CALCMONEY // HOME AFFORDABILITY // SD // BROOKINGS
How much house can you afford in Brookings? Based on local median home prices, current SD mortgage rates, and Brookings property tax data.
$235,000
$1,562/mo
$66,931/yr
$195,650
Monthly housing costs of $1,562 represent 32.3% of Brookings's median gross monthly income ($4,833/mo). At 32.3%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $235,000 |
| Down Payment (20%) | $47,000 |
| Loan Amount | $188,000 |
| Monthly PI Payment | $1,244 |
| Monthly Property Tax | $219 |
| Monthly Insurance Est. | $98 |
| Total Monthly PITI | $1,562 |
| Housing Cost % of Income | 32.3% |
| Required Income (28% rule) | $66,931/yr |
| Max Affordable Home | $195,650 |
$8,225
$1,979/mo
Brookings Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $235,000 | Brookings city median |
| Down Payment (20%) | $47,000 | Conventional loan |
| Monthly PITI | $1,562 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $66,931 | Annual gross |
| Max Affordable Home | $195,650 | Based on median income |
| FHA Down (3.5%) | $8,225 | Minimum FHA |
| Housing Cost % of Income | 32.3% | Median income: $58,000/yr |
| Property Tax Rate | 1.12% | $2,632/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Brookings is $235,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $188,000, generating a monthly P&I payment of $1,244. Adding property taxes ($219/mo) and homeowners insurance ($98/mo) brings total monthly PITI to $1,562.
Brookings's property tax rate of 1.12% is near the national average, adding a standard increment to monthly housing costs. On the Brookings median home, that is $219/month, or $2,632 per year.
South Dakota has no state income tax, improving effective take-home pay for Brookings residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Brookings's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on Brookings's mortgage rate of 6.95% and property tax rate of 1.12%, that translates to a maximum affordable home price of approximately $195,650 with 20% down on a 30-year loan.
To afford the median Brookings home priced at $235,000, you need an annual gross income of approximately $66,931. Total monthly housing costs (principal and interest of $1,244, property taxes of $219, and insurance of $98) come to $1,562/month, which equals 28% of the required income.
At the median home price of $235,000 and median household income of $58,000, the total monthly housing cost of $1,562 represents 32.3% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Brookings home of $235,000 is $47,000. An FHA loan requires just 3.5% down — $8,225 — but adds mortgage insurance of roughly $161/month, bringing total FHA payments to $1,979/month.
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