5 affordable places to live in South Dakota
It can be much more affordable to become an owner in some parts of South Dakota than in others. Here are five places in the state recognized for low cost of living.
1. Sioux Falls
Sioux Falls is not just South Dakota’s most affordable city, it’s also one of the least costly cities in the entire United States. According to Niche, Sioux Falls ranks 35th in all of America. Around 61% of residents of this city own their homes. Niche also pegs Sioux Falls as one of the 10 best cities in the country in which to buy a home. A median home value of $175,100 — just under the national average — is one reason why purchasing here is accessible. The Wild Water West Waterpark and Falls Park ensure locals have access to plenty of outdoor activities. However, Tax-Rates.org says property taxes in Minnehaha County are some of the highest in the U.S. — average taxes come in at 1.42% of assessed fair market value.
Huron has a population of just over 13,000, and ranks fourth for lowest cost of living in the state. It’s also the most diverse place in South Dakota, and one of the top 20 locales for young professionals. Low home prices here make it especially attractive to buyers, with a median value of $89,900. Around 60% of residents own their homes. Beadle County’s property taxes are even costlier than those in Sioux Falls, averaging 1.61% of assessed fair market value.
This town has slightly more residents than Huron — almost 14,000. It’s also the fifth-best place to live in South Dakota, as well as the sixth most diverse place, and the sixth-best place to raise a family. Around 63% of Pierre residents own their homes. Houses here have a median value of $171,000, a bit below the national average. Hughes County property taxes are relatively high, averaging 1.28% of assessed fair market value.
Yankton is the second-largest of the towns on our list, with 14,500 residents. It’s ranked 11th among the best places for young professionals in South Dakota, and holds the same ranking on the lists of best places to live and of diverse locales in the state. It provides residents with plenty of opportunity for fun, as it’s home to Westside Park, Fantle Memorial Park, and the Missouri Recreational River, which forms part of the border of Nebraska and South Dakota. Fifty-eight percent of people own their homes here, and houses have a median value of $140,000. Yankton County property taxes are relatively high, with an average rate of 1.38% of assessed fair market value.
Aberdeen was named 13th-best place in South Dakota, and it’s also one of the more affordable large towns in the state. The majority of residents are owners here, with only 41% renting. Median home values of $149,100 help make becoming an owner affordable, although Brown County has a relatively high average property tax rate of 1.44% of median home value.
Although you can’t choose your location based on price alone, where you buy makes a big difference. Finding the best mortgage rates in South Dakota can also make a big impact on total costs, so be sure to shop carefully when choosing your new home and when choosing which mortgage lender is right for you.
View more information: https://www.fool.com/the-ascent/mortgages/rates/SD/