Buying a Home in South Dakota: What You Need to Know
If you're considering buying a home in South Dakota, understanding the true cost of homeownership is essential. Beyond your mortgage payment, South Dakota homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses South Dakota-specific data to give you accurate monthly payment estimates.
South Dakota Property Taxes
South Dakota has an effective property tax rate of 0.99%, ranking #17 out of 50 states (where #1 is the highest). On a median-priced home of $320,000, you'd pay approximately $3,168 per year in property taxes, or about $264/month.
South Dakota's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
South Dakota Homeowners Insurance
The average annual homeowners insurance premium in South Dakota is $3,152 for $300,000 in dwelling coverage, or about $263/month.
South Dakota's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
South Dakota Closing Costs
Closing costs in South Dakota average 0.46% of the home's purchase price. On a $320,000 home, that's approximately $1,472. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
South Dakota Housing Market
The median home price in South Dakota is $320,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More South Dakota Mortgage Tools
Use these additional calculators to plan your South Dakota home purchase: