Rapid City is located in Pennington County of South Dakota and has a population of 72,841. The city offers its citizens a complete suburban feel and most of the residents in town own their houses.

Rapid City is surrounded by natural beauty and is a hot spot for tourists from past few years. Apart from this, the city offers some great employment opportunities.

The average cost of living in Rapid City, SD is 7% lower than the national average of the United States.

What is Cost of Living Index?

The cost of living in any area can be calculated based on the factors like average salary, employment opportunities and the real estate market of that area. In the simplest terms, the Cost of Living Index is the estimated cost of the basic necessities required for an individual to live in a particular area.

This cost of living typically includes the estimated costs for housing, food, transportation, taxes, medical care, bills and other basic necessities. The purpose of calculating this cost index is to compare the cost difference for a person living in a certain location compared to another location.

This comparison help people to make informed decisions about what locations they can afford based on the living costs there.

Cost of Living in Rapid City  

 

Index

 

Rapid CitySouth DakotaNational
 

Cost of Living Index

 

95

 

90

 

100

 

Groceries Index

 

102

 

99

 

100

 

Transportation

 

93

 

94

 

100

Goods & Services Index9295100
Health Care Index99104100
Housing Index8777100
Utilities Index9793100

An overview of general cost of living index in Rapid City is displayed above. As you can see, citizens of Rapid City enjoy a living cost which is about 5% lower than the US average living cost. The above mentioned categories are used in calculating the total living index in the order

Goods & Services: 33%

Housing: 30%

Groceries: 13%

Utilities: 10%

Transportation: 9%

Healthcare: 5%

Clearly, Housing and Goods & Services take the most place in calculating the living index of a location. And both of these indexes are comparatively much lower than the national index. An easier way to analyze these indexes is

Source: payscale.com

If you want to know more about home loans and living costs, contact us at Affiliated Mortgage. We are rated as the best provider of home loans Rapid City SD, and are among top mortgage companies in Fargo, Sioux Falls, and Phoenix.

Related Articles

Best Neighborhoods – Rapid City, SD

Best Places to Live in South Dakota

Join our newsletter and stay up to date with Mortgage News

© 2019 Affiliated Mortgage, LLC. NMLS #14211: AZ NMLS#0947858. All Rights Reserved. Affiliated Mortgage, LLC is a Division of Lend Smart Mortgage NMLS #4474

Developed and designed by https://blairallenagency.com

Spread the love

Leave a Reply