The typical owner-occupied home in South Dakota is worth about $257,400, 23% below the national median of $332,700. Owners pay a median $2,724 a year in property taxes, about 1.06% of their home's value, higher than the national rate of 0.94%. The median household earns $75,081 a year, so the median home costs 3.4 times the median income (4.1 times for the U.S.). 69% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
South Dakota at a glance
| South Dakota | U.S. | |
|---|---|---|
| Median home value | $257,400 | $332,700 |
| Median property tax paid per year | $2,724 | $3,119 |
| Property tax as a share of value | 1.06% | 0.94% |
| Median household income | $75,081 | $80,734 |
| Homes lived in by their owners | 69% | 65% |
| Owner homes with a mortgage | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 20.4% | 21.0% |
| Median rent | $946 | $1,413 |
| Rent as a share of renters' income | 25.9% | 30.6% |
| Median year homes were built | 1980 | 1980 |
| Vacant homes | 10.5% | 10.1% |
| Population | 907,428 | 334,922,499 |
What a typical home costs per month in South Dakota
At this week's average 30-year rate of 7.11%, buying the median South Dakota home of $257,400 with 20% down costs about $1,720 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,149, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $73,708 for the 20%-down payment. That payment is 27% of the median South Dakota household income of $75,081; at that income and 20% down, the 28% guideline points to a home of about $262,000.
The median rent here is $946 a month, so owning the median home costs about $774 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $51,480 |
|---|---|
| Loan amount | $205,920 |
| Principal and interest | $1,385 |
| Property taxes (1.06% a year) | $227 |
| Homeowners insurance (our estimate, 0.5% a year) | $107 |
| PMI | $0 |
| Total per month | $1,720 |
Change the numbers in the calculator
| Down payment | $9,009 |
|---|---|
| Loan amount | $252,738 |
| Principal and interest | $1,700 |
| Property taxes (1.06% a year) | $227 |
| Homeowners insurance (our estimate, 0.5% a year) | $107 |
| FHA mortgage insurance | $114 |
| Total per month | $2,149 |
Change the numbers in the calculator
Questions about home buying in South Dakota
What is the median home value in South Dakota?
About $257,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in South Dakota?
Homeowners pay a median $2,724 a year, which is about 1.06% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in South Dakota?
For the median home with 20% down at 7.11%, the payment is about $1,720 a month. Keeping that under 28% of gross income takes about $73,708 a year.
More about South Dakota
- Mortgage Refinance in South Dakota
- Debt Relief in South Dakota
- Home Equity Loans in South Dakota
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data