Compare Sioux Falls, SD mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Sioux Falls.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Sioux Falls. Plus, shopping lenders is free and there is no obligation.
May 26, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Sioux Falls. Understand how much you need to earn to afford a home in Sioux Falls, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Sioux Falls fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Sioux Falls is right for you.
The median home value for Sioux Falls, SD (Minnehaha County) is $268,520
Based on current mortgage rates and a 10% down payment, you need to make $43,996 per year to buy the median priced home in Sioux Falls
With this income, you could qualify for a $241,668 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 Sioux Falls is $1,019
The median household income for Sioux Falls, SD (Minnehaha County) is $66,979
Based on this income, you can afford a home valued at approximately $408,795
The home price you can afford to buy based on household income in Sioux Falls is 152% of the median home value which means housing prices are average. Sioux Falls (Minnehaha County) ranks 63 out of 66 counties in South Dakota and 2,562 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Sioux Falls, SD is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Sioux Falls (Minnehaha County) below.
Conforming loan limits for Sioux Falls, SD
FHA loan limits for Sioux Falls, SD
VA loan limits for Sioux Falls, SD