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City · 23,044 residents · Codington County, South Dakota

Watertown , South Dakota

In Watertown, a typical home is worth $229,400 and typical rent is $942 a month. Home values, rent and income are very close to those of all of Codington County.

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  • Typical home value

    $229,400

    3% below the county

    11% below South Dakota

    • Watertown
    • Codington
    • South Dakota

  • Typical rent

    $942a month

    About the same as the county

    About the same as South Dakota

    • Watertown
    • Codington
    • South Dakota

  • Typical household income

    $69,600a year

    4% below the county

    7% below South Dakota

    • Watertown
    • Codington
    • South Dakota

  • Households that own their home

    65%

    5 points below the county

    3 points below South Dakota

    • Watertown
    • Codington
    • South Dakota

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

Market now, with Zillow data

Zillow data
Typical home value
$311,434
4.6% more than 12 months ago
Typical rent
$1,196 a month

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

Watertown is in Codington 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 Codington County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Watertown apart

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

  1. Nearby, in Huron, the typical home value is $159,000: 31% less than in Watertown ($229,400).

  2. Nearby, in Aberdeen, the typical rent is $762: 19% less than in Watertown ($942).

  3. Watertown has the 2nd smallest share of rent-burdened renters of the 16 cities in South Dakota with more than 5,000 people (36%).

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

The homes here

Housing in Watertown

What homes there are in Watertown, 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

As in Codington County, most homes in Watertown are detached houses (66%).

Year built

In Watertown, half of the homes were built before 1979; in Codington County, before 1978.

There are fewer big homes in Watertown than in Codington County: 54% have 3 bedrooms or more, against 58%.

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

By price, most homes in Watertown sit under the FHA limit for Codington County ($541,287): about 93%.

Monthly rent with utilities

By rent, most homes in Watertown cost less than HUD's 2-bedroom fair market rent ($1,233): about 74%.

With a mortgage

$1,463 a month

Codington County: $1,526 a month

Without a mortgage

$524 a month

Codington County: $538 a month

Owners with a mortgage

60%

Codington County: 57%

In Watertown, 60% of owners have a mortgage; their typical cost is $1,463 a month, about the same as in Codington 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 Codington County, the typical home value in Watertown rose 35% since 2015–2019.

The typical rent in Watertown rose 24% since 2015–2019, about the same as in Codington County (24%).

The typical household income in Watertown rose 37% over that time; home values changed +35% and rent +24%.

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

MeasureWatertownCodington CountySouth DakotaUnited States
Rental vacancy Unreliable estimateUnreliable estimate6.0%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate2.3%3.4%
People per household 2.172.252.392.53
Drive alone 84%84%77%69%
Carpool 9%8%8%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate2%3%3%
Work from home 5%6%10%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute 10 to 19 minutes10 to 19 minutes10 to 19 minutes20 to 29 minutes

By size, households in Watertown look like those in Codington County: 2.17 people on average.

The car rules in Watertown: 84% of workers drive to work alone, and the typical trip takes 10 to 19 minutes.

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 Watertown?

A typical home is tight for the typical income

We start with a typical home in Watertown, worth $229,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 33% of the typical household income in Watertown, which is $69,600 a year. For that payment to be 28% of income, a household would need to earn about $82,033 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Watertown. 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 $8,029 (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

$1,914

at 7.18% · 30 years

Loan amount
$225,245
Total interest
$324,075
Paid off in
November 2056

Includes $3,874 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,624 a month

  • Tight

    $1,624 to $2,088 a month

    Your payment · 33%

  • Hard

    more than $2,088 a month

Compared with the typical household income in Watertown ($69,600 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,914
Principal & interest$1,526
Property tax$191
Home insurance$96
FHA mortgage insurance (MIP)$101

You need at least $8,029 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

Watertown and Codington County

Watertown is in Codington 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).

Watertown's own numbers

Typical home value
$229,400
Typical monthly rent
$942
Typical yearly household income
$69,600
Households that own their home
65%
Effective property tax rate
1%

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

Numbers for all of Codington County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,233
Price change over 5 years (FHFA)
+47%
Homes in a high flood-risk zone
9%

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 Codington County.

Everything about Codington County

Buying

Buying a home in Watertown

A typical home in Watertown is worth $229,400: 3% below the county and 11% below South Dakota. With the typical household income in Watertown ($69,600 a year), a typical home costs 3.3 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.

  • Watertown 3.3 years
  • Codington 3.3 years
  • South Dakota 3.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Codington County

According to FHFA’s house price index, home prices in Codington County rose 71% in the 10 years through 2025.

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

Period County South Dakota U.S.
Last year (2025) +3.5% +3.1% +2.9%
5 years (2020–2025) +47% +50% +47%
10 years (2015–2025) +71% +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

Watertown next to Codington 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
  • Watertown $229,400
  • Codington $237,700
  • South Dakota $257,400
  • United States $332,700
Typical monthly rent
  • Watertown $942
  • Codington $938
  • South Dakota $946
  • United States $1,413
Typical yearly household income
  • Watertown $69,600
  • Codington $72,727
  • South Dakota $75,081
  • United States $80,734
See the full table
Watertown next to Codington County and South Dakota
Measure Watertown Codington County South Dakota U.S.
Typical home value $229,400 $237,700 $257,400 $332,700
Typical monthly rent $942 $938 $946 $1,413
Typical yearly household income $69,600 $72,727 $75,081 $80,734
Households that own their home 65% 70% 69% 65%
Typical yearly property tax $2,285 $2,308 $2,724 $3,119
Effective property tax rate 1% 0.97% 1.06% 0.94%
Renters with high rent for their income 36% 36% 40% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Codington 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 Watertown

For a typical $229,400 home in Watertown, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Watertown's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,914a month

    Least cash to close
    Down payment
    $8,029
    Cash to close
    $14,911
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $101

  • Conventional, 5% down $1,872a month

    Down payment
    $11,470
    Cash to close
    $18,352
    Rate
    7.18%
    Mortgage insurance
    PMI · $109

  • Conventional, 20% down, no PMI $1,530a month

    Down payment
    $45,880
    Cash to close
    $52,762
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,742a month

    Down payment
    $34,410
    Cash to close
    $41,292
    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 Watertown and for Codington County.

Property tax

Effective rate in Watertown

1%of the home’s value each year

$2,285 a year for the typical owner in Watertown.

  • Watertown 1%
  • Codington 0.97%
  • 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 Codington County

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

Homes in the high-risk zone
9%
1,160
Of those, with NFIP insurance
19%
County South Dakota U.S.
Homes in the high-risk zone 9% 2.3% 3.5%
Of those, with NFIP insurance 19% 14% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Watertown

Typical rent in Watertown is $942 a month: about the same as the county. In Watertown, 36% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Codington County, by unit size. To pay the 2-bedroom one ($1,233 a month) without spending more than 30% of your income, you would need to earn $23.71 an hour working full time.

HUD fair market rent for all of Codington 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 $871 $16.75 $34,840
1 bedroom $943 $18.13 $37,720
2 bedrooms $1,233 $23.71 $49,320
3 bedrooms $1,504 $28.92 $60,160
4 bedrooms $1,715 $32.98 $68,600

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 Watertown

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Watertown is in ZIP code 57201.

For 2 bedrooms it is $1,230: $3 less than the fair market rent for Codington County ($1,233).

  • 57201 $1,230$1,500

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

HUD lists 10 buildings with rents for lower incomes in Watertown. These are the largest.

  • Watertown Housing Authority 6 1st St SW, Watertown 57201 85 low-income homes · Run by Watertown Housing and Redevelopment Commission · Average payment: $476 a month · Average wait: 4 months · Homes at several sites (605) 886-7731
  • Jenkins Town View Apartments 220 S Maple, Watertown 57201 60 low-income homes · For older adults (605) 886-5777
  • Tower of Watertown 17 1st St SW, Watertown 57201 50 low-income homes · 1 bd: 50 · In service since 2013 · For older adults (605) 886-4480
  • Colony West Apartments 1630 3rd Ave SW, Watertown 57201 48 low-income homes · For families (605) 882-1151
  • Stone Bridge Apartments 102 8th Ave SW, Watertown 57201 27 low-income homes · For families (605) 886-3701

See all 10 buildings in Codington County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Watertown

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 is 1 HUD-approved agency with an office in Codington County; 1 says it serves in Spanish.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Watertown

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

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

  • CCCS of LSS - South Dakota

    1424 9th Avenue SE, Watertown · 3 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (605) 882-2228

  • CCCS of LSS - South Dakota

    752 22nd Ave S, Brookings · 46 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (605) 692-9636

  • Northeast South Dakota Community Action Program - Grow South Dakota

    104 E Ash St, Sisseton · 52 miles away

    • Budget and financial counseling
    • Home improvement and repairs
    • and 2 more
    (605) 698-7654

Every agency in Codington County All counseling agencies in South Dakota

Help in Spanish near Watertown

2 of the 3 agencies on this list say they serve 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 Watertown

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

  • Watertown Housing and Redevelopment Commission Public housing and Section 8 vouchers (605) 886-7731

All housing agencies in South Dakota Source: HUD

Cities

Nearby cities

The cities closest to Watertown, with the typical home value.

Everything about Codington County Housing in South Dakota

Neighboring counties

If Codington 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 Watertown.

All guides
A mother holds hands with her two daughters on the beach at sunset.

Questions

Housing questions about Watertown

Short answers with the numbers for Watertown and all of Codington 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 Watertown?

The typical home value in Watertown is $229,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Codington County it is $237,700.

How much does it cost to rent in Watertown?

Typical rent in Watertown is $942 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Codington County is $1,233.

What is the FHA loan limit in Watertown?

Watertown uses the FHA limit for all of Codington 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 Watertown?

The typical homeowner in Watertown pays $2,285 a year, according to the U.S. Census Bureau. That is 1% of the home’s value; in Codington County, the rate is 0.97%.

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

There is 1 HUD-approved counseling agency with an office in Codington 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).