CALCMONEY // HOME AFFORDABILITY // SD // SIOUX FALLS
How much house can you afford in Sioux Falls? Based on local median home prices, current SD mortgage rates, and Sioux Falls property tax data.
$295,000
$1,965/mo
$84,230/yr
$232,301
Monthly housing costs of $1,965 represent 33.7% of Sioux Falls's median gross monthly income ($5,833/mo). At 33.7%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $295,000 |
| Down Payment (20%) | $59,000 |
| Loan Amount | $236,000 |
| Monthly PI Payment | $1,562 |
| Monthly Property Tax | $280 |
| Monthly Insurance Est. | $123 |
| Total Monthly PITI | $1,965 |
| Housing Cost % of Income | 33.7% |
| Required Income (28% rule) | $84,230/yr |
| Max Affordable Home | $232,301 |
$10,325
$2,489/mo
Sioux Falls Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $295,000 | Sioux Falls city median |
| Down Payment (20%) | $59,000 | Conventional loan |
| Monthly PITI | $1,965 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $84,230 | Annual gross |
| Max Affordable Home | $232,301 | Based on median income |
| FHA Down (3.5%) | $10,325 | Minimum FHA |
| Housing Cost % of Income | 33.7% | Median income: $70,000/yr |
| Property Tax Rate | 1.14% | $3,363/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Sioux Falls is $295,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $236,000, generating a monthly P&I payment of $1,562. Adding property taxes ($280/mo) and homeowners insurance ($123/mo) brings total monthly PITI to $1,965.
Sioux Falls's property tax rate of 1.14% is near the national average, adding a standard increment to monthly housing costs. On the Sioux Falls median home, that is $280/month, or $3,363 per year.
South Dakota has no state income tax, improving effective take-home pay for Sioux Falls residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Sioux Falls's median income of $70,000/year can afford up to $1,633/month in total housing costs. Based on Sioux Falls's mortgage rate of 6.95% and property tax rate of 1.14%, that translates to a maximum affordable home price of approximately $232,301 with 20% down on a 30-year loan.
To afford the median Sioux Falls home priced at $295,000, you need an annual gross income of approximately $84,230. Total monthly housing costs (principal and interest of $1,562, property taxes of $280, and insurance of $123) come to $1,965/month, which equals 28% of the required income.
At the median home price of $295,000 and median household income of $70,000, the total monthly housing cost of $1,965 represents 33.7% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Sioux Falls home of $295,000 is $59,000. An FHA loan requires just 3.5% down — $10,325 — but adds mortgage insurance of roughly $202/month, bringing total FHA payments to $2,489/month.
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