Photo: Gary Chancey, Black Hills National Forest · Public domainMeasured against area pay, Lead costs less to live in than 84% of U.S. towns
It ranks #3 of 35 in South Dakota for affordability. Down 1.4% in a year, 18% above the South Dakota typical home.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Spearfish, SD micro area ($73K). How TownRatings grades cost of living
The grade compares costs with what households across the Spearfish-area micro earn ($73K, Census 2020–24). The typical home costs 2.6 years of area income, and 31% of renters pay 30% or more of income for housing.
In dollars
- $375Ktypical home, 18% above the South Dakota typical homeZillow, September 2026
- $1,010a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
In paychecks the grade
- 2.6 yrsof area income buys the typical home; the typical U.S. town: 3.3$73K, Spearfish-area income
- 14%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 31%of renters pay 30%+ of income for housing; across South Dakota: 40%Census 2020–24
- 18%of owners do; the typical U.S. town: 20%Census 2020–24
Housing in Lead, in brief
Buyers have time and room to negotiate
At the pace homes sold in September, it would take about 8.2 months to sell everything listed (South Dakota: 4.1). The typical home took 89 days to sell and sold at 97% of asking. None sold above the asking price. How fast homes sell ↓
Half the homes were built before 1938
Half of Lead’s homes were built before 1938, against 1980 for South Dakota as a whole. Older homes can mean character, and also bigger heating and repair bills, so an inspection matters. Property taxes ↓
Written from the data on this page. Home values are the Zillow Home Value Index, through September 2026; sales and supply are Redfin’s for September 2026; permits are Census figures through 2025; incomes, rents paid, taxes and ownership come from the Census American Community Survey.
What’s behind Lead’s grade
Measured against what households in the area earn, Lead is more affordable than 84% of U.S. towns, #3 of 35 in South Dakota. The share of households paying 30%+ for housing pulls the grade down most; rent holds it up.
Prices here have kept pace with South Dakota: up 19.1% in five years, against 23.4% statewide (Zillow).
Up 19.1% in five years
Slower than South Dakota (23.4%).
Show as a table
| January | Lead | South Dakota |
|---|---|---|
| 2017 | $197,000 | $183,000 |
| 2018 | $209,000 | $192,000 |
| 2019 | $221,000 | $201,000 |
| 2020 | $230,000 | $212,000 |
| 2021 | $266,000 | $232,000 |
| 2022 | $338,000 | $269,000 |
| 2023 | $367,000 | $293,000 |
| 2024 | $387,000 | $297,000 |
| 2025 | $388,000 | $308,000 |
| 2026 | $377,000 | $316,000 |
| September 2026 | $375,000 | $318,000 |
A typical Lead home worth $194K in October 2016 is worth about $375K today.
Zillow Home Value Index: the typical value of all homes (middle third), smoothed and seasonally adjusted, through September 2026.
Too few sales to read the market
Only 5 homes sold in September 2026, the latest month in Redfin’s figures: too few to describe the market or quote a median sale price.
A typical home costs 2.6 years of area income
The calculator starts from the area income the grade uses. Switch to Lead’s own median, or type yours.
That’s $94K short of a typical Lead home.
A two-bedroom rents for about $1,010 a month here, $1,260 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Lead’s typical property tax (0.98% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,010
Renters already here pay a median of $835, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Rapid City, SD HUD Metro FMR Area): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
No new homes permitted in 2025
No permits for new homes were issued in Lead in 2025. The last year with any was 2024 (4 new homes).
Between the 2010 and 2020 censuses, Lead's population fell by 142 even though 17 new homes were permitted. Homes are holding fewer people: households are getting smaller, or more homes are used part of the year. Across South Dakota: 1.6 new residents per new home.
Every year as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 3 | 3 | 0 | $1.1 million |
| 2025 | 0 | 0 | 0 | — |
| 2024 | 4 | 4 | 0 | $1.5 million |
| 2023 | 2 | 2 | 0 | $340,000 |
| 2022 | 1 | 1 | 0 | $450,000 |
| 2021 | 0 | 0 | 0 | — |
| 2020 | 4 | 4 | 0 | $500,000 |
| 2019 | 2 | 2 | 0 | $400,000 |
| 2018 | 3 | 3 | 0 | $600,000 |
| 2017 | 2 | 2 | 0 | $415,000 |
| 2016 | 3 | 1 | 2 | $300,000 |
| 2015 | 0 | 0 | 0 | — |
| 2014 | 1 | 1 | 0 | $180,000 |
| 2013 | 3 | 3 | 0 | $450,000 |
| 2012 | 0 | 0 | 0 | — |
| 2011 | 2 | 2 | 0 | $300,000 |
| 2010 | 1 | 1 | 0 | $150,000 |
| 2009 | 3 | 3 | 0 | $650,000 |
| 2008 | 2 | 2 | 0 | $390,000 |
| 2007 | 15 | 11 | 4 | $2.7 million |
| 2006 | 6 | 6 | 0 | $535,000 |
| 2005 | 8 | 8 | 0 | $903,000 |
| 2004 | 7 | 5 | 2 | $574,000 |
| 2003 | 6 | 4 | 2 | $690,000 |
| 2002 | 4 | 4 | 0 | $257,000 |
| 2001 | 7 | 7 | 0 | $789,000 |
| 2000 | 29 | 3 | 26 | $1.6 million |
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey.
Property tax runs below the South Dakota norm
The median bill is $1,864 (South Dakota: $2,724), 0.98% of a home’s value a year, against 1.06% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
Lead vs. its neighbors
Of the 2 towns here with a Zillow value, Lead has the lowest.
Questions about the cost of living in Lead
Is Lead expensive to live in?
Measured against what households in the area earn, Lead costs less than 84% of U.S. towns: an A− for cost of living, #3 of 35 in South Dakota. The typical home costs 2.6 years of the median household income of the Spearfish, SD micro area ($73K).
How much does a house cost in Lead?
About $375K, Zillow’s typical value for September 2026, down 1.4% in a year. The South Dakota typical home is $318K.
What salary do you need to live in Lead?
To buy the typical home with 20% down at 6.3%, about $97,000 a year, keeping the payment (about $2,270 a month with tax and insurance) at 28% of income. To rent a two-bedroom at 30% of income, about $40,000.
How much is rent in Lead?
HUD puts a two-bedroom at about $1,010 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $835 (Census 2020–24).
What are property taxes in Lead?
The median bill is $1,864 a year, 0.98% of the median home value (South Dakota: $2,724, 1.06%), from the Census 2020–24.
Are home prices in Lead going up?
No: down 1.4% in the past year and 19.1% in five years, against 23.4% across South Dakota (Zillow).
Neighbors talk housing
What Lead buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, September 2026. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.