Sioux Falls won’t hit your pocketbook as hard to live in comparison to most other cities across the United States. This is due in large part to a very favorable tax climate, affordable housing, and affordable utility costs. Sioux Falls, South Dakota’s cost of living is 6% lower than the national average. The cost of living in any area can vary based on factors such as your career, its average salary, and the real estate market of that area. In fact, when it comes to the cost of living, Sioux Falls ranks among the most reasonable places to reside. Livability.com goes as far as to say that Sioux Falls “explores what makes small-to-medium sized cities great places to live,” while recently naming Sioux Falls as the #5 best affordable place in America.
In addition to cost of living, South Dakota’s general sales tax is approximately 21% lower than the national average. South Dakota is devoid of personal property tax, inheritance tax and has no corporate income tax, which has led to many businesses relocating or expanding their workforce in Sioux Falls.
Cost of Living South Dakota Sales Tax:
| State | General Sales Tax | With Max Surtax |
| South Dakota | 4% | 6% |
Cost of Living South Dakota Income Tax:
| State | Income Tax (High) | Income Tax (Low) |
| South Dakota | 0% | 0% |
Housing, Utilities & Transportation
When compared to other cities in the region, Sioux Falls’ housing prices rank among the best. Multiple varieties of housing options and styles exist, which of course allow for the accommodation of preference for both lifestyle and budget for cost of living.
| MEDIAN HOME PRICE | MEDIAN RENT
|
ENERGY BILL
|
PHONE BILL
|
GAS
|
TIRE BALANCING |
| $277,947 | $870.69 / month | $186.27 / month | $198.56 / month
|
$2.51 / gallon
|
%38.40 |
Goods and Services:
| HAIRCUT | BEAUTY SALON | TOOTHPASTE | MOVIE | BOWLING | SHAMPOO |
| $16.15 | $30.20 | $2.13 | $9.75 | $15.19 | $1.13 |
Food & Grocery:
Sioux Falls has grocery prices that are about 6% lower than the national average.
| LOAF OF BREAD | GALLON OF MILK
|
EGGS
|
BANANAS
|
HAMBURGER
|
| $3.13 | $1.82
|
$1.70
|
$3.16
|
$3.98
|
Healthcare:
Healthcare in Sioux Falls is about 7% higher than the national average.
| DOCTOR’S VISIT
|
DENTIST VISIT
|
IBUPROFEN | OPTOMETRIST VISIT
|
VETERINARY VISIT
|
LIPITOR |
| $117.91
|
$101.29
|
$9.59 | $110.48
|
$50.23
|
$447.40 |
The numbers are subject to change and are published in October 2020.
Contact us at (605) 718-9820 or schedule a call and let our mortgage experts help you with your home loan.
