The typical owner-occupied home in Colman is worth about $235,800, 8% below the South Dakota median of $257,400 and 29% below the national median of $332,700. Owners pay a median $2,379 a year in property taxes, about 1.01% of their home's value, close to the South Dakota rate of 1.06%. The median household earns $76,146 a year, so the median home costs 3.1 times the median income (3.4 times for South Dakota). 78% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Colman at a glance
| Colman | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $235,800 | $257,400 | $332,700 |
| Median property tax paid per year | $2,379 | $2,724 | $3,119 |
| Property tax as a share of value | 1.01% | 1.06% | 0.94% |
| Median household income | $76,146 | $75,081 | $80,734 |
| Homes lived in by their owners | 78% | 69% | 65% |
| Owner homes with a mortgage | 50% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,500 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 20.1% | 20.4% | 21.0% |
| Median rent | $733 | $946 | $1,413 |
| Rent as a share of renters' income | 19.8% | 25.9% | 30.6% |
| Median year homes were built | 1974 | 1980 | 1980 |
| Vacant homes | 9.7% | 10.5% | 10.1% |
| Population | 948 | 907,428 | 334,922,499 |
What a typical home costs per month in Colman
At this week's average 30-year rate of 7.11%, buying the median Colman home of $235,800 with 20% down costs about $1,566 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,959, 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 $67,102 for the 20%-down payment. That payment is 25% of the median Colman household income of $76,146; at that income and 20% down, the 28% guideline points to a home of about $268,000.
The median rent here is $733 a month, so owning the median home costs about $833 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $47,160 |
|---|---|
| Loan amount | $188,640 |
| Principal and interest | $1,269 |
| Property taxes (1.01% a year) | $198 |
| Homeowners insurance (our estimate, 0.5% a year) | $98 |
| PMI | $0 |
| Total per month | $1,566 |
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| Down payment | $8,253 |
|---|---|
| Loan amount | $231,529 |
| Principal and interest | $1,558 |
| Property taxes (1.01% a year) | $198 |
| Homeowners insurance (our estimate, 0.5% a year) | $98 |
| FHA mortgage insurance | $104 |
| Total per month | $1,959 |
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Questions about home buying in Colman
What is the median home value in Colman?
About $235,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Colman?
Homeowners pay a median $2,379 a year, which is about 1.01% 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 Colman?
For the median home with 20% down at 7.11%, the payment is about $1,566 a month. Keeping that under 28% of gross income takes about $67,102 a year.
More about Colman
- Mortgage Refinance in Colman
- Debt Relief in Colman
- Home Equity Loans in Colman
- 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