The typical owner-occupied home in Tea is worth about $351,100, 36% above the South Dakota median of $257,400 and 6% above the national median of $332,700. Owners pay a median $4,166 a year in property taxes, about 1.19% of their home's value, higher than the South Dakota rate of 1.06%. The median household earns $120,139 a year, so the median home costs 2.9 times the median income (3.4 times for South Dakota). 80% of occupied homes here are lived in by their owners, and 84% of those owners still have a mortgage.
Tea at a glance
| Tea | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $351,100 | $257,400 | $332,700 |
| Median property tax paid per year | $4,166 | $2,724 | $3,119 |
| Property tax as a share of value | 1.19% | 1.06% | 0.94% |
| Median household income | $120,139 | $75,081 | $80,734 |
| Homes lived in by their owners | 80% | 69% | 65% |
| Owner homes with a mortgage | 84% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,993 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 20.4% | 21.0% |
| Median rent | $1,220 | $946 | $1,413 |
| Rent as a share of renters' income | 27.2% | 25.9% | 30.6% |
| Median year homes were built | 2004 | 1980 | 1980 |
| Vacant homes | 7.1% | 10.5% | 10.1% |
| Population | 6,786 | 907,428 | 334,922,499 |
What a typical home costs per month in Tea
At this week's average 30-year rate of 7.11%, buying the median Tea home of $351,100 with 20% down costs about $2,384 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,969, 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 $102,170 for the 20%-down payment. That payment is 24% of the median Tea household income of $120,139; at that income and 20% down, the 28% guideline points to a home of about $413,000.
The median rent here is $1,220 a month, so owning the median home costs about $1,164 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $70,220 |
|---|---|
| Loan amount | $280,880 |
| Principal and interest | $1,890 |
| Property taxes (1.19% a year) | $348 |
| Homeowners insurance (our estimate, 0.5% a year) | $146 |
| PMI | $0 |
| Total per month | $2,384 |
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| Down payment | $12,288 |
|---|---|
| Loan amount | $344,741 |
| Principal and interest | $2,319 |
| Property taxes (1.19% a year) | $348 |
| Homeowners insurance (our estimate, 0.5% a year) | $146 |
| FHA mortgage insurance | $155 |
| Total per month | $2,969 |
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Questions about home buying in Tea
What is the median home value in Tea?
About $351,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Tea?
Homeowners pay a median $4,166 a year, which is about 1.19% 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 Tea?
For the median home with 20% down at 7.11%, the payment is about $2,384 a month. Keeping that under 28% of gross income takes about $102,170 a year.
More about Tea
- Mortgage Refinance in Tea
- Debt Relief in Tea
- Home Equity Loans in Tea
- 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