rapid Valley is $1,174 a month: 5% above the county.

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 Valley

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Rapid Valley is in ZIP code 57703.

For 2 bedrooms it is $1,750: $320 more than the fair market rent for Pennington County ($1,430).

  • 57703 $1,750$2,240

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Rapid Valley 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?

Free help

Help to buy or rent in Rapid Valley

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.

An older man and his daughter go over papers with a professional.

HUD counseling is free or low-cost

Assistance programs in Rapid Valley

No down payment, repair or rent-help program on our list is for Rapid Valley or Pennington County. The ones below are statewide in South Dakota: they work in Rapid Valley 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 Valley

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

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

    3620 Homestead Street, Suite 1, Rapid City · 2 miles away · Spanish

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

  • Consumer Credit Counseling Service of the Black Hills

    2310 N Maple Ave, Rapid City · 5 miles away

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

  • Neighborworks Dakota Home Resources

    795 Main St, Deadwood · 37 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 Valley

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 Valley

HUD’s record names them for Rapid Valley 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 Valley, 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 Valley.

All guides
A smiling girl holds up a small mushroom she found on a forest outing.

Questions

Housing questions about Rapid Valley

Short answers with the numbers for Rapid Valley 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 Valley?

The typical home value in Rapid Valley is $255,500, 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 Valley?

Typical rent in Rapid Valley is $1,174 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 Valley?

Rapid Valley 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 Valley?

The typical homeowner in Rapid Valley pays $2,612 a year, according to the U.S. Census Bureau. That is 1.02% 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 Valley?

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).