Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Iowa and South Dakota. Updated for 2026.
Metric
Iowa
South Dakota
Median Home Price
$210K
$295K
Property Tax Rate
1.52%
1.22%
Avg Closing Costs
$2K
$2K
Closing Cost %
1.0%
0.7%
Transfer Tax
0.16%
0.1%
Homeowners Insurance
$1,800/yr
$2,300/yr
First-Time Buyer Program
IFA FirstHome
$2,500 grant
SDHDA First-Time Homebuyer
Fixed-rate FTB loans
Verdict
South Dakota wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Iowa has a lower total cost when combining home price, closing costs, and insurance. Both states offer first-time buyer programs — explore the state pages for full details.