Minnesota vs South Dakota: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Minnesota and South Dakota. Updated for 2026.
Metric
Minnesota
South Dakota
Median Home Price
$335K
$295K
Property Tax Rate
1.12%
1.22%
Avg Closing Costs
$5K
$2K
Closing Cost %
1.4%
0.7%
Transfer Tax
0.33%
0.1%
Homeowners Insurance
$2,100/yr
$2,300/yr
First-Time Buyer Program
Minnesota Housing Start Up
Up to $18,000 deferred loan
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. With a median home price of $295K and lower overall costs, South Dakota offers meaningful savings compared to Minnesota. Both states offer first-time buyer programs — explore the state pages for full details.