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Sioux Falls, SD mortgage & affordability calculator

The typical home in Sioux Falls, SD is worth about $330,000. With 20% down that's a loan near $264,000 — the calculator is pre-filled with that figure. South Dakota's lack of a state income tax has drawn a steady stream of remote workers and retirees to Sioux Falls, the state's largest city by a wide margin, and financial-services employers like several major card-processing operations anchor the local job base. Hail is common enough on the plains that homeowners insurance costs more here than the state's near-average property tax rate would suggest.

$1,714.05 / month

Total interest
$353,063
Total paid
$617,063
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$66k$132k$198k$264k0612182430Year

How much you need to earn

Sioux Falls, SD's median household income is about $76,000 a year. Under standard 28/36 lending rules that supports a home price around $254,932 with 20% down — below the $330,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$254,866 max home price

Max loan amount
$188,866
Housing payment budget
$1,773
P&I budget
$1,226
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Sioux Falls, SD is about $1,300 a month, so owning the median home costs roughly $961 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Sioux Falls, SD?
On the metro's roughly $330,000 typical home with 20% down, the loan is about $264,000. Principal and interest run near $1,714 a month at today's rate, and Sioux Falls, SD's property tax plus insurance add about $547, for a full payment near $2,261.
Can I afford a home in Sioux Falls, SD on the median income?
The median household income is about $76,000 a year. Under standard 28/36 lending rules that supports a home price around $254,932 with 20% down — below the $330,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Sioux Falls, SD?
Typical asking rent is about $1,300 a month. The full owner payment on a median home is near $2,261, so owning costs roughly $961 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Sioux Falls, SD?
The effective property tax rate in the core county is about 1.20% of market value — roughly $3,960 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Sioux Falls, SD rising or falling?
Home values are up about 2% over the past year. South Dakota's lack of a state income tax has drawn a steady stream of remote workers and retirees to Sioux Falls, the state's largest city by a wide margin, and financial-services employers like several major card-processing operations anchor the local job base. Hail is common enough on the plains that homeowners insurance costs more here than the state's near-average property tax rate would suggest.

Nearby metros

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