Mortgage Rates in South Dakota

Home buyers can find the best mortgage rates in South Dakota by comparing the rates and loan terms offered by different kinds of mortgage lenders, including banks, online lenders, and credit unions. Mortgage rates vary by lender, but are also affected by your financial situation, including credit score and how much you want to borrow. That's what makes shopping around so important.

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 country. According to Niche, Sioux Falls ranks 28th in all of America for cities with the lowest cost of living. 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 $189,800 -- a bit under the national average -- is one reason why purchasing here is accessible for many. 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.

2. Huron

Huron has a population of just over 13,000, and ranks fifth 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 $91,900. Just under 60% of residents own their homes. Beadle County's property taxes are even costlier than those in Sioux Falls, however, averaging 1.61% of assessed fair market value.

3. Pierre

This town has slightly more residents than Huron -- almost 14,000. It's also the seventh-best place to live in South Dakota, as well as the seventh most diverse place in the state. Around 65% of Pierre residents own their homes. Houses here have a median value of $175,600, quite a bit below the national average of $217,500. Hughes County property taxes are relatively high, averaging 1.28% of assessed fair market value.

4. Yankton

Yankton is the second-largest of the towns on our list, with about 14,500 residents. It's ranked 16th among the best places for young professionals in South Dakota, and it takes the No. 11 spot for places with the lowest cost of living in the state. Yankton 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. About 59% of people own their homes here, and houses have a median value of $148,700. Yankton County property taxes are relatively high, with an average rate of 1.38% of assessed fair market value.

5. Aberdeen

Aberdeen was named 15th-best place to live 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 43% renting. Median home values of $161,800 help make becoming an owner affordable for many people, 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.