Compare mortgage rates and closing costs for leading lenders in South Dakota. Review free, personalized mortgage rates for South Dakota based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in South Dakota. Plus, shopping lenders is free and there is no obligation.
February 17, 2020
The current average rate for a 30 year fixed rate mortgage in South Dakota is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we offer valuable insights on the housing market and real estate prices in South Dakota. Understand how much you need to make to buy a house in South Dakota, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in South Dakota is affordable for you. We provide this helpful information to help you decide if living in South Dakota is right for you.
The median home value for South Dakota is $173,270
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in South Dakota is $31,184
With this income, you could qualify for a $155,943 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in South Dakota is $722
The median household income for South Dakota is $57,385
Based on this income, you can afford a home valued at approximately $318,853
The home price you can afford to buy based on household income in South Dakota is 184% of the median home value which means housing prices are super affordable. South Dakota ranks 10 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in South Dakota is super affordable