Money money, money, you get it. And then you spend it all away. Today's video. What's the real cost of living in rapid city.
Everybody I'm Tristan Emond with mindful living Realty, a realtor right here in rapid city, South Dakota. Welcome to my YouTube channel, where we talk everything about moving to rapid city and the wonderful things about rapid city and the black Hills. According to faculty.com, South Dakota ranks as the fifth, most affordable state in the union.
in the 2020 study. Well, how does Rapid City fit in all of this? Let's check it out now, before we talk about the cons of living in rapid city, we need to back up, show you the map again, give you a feel for what happens around rapid city. We're a tad bit isolated here in rapid city. We're five hours away.
From the nearest bigger cities. It's five hours to Sioux falls, five hours to Bismarck, five hours to Billings, six to seven hours to Denver. So what this does is it creates about 150 mile trade radius among the communities that surround us due to this trade radius, the tourism industry of the black Hills, the agriculture that surrounds us.
And the goods and services provided to the Ellsworth air force base. The economy in rapid city is usually fairly stable. Remember the housing crisis in 2008, rapid city went down about 6%. Well other cities went down 50% or more. So now that I've set the scene for you, let's go and talk about. Cost of living in rapid city, South Dakota cost of living in rapid city.
Number one, well housing of course housing, rapid city has nothing but grown since 2010. In fact, the median home price sale value in 2010, it was about $160,000. Now in 2020, that's about $220,000 for the past number of years, we've experienced low inventory, high buyer demand. Which of course is the reason for these prices going up with the number of people moving to rapid city, the rental market has been tight as well.
Fortunately, there have been a number of new construction apartment buildings that have helped ease the supply issue, but the prices still remain kind of high. That one bedroom studio apartment will be right around $6-700 a month. Plus utilities. If you're looking to rent a house. A two bedroom, one bath home, about 900 square feet.
We'll be right around $800 to $900. A three bedroom, one bath, 1000 square foot property. That'll get you right around $900 to a $1000 dollars. If you're looking for a bigger house, a four bedroom, two bath, but 1800 square feet. That's going to run you anywhere between $1400 to $1,600 a month. And that of course may not include in utilities to the property.
So what kind of home can your money buy you in rapid city? Let me showcase to you four different properties. We sold this year. Different price points to give you a feel for just this. This first one is a two bedroom, one bath 1300 square foot property with no garage. It sold for about, $150,000. Here's a three bedroom, two bath.
5,000 square foot property with two car garage. That sold for $225,000. Here's a five bedroom, two bath 2,700 square foot property with a two car garage. That sold For about $300,000. And this one is a four bedroom, three bath 2,700 square foot property with three car garage, beautifully done. For $400,000.
So if we take each one of these price points and we consider a 4% interest rate at a 30 year loan, we add in the present taxes and run an estimated insurance. How much would your total payment be per month quick? Disclaimer, this data is all based upon November 2020 numbers. The interest rates will change.
The taxes will change the insurance premium that you get might be different than my estimate, but this gives you a ballpark figure to give you an idea of what a monthly payment might be when you see these properties. Okay. When the work's done. Yeah. So that 150,000 a property. Based upon the previously before mentioned aforementioned its backs and disclaimers run about $950 a month.
That $225,000 property, about $1,400 a month. The $300,000 property about $1850 a month. And the $400,000 property. Right about $2,400 in a month. Cost of living in rapid city point number two, property taxes and property insurance. Now we will be talking about taxes later on, but only made sense after housing to talk about property taxes, as well as property insurance, the average property tax rate for the four properties I showcased was 1.1%.
So that's $300,000 home you can expect to pay about 3,300, the $3,400 in taxes each year. Your homeowners insurance. There are so many factors that come into play. As far as your homeowner insurance rate, it could be your credit score. It could be the age of the roof. It could be the type of siding. All those things play a part in your homeowners insurance policy.
Now here in rapid city, South Dakota in Western South Dakota, because we have this thing called Hail that we have a tendency to seem to accumulate. A lot of our insurance rates are actually a little bit higher than many of the country. If you go to sites like insurance.com. They'll list each state and the average homeowner's insurance premium in that state, South Dakota on a $200,000 property.
It lists us at $2,640 per year. To me, that seems pretty high based upon my experience, talking with my buyers and our own personal insurance on our 2200 square foot home with two car garage, we pay about $1,200 a year for our insurance policy cost of living in rapid city. Number three utilities. We do get cold up here.
So heat something you're going to want to have and believe it or not, the summers get hot enough that you probably want to go and have air conditioning as well. I took a look at the utility data sheets provided by some of the listings in the past year to get an idea of what your average utility costs might be from this information.
A home with gas fired furnace and air conditioner was about $150 to $160 for gas and electricity. You're sitting utilities such as city, water, sewer, and garbage ran between anywhere between $90 and a $100 dollars. Would you need to take into consideration the number of properties in rapid city that were in built all electric, which means they're running those baseboard heaters and probably built in the seventies and eighties.
So they're not quite as efficient that electric bill might be closer to $200 to $300 a month to take care of that baseboard, heat and window air conditioning unit. The other thing that we can kind of lump into this utility section is homeowners association fees. Now this is more prevalent in communities outside of rapid city, but there are few neighborhoods in rapid city that had HOA fees.
Now these can run anywhere from a hundred dollars a month to a hundred dollars a year. So make sure you include that in your penciling out of numbers for our home. Of course we can't get by without talking about internet. We've got to have the internet in rapid city. We've got two main broadband providers.
Now it'd be Midco and fast. Both have programs running, you buy between $40 to $80 a month, depending on the type of service you get, as far as your TV is concerned, there are so many choices that we're not even gonna spend time talking about that on this video, it's almost like I'm saying, go read a book.
It must be time to go grocery shopping. So in rapid city we have four major grocery shopping options. Our target is a super target, so you can go grocery shopping there. You've got two Walmarts. That's usually where we grocery shop because it's cheaper. And we got three old kids that eat a lot food. Then you also have two safe ways.
And two regional grocery stores called family fair. So I feel like Safeway sometimes going to be a little more expensive. So let's go with the family fairs, split it in the middle lets get inside and check out some grocery prices.
Milk, eggs, cheese, who cares?. What about ice cream?
cost of living in rapid city. Number five, gasoline got to keep those cars rolling. The time of this video gas was $2 and 28 cents per gallon, four 97, octane or regular unleaded gas. Now here in rapid city, we don't have a lot of competition from one gas station together, gas station, the other gas station.
They might vary a couple cents, but usually you're not going to save 10 cents by running across town. So the price. It's kind of the price. Sometimes we may see gas prices. Hike up a little bit. During the summertime, when more tourists are coming out, we have more people in town and, you know, supply demand.
So price sometimes comes up a little cost of living in rapid city. Number six. Coffee. Of course, since we're talking about gas for the cars, we should probably talk about gas for us. We've got a great selection of coffee shops in rapid city, from local ones, such as essence of coffee to regional ones, as you've dunn brothers and pure bean.
And of course we've got the Starbucks and every corner a Large Americano costs you about $3 and 50 cents. A large midstream that is your caramel macchiato, because about $5 and twenty-five cents. And a large Frappaccino with the whipped cream and drizzle cost about $5 and 75 cents. For your coffee enjoyment, it should be need.
Right. Coffee needs. Coffee needs. Okay. Cost of living in rapid city. Number seven, going out to eat restaurants. Rapid City also has several dining options where they're looking for fast food, national chains. Or local cuisine. We've got it all here in rapid city. Your fast food drives you it'll cost you about eight to $10 for your traditional burger combo.
Or you can try your national chain says Olive garden and spend anywhere between $12 to $20 per meal. Of course this doesn't include any drink and desserts, or you can go notch up with upscale restaurant and such has been Minervas restaurant, which will be between 20 and $30 a plate, or go down to the Del Monica grill downtown.
For an amazing steak between 30 and $60 a plate. And of course you can't forget about your staple Chinese food. We like Golden Phoenix. We can get an entree between seven and $9. Your pizza and beer lover. You got to check out the independent alehouse downtown on St. Joseph street. Can I handcrafted pizza for 12 to $14 plus craft beers, many on tap.
Gotta check this place out. Of course you can always get your single topping hot and ready. $6 little Caesar's pizza. Or your $12 pan pizza for pizza hut or even your 16 to $18 specialty pizza at boss pizza in town love your craft beers. Rapid city has a number of craft beer locations, Dakota point Brewing. For example, you can get a 16 ounce pint there for about $6 fast food Chinese pizza.
Fine dinning beer, not even mention a few of the other great places. Well, you need ready to go to the movies. The golden ticket cinema is our newest retrofitted theater with the reclining seat and full service food a ticket to here is $12.75, not including of course popcorn your food, your snacks, et cetera, et cetera, et cetera.
You can also check out traditional AMC theaters for $12.75. We'll go downtown to the historic elk center where tickets are only $5 cost of living in rapid city. Number nine. Entertainment, what else is there to do? I'm sure you want to spend a lot of time with the black Hills to make sure you get your annual forest service pass.
These are $40 and that way you don't have to spend the daily, use fees at all the picking areas, lakes and other places you'll want to stop and hike. You also will probably want to get your annual state park sticker so you can explore Custer, state park, anytime you want. And also head on down to Angustura reservoir, which is Angostura state park.
These are $36 a year. Ready to explore the black Hills a parking pass at Mount Rushmore is $11 a drive through bear countries. $18 a person with a maximum of $65 a car. One of my favorite places is the Rushmore aerial park. Go climbing on the high wires for $49 in town. You can practice your putting at pirates mini golf for $9 a round you can check out a rush hockey game between 18 and $40 a game.
Or leading into the artistic side at canvas to paint for $40 a painting session. If you have more refined tastes, you can watch the black Hills symphony orchestra at the performing arts theater for around $32 a ticket. Let's start, forget all the free things you can do around town. Hiking, the trails on Hanson Larson, Memorial park Kyaking and Canyon Lake biking down the bike path and story book Island is even free cost of living in rapid city.
Number 10 gym activity memberships. There are Friday a different gym exercise and activity memberships here in town. Planet fitness is up at the mall and they've got the traditional $10 per month starter package. You can do yoga at a number of different studios for around $60 a month. The YMCAs membership is about $60 a month for access to its pools, workout area in courts.
And for about $30 a month, you have membership to the rapid city recreation center and have access to that pools. And wreckable courts. Of course, this is a very short list of the options that are available, but it should give you a feel for what you can expect at various clubs and memberships around town.
Cost of living rep the city, number 11, caring for your family. Full disclosure here, hearing it again. My youngest child she's 17. We've never used daycare and neither me or my wife's parents are old enough to need any elderly care services. So the information I provided here today has been my research based upon what I can find here in rapid city.
So you don't have to do it. There are a variety of daycare options in rapid city. Premiere larger scale YMCAs type daycares to your home-based businesses. Based on the information I could find online, you could spend from $150 to $180 a week for full-time daycare services. If your child is old enough to just drop off afterschool those daycare services range between $65 and a $100 dollars per week, of course each daycare will have their own rules and regulations about group rates and family rates.
As far as caring for your elderly family members in nursing homes, I wasn't able to find any actual pricing on the websites. Over senior advice.com reports rapid City having a nursing home average of $4,800 to $7,500 a month with an average of $5,580 a month. For that nursing home care cost of living rep city, number 12, Taxes Taxes Taxes
I've been waiting for months to play that clip. As I mentioned before in this video, South Dakota does not have a state income tax. They also don't have a corporate income tax making South Dakota, very business friendly State. However that money's got to come from somewhere. Right. So that's why you'll see our property taxes be considerably higher than other States around the country that actually have a state income tax.
The other thing that you'll find is that we'll have sales tax on everything for South Dakota. Our sales tax rate is 4.5% and each city has their own sales tax. On top of that, the living rapid city, you're spending 6.5% sales tax on everything you buy, whether it be a good, a service, a food, whatever, even them there realtors charging 6.5% sales tax to the state.
Cause that's what we got to do. It'll be interesting to see what happens as far as taxation in the state of South Dakota. And then it, a couple of years, we just legalized marijuana. So we'll see what happens with that tax revenue as it in the years to come. Finally, I have to give you a few tools that you can use to determine whether rapid city is the place for you based on the cost of living and where you are now.
And the description below, I provided a bunch of cost of living calculators. Let's get into one now to show you how it works here. We are in best places.net cost of living calculator. Now there are other websites you can use. I'm just on this one because I liked the way it looks and all the ways I like the way it works.
Um, so we entered where you live now. So let's type in Denver, cause that's say closest metropolitan area to us, uh, come into rapid city, South Dakota, and they'll just keep the income annual income at 50,000 at the calculate button. So now you can see you. If you got a solid 50,000 dollars in Denver, you could actually survive on $34,015 here in rapid city with the same assumptions.
It's interesting here. Now she's crawled down to this. Cost of living index is right here. You can see where a hundred is. The us average rapid city is at or below every us average on except for health care. The only reason I can think of this healthcare is higher is because we do have no competition in our area.
And with our trade radius, we have a lot more people coming to our area for the use of the medical services. So be sure to check out some of these costs of living calculators. See what you think, see how they relate to you and where you area comes from. And don't be afraid to hit the customized button if you'd like to do that as well.
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