Estimated Monthly Payment — Median South Dakota Home
$2,093
Based on $295,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$295,000
Property Tax
1.31%
Avg. HOA
$125/mo
Median Rent
$950/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the South Dakota housing market
South Dakota's housing market is well below the national average, with a median home price around $295,000. Sioux Falls is the largest metro, with Rapid City a close second. South Dakota has no state income tax, and Sioux Falls — a financial-services hub — has seen steady population and price growth. South Dakota's effective property tax rate of 1.31% is above the national average.
The median South Dakota home costs $295,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,523, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,093. First-time buyers in South Dakota can explore programs through South HFA.
Photo by Connor Gan on Unsplash
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FAQ
South Dakota mortgage FAQs
What's the property tax rate in South Dakota?
South Dakota's effective property tax rate averages about 1.31% — above the national average. On a $295,000 home, that's roughly $322/month or $3,864/year.
How much do I need to earn to afford a typical South Dakota home?
Using the 28/36 rule, a buyer would need roughly $78,000–$100,000 in gross annual income to comfortably afford South Dakota's $295,000 median home with 20% down at current rates.
What first-time buyer programs are available in South Dakota?
SDHDA offers the First-Time Homebuyer Program with below-market rates and Down Payment Assistance up to 5% of the loan amount for eligible buyers. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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