How Much House Can You Afford in South Dakota?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With South Dakota's median income of $62,000/year ($5,167/month), that means a maximum housing payment of roughly $1,447/month.
At 6.9% over 30 years with a 10% down payment ($27,500), that monthly budget supports a purchase price of approximately $261,250–$275,000. The median home price in South Dakota is $275,000, which means housing is near the national average.