Mortgage for South Dakota (2026)
South Dakota (SD) Key Facts
Median Home Price
$290,000
Average Property Tax Rate
1.28%
Average Home Insurance Rate
0.7%
Estimated Monthly Payment
$2,171
First Time Buyer Programs
2
How This Calculator Works in South Dakota
This mortgage calculator lets you estimate your monthly payment on a South Dakota home by factoring in the purchase price, down payment, interest rate, property taxes, and insurance. It is pre-loaded with South Dakota's average property tax rate and insurance costs so you can get a realistic estimate quickly. Adjust the inputs to match your specific situation and see how different scenarios affect your monthly budget.
South Dakota Overview
South Dakota has a median home price of approximately $290K, with an average property tax rate of 1.28% and homeowners insurance averaging 0.7% annually. No income tax. SDHDA First-Time Homebuyer program and other state programs can help first-time buyers with down payment assistance and competitive mortgage rates.
How South Dakota Compares
Compared to neighboring states, South Dakota's median home price of $290,000 is below the national median of about $420,000. Nearby North Dakota has a median price of $250,000 with a 0.98% property tax rate. Property tax rates vary significantly among neighboring states, which can substantially impact long-term homeownership costs.
| State | Top Rate | Notes |
|---|---|---|
| North Dakota | $250,000 | Median home price is $250,000 with a 0.98% property tax rate. Estimated monthly mortgage payment is about $1,809. |
| Nebraska | $260,000 | Median home price is $260,000 with a 1.73% property tax rate. Estimated monthly mortgage payment is about $2,033. |
| Minnesota | $330,000 | Median home price is $330,000 with a 1.12% property tax rate. Estimated monthly mortgage payment is about $2,399. |
The median home price in South Dakota is $290,000, compared to the national median of approximately $420,000. With a 1.28% average property tax rate and 0.7% insurance rate, South Dakota homeowners can expect an estimated monthly payment of about $2,171 on a median-priced home with 10% down at 6.75% interest.
Tips for South Dakota Residents
- 1South Dakota has a median home price around $290K. No income tax. Research local market conditions as prices vary significantly by city and neighborhood.
- 2Property taxes in South Dakota average 1.28%. Always verify your specific county's tax rate, as it directly impacts your monthly payment.
- 3Explore SDHDA First-Time Homebuyer program for potential down payment assistance and favorable rates. South Dakota also offers SDHDA Fixed Rate Plus DPA. Check income limits and eligibility early in your home search.
- 4No income tax boosts buying power; affordable rural and urban options. Budget 2-5% of the purchase price for closing costs including lender fees, title insurance, and prepaid expenses.
- 5Affordable market with low property taxes. A 0.25% rate difference on a $290K home can save thousands over the life of your loan, so shop at least 3-4 lenders before committing.
Frequently Asked Questions
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