Mortgage payment estimates, closing cost breakdowns, and homebuying data for Brookings, South Dakota.
Median Home Price
$265K
Population
25K
Avg Monthly Rent
$950
Property Tax Rate
1.22% *
* Property tax shown is the South Dakota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Brookings.
Brookings vs South Dakota Median
The median home price in Brookings is $265,000, which is 10% below the South Dakota state median of $295,000.
Mortgage Calculator — Brookings, SD
Pre-filled with Brookings median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $265K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$2,199/mo
Down: $13,250
Loan: $252K
P&I: $1,591
Tax: $269
Insurance: $192
PMI: $147
10% Down
$2,108/mo
Down: $26,500
Loan: $239K
P&I: $1,507
Tax: $269
Insurance: $192
PMI: $139
20% Down (No PMI)
$1,801/mo
Down: $53,000
Loan: $212K
P&I: $1,340
Tax: $269
Insurance: $192
Income needed (28% rule): $77K/year with 20% down, $90K/year with 10% down.
Rent vs Buy in Brookings
Rent
$950/mo
vs
Buy (10% down)
$2,108/mo
Price-to-rent ratio: 23.2 — At a ratio above 20, renting may be more economical in Brookings for shorter stays. Buying costs $1,158 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Brookings is $265,000, 10% below the South Dakota state median of $295,000. With a population of 24,895, Brookings is a smaller market where home prices tend to be more accessible than in many parts of South Dakota.
Property taxes in South Dakota average 1.22% annually. This moderate property tax rate means a $265,000 home in Brookings would carry roughly $269/month in property taxes. Homeowners insurance in South Dakota runs approximately $2,300 per year. This is within the normal range nationally.
Average rent in Brookings is $950/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Brookings presents moderate affordability. The $265K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Brookings.