Total monthly cost of ownership
Cost to Own a Home in Sioux Falls, South Dakota
A $271,000 home here costs
$2,312per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $99,000 a year.
A standard mortgage calculator would have told you $1,477. The real number is $835 higher every month, 57% more than the payment most buyers budget for.
Compare Minnehaha County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Sioux Falls against Minnehaha County and South Dakota
| Measure | Sioux Falls | Minnehaha County |
|---|---|---|
| Median home value | $271,400 | $266,600 |
| Median property tax | $3,201 | $3,090 |
| Effective tax rate | 1.179% | 1.159% |
| Median gross rent | $993 | $954 |
| Population | 197,642 | 200,689 |
Sioux Falls extends across 2 counties. Figures here use Minnehaha County, where most of its housing sits.
The weather behind that power bill
Sioux Falls sits in Minnehaha County, which averages a high of 85.3°F in its hottest month and a low of 8.5°F in its coldest, with 27.85" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 847 cooling and 7,248 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Minnehaha County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Minnehaha County
Full Minnehaha County cost breakdown · Every county in South Dakota
Talk to someone who works this market
These are Sioux Falls averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Sioux Falls every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Sioux Falls I already own here and may sell
Common questions
How much does it cost to own a home in Sioux Falls?
A $271,000 home in Sioux Falls, South Dakota costs approximately $2,312 per month with 20% down at 7.24%. That is $1,477 principal and interest, $266 property tax, $124 homeowners insurance, $219 utilities and $226 set aside for maintenance.
What is the property tax rate in Sioux Falls?
Sioux Falls has an effective property tax rate of 1.179%, based on a median home value of $271,400 and median real estate taxes of $3,201. That is higher than the Minnehaha County average of 1.159%.
What is the average home price in Sioux Falls?
The median owner-occupied home value in Sioux Falls, South Dakota is $271,400, against $266,600 across Minnehaha County.
Is it cheaper to rent or buy in Sioux Falls?
Median gross rent in Sioux Falls is $993 a month, against $2,312 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Sioux Falls?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Sioux Falls, South Dakota at today's rate takes a household income of roughly $99,000 a year. That covers the full $2,312 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Sioux Falls, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for South Dakota.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.