$285,000
Median Home Price
$1,888
All-In Monthly (20% down)
Difficult
Affordability on Avg Income
Full Cost Breakdown — 57101 (Sioux Falls, SD)
Principal & Interest
$1,532/mo
$1,724/mo
Property Tax (1.0%)
$238/mo
$238/mo
Home Insurance (~0.5%)
$119/mo
$119/mo
PMI (if <20% down)
—
$128/mo
Total All-In
$1,888/mo
$2,208/mo
What Salary Do You Need to Buy in 57101?
Using the standard 28% gross income housing rule, you need approximately $80,935/year to comfortably afford the median home in Sioux Falls, SD with 20% down at today's 7.1% rate.
The average household income in Minnehaha County is approximately $65,000/year — which means buying the median home here is difficult for the average family.
Calculate Your Personal Costs for 57101
Enter your actual income, down payment, and credit score for a precise estimate.
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Property Tax in 57101 (Minnehaha County)
Minnehaha County has a property tax rate of approximately 1.0% — near the national average of 1.1%. On a $285,000 home, this equals $238/month or $2,850/year in property taxes.
Property taxes can often be appealed if your assessment seems high. Ownwell specializes in property tax appeals — they only charge if they save you money.
Will a Bank Approve You in Sioux Falls?
Approval depends on your specific profile — credit score, income, existing debts, and down payment. The Bank Rejection Engine shows exactly how 5 different lender types would score your application for a home in 57101.
The part almost nobody publishes free
Prices and rates are widely reported. Whether a lender says yes is not. In the complete 2025 federal record, denial rates across the 100 largest FHA lenders ran from 1.8% to 78.7% — same programme, same year.
And it is not simply who applies where: standardizing on state, loan amount, income, debt-to-income and loan-to-value, applicant mix explains only a 2.7× range in expected outcomes.
CFPB HMDA 2025, computed by FinanceRateCalc. Covers the highest-volume lenders published per market, not all lenders. Historical observations, not predictions. CC BY 4.0, not independently reproduced.
The Denial Dispatch
One finding a week from the federal mortgage record.
One chart, three paragraphs, every Saturday. Measured, not assumed.
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