CALCMONEY // HOME AFFORDABILITY // SD
Find out how much home you can afford in South Dakota using local median home prices, current mortgage rates, and SD-specific property tax data.
Open Full Calculator$295,000
$2,008/mo
$197,921
$86,044/yr
| Median Home Price | $295,000 |
| Down Payment (20%) | $59,000 |
| Loan Amount | $236,000 |
| Monthly PI Payment | $1,570 |
| Monthly Property Tax | $315 |
| Monthly Insurance Est. | $123 |
| Total Monthly PITI | $2,008 |
| Required Gross Income (28% rule) | $86,044/yr |
| Max Affordable Price (28% rule) | $197,921 |
$10,325
$2,533/mo
South Dakota Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $295,000 | State median |
| Down Payment (20%) | $59,000 | Conventional |
| Monthly PITI (median home) | $2,008 | 7% rate |
| Required Income (28% rule) | $86,044 | Annual gross |
| Max Affordable Home | $197,921 | Based on median income |
| FHA Down Payment (3.5%) | $10,325 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in South Dakota is $295,000, with a current 30-year fixed mortgage rate of 7%. A buyer putting 20% down on the median home would carry a loan of $236,000, resulting in a monthly principal and interest payment of $1,570. Once property taxes and insurance are added, total monthly housing costs reach $2,008.
Property taxes in South Dakota average 1.28%, near the national average of 1.1%. On the median South Dakota home, property taxes add $315/month to total housing costs.
South Dakota has no state income tax, which increases effective take-home pay relative to higher-tax states and can improve overall buying power for SD residents.
Using the 28% rule, a household earning South Dakota's median income of $63,900/year can afford up to $1,491/month in total housing costs (principal, interest, taxes, and insurance). Based on South Dakota's current mortgage rate of 7% and property tax rate of 1.28%, that translates to a maximum affordable home price of approximately $197,921 with 20% down on a 30-year loan.
To comfortably afford the median South Dakota home priced at $295,000, you need an annual gross income of approximately $86,044. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $1,570, property taxes of $315, and insurance of $123) come to $2,008/month, which should not exceed 28% of your gross monthly income.
South Dakota's average property tax rate is 1.28%, which is above the national average of 1.1%. On the median South Dakota home of $295,000, that means annual property taxes of $3,776, or $315/month. Because lenders include property taxes in your debt-to-income calculation, South Dakota's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median South Dakota home of $295,000, that is $10,325. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($59,000 on the median South Dakota home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no South Dakota-specific minimum down payment requirements beyond federal guidelines.