South Dakota Mortgage Calculator
The median home price in South Dakota is $295,000. With a 20% down payment at the state's average 30-year fixed rate of 7.18%, your estimated all-in monthly payment (principal, interest, taxes, and insurance) is approximately $2,021. South Dakota's property tax rate of 1.31% annually is above the U.S. national average of 1.07%.
A buyer earning South Dakota's median household income of $68,000 would dedicate roughly 36% of gross monthly income to housing — moderately stretched by the standard 28% guideline.
Median Home Price
$295,000
Avg 30-yr Rate
7.18%
Property Tax Rate
1.31%/yr
Est. Monthly PITI
$2,021
Mortgage Calculator
Total Monthly Payment
$2,020.83
Loan Amount
$236,000
Total Paid
$575,549
Total Interest
$339,549
How to Get a Mortgage in South Dakota
- 1 Check your credit score. In South Dakota, most conventional lenders require 620+; FHA allows 580+ with 3.5% down.
- 2 Save for your down payment. On a $295,000 South Dakota home, 20% down is $59,000 — avoiding PMI and reducing your monthly payment.
- 3 Get pre-approved from 2–3 lenders. Rates in South Dakota average 7.18%, but shopping lenders often saves 0.25–0.5%.
- 4 Account for closing costs — typically 2–5% of the loan amount, or $7,080–$11,800 on a median South Dakota purchase.
- 5 Budget for ongoing costs: South Dakota property taxes average 1.31%/yr ($3,865/yr on the median home), plus homeowner's insurance averaging $1.200/yr.
Monthly Cost Breakdown — Median South Dakota Home
Excludes HOA fees, PMI (not required with 20% down), and utilities.
South Dakota Mortgage FAQs
What is the average home price in South Dakota?
The median home price in South Dakota is $295,000 (2024 estimate). With a typical 20% down payment of $59,000, a buyer would finance $236,000 at a 30-year fixed rate.
What are property taxes like in South Dakota?
South Dakota has an average effective property tax rate of 1.31% of assessed home value. On a $295,000 home, that's approximately $3,865 per year ($322/month) — above the national average of 1.07%.
How much income do I need to buy a home in South Dakota?
To keep housing costs at or below the recommended 28% of gross monthly income on a median-priced South Dakota home, you'd need to earn roughly $86,605 per year. The state's median household income is $68,000, meaning the typical household allocates about 36% of gross income to housing — moderately stretched.
What is the average mortgage rate in South Dakota?
The average 30-year fixed mortgage rate in South Dakota is approximately 7.18% (2024 average). Rates vary by lender, credit score, loan-to-value ratio, and loan type. Borrowers with credit scores above 740 typically qualify for the best available rates.
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