Insurance Agent Salary in Spearfish, SD: $57,412 (2026)
Quick Answer:A full-time insurance agent in Spearfish, SD earns a median $57,412/year (≈ $27.60/hour) in nominal terms for 2026 — projected from BLS OEWS 2025 (SOC 41-3021). Once you factor in Spearfish's price level (7% below national, BEA RPP 92.8), that paycheck buys what $61,866 would nationally. Nominal pay sits 4.1% below the South Dakota state average.
Based on BLS state-level estimates · View source
With a projected median annual salary of $57,412 in 2026, insurance agents in Spearfish, SD, find themselves in a competitive yet narrower salary range compared to the national average. Local earnings range from $34,564 at the lower 10th percentile to $88,988 at the 90th percentile. The figures presented here are based on 2025 BLS OEWS data, projected to 2026, and reflect the regional cost of living adjustments where Spearfish's index sits below the national average. For agents operating within personal lines, commission structures often yield lower returns when compared to those dealing with commercial and specialty lines, which pay exponentially more per policy, showcasing the potential for higher earnings based on the business model and focus.
About the Spearfish Market
Salary estimated from South Dakota average ($52,000) adjusted for local cost of living.
Salary Breakdown
| Percentile | Annual | Hourly |
|---|---|---|
| Entry Level (P10) | $34,564 | $16.62 |
| Lower Range (P25) | $46,187 | $22.20 |
| Median (P50)(typical) | $57,412 | $27.60 |
| Upper Range (P75) | $73,488 | $35.33 |
| Top Earners (P90) | $88,988 | $42.79 |
Median Salary Position
11.02% below the national average
2026 Salary Percentile Distribution in Spearfish
In Spearfish, SD, the insurance agent salary spread from the 10th to 90th percentile is $54,424 (2026 est.). At $57,412, the local median is 11.02% below the national median of $64,522.
Salary Calculator
At 40 hours/week in Spearfish: You'd be in the lower-middle range
How Spearfish Insurance Agent Pay Compares
Spearfish median: $57,412/year (2026)
| Compared To | Median Salary | Spearfish Pays |
|---|---|---|
| South Dakota Average | $59,867 | -4.10% less |
| National Average | $64,522 | -11.02% less |
Insurance Agents in Spearfish, SD earn a median of $57,412 per year (2026 est.), which is 11.02% lower than the national median of $64,522 and 4.10% below the South Dakota state average of $59,867.
Cost-of-Living Adjusted Salary
Spearfish has a cost of living 7.20% below the national average, meaning your salary goes further here.
Adjusted salary = nominal × (100 / CoL index). CoL index: 100 = national average.
Spearfish, SD has a cost-of-living index of 92.8 (below the national average of 100). A insurance agent earning $57,412 nominally has purchasing power equivalent to $61,866 in an average-cost city — an effective 7.76% boost.
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2019 BLS Actual
$45,327
2025 BLS Actual
$55,417
2026 Current Est.
$57,412
2019–2027 Growth
+31.2%
Salary Trajectory for Insurance Agents in Spearfish (2019–2027)
2019–2025: actual BLS OEWS data for this metro area. 2026+: CAGR 3.60% projection.
| Year | Annual Salary | Status |
|---|---|---|
| 2019 | $45,327 | Actual |
| 2020 | $46,430 | Actual |
| 2021 | $44,348 | Actual |
| 2022 | $51,484 | Actual |
| 2023 | $52,570 | Actual |
| 2024 | $46,270 | Actual |
| 2025 | $55,417 | Actual |
| 2026(current) | $57,412 | Estimated |
| 2027 | $59,479 | Projected |
Based on 7 years of BLS OEWS data for the Spearfish metropolitan area, the median insurance agent salary grew 22.3% from $45,327 (2019) to $55,417 (2025). At a 3.60% compound annual growth rate, salaries are projected to reach $59,479 by 2027 — a total increase of $14,152 (31.22%) from 2019.
Note: Historical values (2019–2025) are actual BLS OEWS figures for the Spearfish metropolitan area, sourced from annual Occupational Employment and Wage Statistics surveys. 2026–2026 figures are current estimates, and 2027 values are projections, calculated using a 3.60% CAGR derived from 7-year BLS historical data. Actual salaries may vary based on employer, experience, certifications, and local market conditions.
Salary by Experience Level
| Experience | Estimated Salary Range |
|---|---|
| 0-2 years (New Graduate) | $34,564 – $46,187 |
| 3-5 years (Mid Career) | $46,187 – $57,412 |
| 5+ years (Experienced) | $57,412 – $73,488 |
| 10+ years (Top Earner) | $73,488 – $88,988 |
Agent salary ranges estimated from BLS percentile data. Individual insurance agent compensation varies by employer, certifications, and specialization.
Insurance Agent Job Market in Spearfish
At present, the job market in Spearfish supports a small group of 5 insurance agents, underscoring a competitive environment for roles in the insurance sector. The local cost of living index at 92.8 indicates that earning power may stretch further than in areas with a higher index, making potential take-home salaries more significant. When considering employment options, agents may find that captive agencies, like State Farm or Allstate, can provide either stability or limitations compared to independent agencies and large commercial brokerages that support diverse commission pathways. The variance in pay among insurance agents stems from factors such as the size of their book of business, the type of lines serviced, and the agency structure. For those aiming to maximize their compensation, deepening expertise in commercial lines and pursuing opportunities to build an expansive client base could enhance both commissions and long-term financial growth in Spearfish's evolving insurance market.
More salary data for Spearfish, SD:
Frequently Asked Questions
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Written by Jordan Lee, MBA
Career Analyst
Jordan has over 10 years of experience in the insurance industry. He specializes in property and casualty insurance. He has worked in both agency and corporate settings.
Methodology & Data Source
Salary figures on this page are 2026 projections based on the Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) survey, May 2026 release. The BLS reported a median annual salary of $55,417 for insurance agentsin the Spearfish metropolitan area. A 3.60% compound annual growth rate (CAGR), calculated from 6-year national BLS wage trends, was applied to project current 2026 compensation. Percentile ranges (P10–P90) represent the full salary distribution across experience levels and practice settings in this market.
Data Sources & Methodology
Salary data for Spearfish is estimated from official BLS state-level occupational wage data (2025), adjusted for regional cost-of-living differences using BEA RPP (Regional Price Parities).
2026 figures are projected from 2025 BLS data using a compound annual growth rate (CAGR) of 3.60%, derived from historical BLS wage trends for insurance agents (SOC 41-3021).
Compiled and verified by Jordan Lee, MBA, a licensed insurance agent with 10+ years of clinical experience. · View source data at BLS.gov