Mortgage Calculator & Closing Costs: Sioux Falls, SD
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Sioux Falls, South Dakota.
Median Home Price
$295K
Population
193K
Avg Monthly Rent
$1,150
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 Sioux Falls.
Sioux Falls vs South Dakota Median
The median home price in Sioux Falls is $295,000, which is roughly in line with the South Dakota state median of $295,000.
Mortgage Calculator — Sioux Falls, SD
Pre-filled with Sioux Falls median home price and South Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $295K home using South Dakota's 1.22% tax rate and $2,300/yr insurance.
5% Down
$2,426/mo
Down: $14,750
Loan: $280K
P&I: $1,771
Tax: $300
Insurance: $192
PMI: $163
10% Down
$2,325/mo
Down: $29,500
Loan: $266K
P&I: $1,678
Tax: $300
Insurance: $192
PMI: $155
20% Down (No PMI)
$1,983/mo
Down: $59,000
Loan: $236K
P&I: $1,492
Tax: $300
Insurance: $192
Income needed (28% rule): $85K/year with 20% down, $100K/year with 10% down.
Rent vs Buy in Sioux Falls
Rent
$1,150/mo
vs
Buy (10% down)
$2,325/mo
Price-to-rent ratio: 21.4 — At a ratio above 20, renting may be more economical in Sioux Falls for shorter stays. Buying costs $1,175 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 Sioux Falls is $295,000, roughly in line with the South Dakota state median of $295,000. With a population of 192,517, Sioux Falls is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in South Dakota average 1.22% annually. This moderate property tax rate means a $295,000 home in Sioux Falls would carry roughly $300/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 Sioux Falls is $1,150/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.
Sioux Falls presents moderate affordability. The $295K 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 Sioux Falls.