Affordable

What Salary Do You Need to Live in Philip?

To afford a 2-bedroom in Philip, you need to earn at least $30,520/year based on estimated fair market rent data. The median household income here is $39,063, which means the typical resident is $8,543 above the threshold.

Census ACS Data Pop. 503

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$534	$1,780	$21,360	$-17,703
1 Bedroom	$633	$2,110	$25,320	$-13,743
2 Bedroom BENCHMARK	$763	$2,543	$30,520	$-8,543
3 Bedroom	$931	$3,103	$37,240	$-1,823
4 Bedroom	$1,145	$3,817	$45,800	+$6,737

Affordability Breakdown

Where the required salary line crosses above Philip's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$39,063

Annual household

2BR Required Salary

$30,520

Under 30% rule

Income Gap

+$8,543

Surplus

Verdict

Affordable

Ratio: 23.4%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Philip

Your Annual Salary

Pre-filled with Philip's median household income

Max monthly rent you can afford$977

Studio

$534/mo

1 BR

$633/mo

2 BR

$763/mo

3 BR

$931/mo

4 BR

$1,145/mo

Your salary is $0 above the median income in Philip.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Philip's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Philip

Living in Philip is well within reach for most median-income earners. With a $8,543 cushion between what residents earn and what a 2-bedroom requires, households in Philip typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Philip, a studio at $534/month offers an even more aggressive savings rate. Even a 3-bedroom at $931/month remains accessible for dual-income households earning above $37,240.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $45,780 would position you well — though many residents in Philip manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Philip, South Dakota.

With a total population of 503, the city supports an active civilian workforce of 229 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $30,520 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

229

Active civilian employees in Philip

Frequently Asked Questions About Renting in Philip

What salary do I need to live in Philip, South Dakota?

To afford a 2-bedroom in Philip under the 30% rule, you need an annual salary of at least $30,520. The median household income in Philip is $39,063.

Can I afford a 2-bedroom in Philip on $39,063?

The affordability verdict for Philip is "Affordable". The rent-to-income ratio is 23.4%, meaning median earners have a $8,543 surplus.

What is the average rent in Philip compared to median income?

The median gross rent in Philip is $633/month. With a median household income of $39,063, residents spend approximately 23.4% of their income on rent.

What salary do I need for a studio in Philip?

A studio in Philip rents for approximately $534/month. Under the 30% rule, you need an annual salary of $21,360 to afford this.

Is Philip considered an affordable place to live?

Based on the surplus of $8,543 and an affordability verdict of "Affordable", Philip is considered a affordable rental market when comparing the required 2-bedroom salary of $30,520 to the local median household income.

How Philip Compares

Other cities in South Dakota with salary requirements