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Cost of Living in Sioux Falls

Is it better to rent or buy in Sioux Falls? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$80,331
$1,041/mo

Median in area: $1,041

$302,598

Median in area: $302,598

$60,520

If you Rent

🔑
$1,231 /mo
Base Rent$1,041
Est. Utilities$190
% of Income18.4%
Pre-tax Residual$5,463

If you Buy

🏠
$2,226 /mo
P&I (6.913%)$1,596
Taxes & Ins$440
Est. Utilities$190
% of Income33.3%
Pre-tax Residual$4,468

Cost of Living FAQs

Is it cheaper to rent or buy in Sioux Falls?›

Based on median housing data, renting is currently more affordable on a monthly basis in Sioux Falls. The estimated all-in monthly cost for renting is $1,231, while owning a median-priced home with a 20% down payment is roughly $2,226 per month (a difference of $995).

How much do utilities cost in Sioux Falls?›

The average monthly utility cost (electricity and natural gas) for a typical home in Sioux Falls is approximately $190. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Sioux Falls?›

To comfortably afford the median rent and utilities in Sioux Falls without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $49,240 per year.