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Michigan vs South Dakota:
Mortgage & Housing Costs

Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Michigan and South Dakota. Updated for 2026.

MetricMichiganSouth Dakota
Median Home Price$240K$295K
Property Tax Rate1.54%1.22%
Avg Closing Costs$4K$2K
Closing Cost %1.5%0.7%
Transfer Tax0.86%0.1%
Homeowners Insurance$1,800/yr$2,300/yr
First-Time Buyer Program
MSHDA DPA
Up to $7,500 DPA
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, Michigan 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.

Explore Each State

Michigan$240K
1.54% tax · $4K closing · $1,800/yr insurance
South Dakota$295K
1.22% tax · $2K closing · $2,300/yr insurance
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