Home Affordability in Sioux Falls, SD
The median home price in Sioux Falls is $290,000 with a median household income of $62,350. Housing is moderately affordable relative to local incomes.
Median Home Price
$290,000
Median Income
$62,350
Price-to-Income Ratio
4.7x
Est. Affordable Home
$242,000
Property Tax Rate
1.24%
Annual Property Tax
$3,596
Sales Tax Rate
6.50%
Cost of Living Index
92
Buying a Home in Sioux Falls
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $62,350 in Sioux Falls can afford a monthly housing payment of approximately $1,455. This translates to a home price of roughly $242,000, which is below the median home price of $290,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Sioux Falls would be approximately $3,596 per year ($300/month) at the effective rate of 1.24%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $8,700 | $281,300 | Yes |
| 5% | $14,500 | $275,500 | Yes |
| 10% | $29,000 | $261,000 | Yes |
| 20% | $58,000 | $232,000 | No |
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