The REAL Cost of Living in Sioux Falls, South Dakota!

one question we get all the time is what is the actual cost of living in sioux falls in the surrounding area so i'm going to break it down for you today [Music] [Music] hi everybody i'm amy stockrigger i'm one of the broker owners of amy stockbroker real estate right here in sioux falls south dakota if this is your first time out to the channel and you want to know everything there is to know about living working breeding playing in the sioux falls area then be sure to hit that subscribe button and click on the beautiful little bell so you can be notified every time we put out a new video we get so many people calling us each and every day about relocating here to our beautiful home sweet sioux falls and we absolutely love it if you're thinking about a move and relocating give us a call send us a text or an email the number and information should be right on the screen below i've helped thousands of families not only relocate to our beautiful slice of heaven here in sioux falls but we also get them integrated into our community [Music] we've done other videos similar to this but this is more of a deep dive of what it costs to live in the sioux falls area if you're out googling information about what it costs to live in sweet falls likely that information is three to five years old so i'm going to give you the most up-to-date latest and greatest on those costs sioux falls is six percent lower than the national average which is heavily related to our friendly tax climate as a reminder we do not have a state income tax or a personal property tax if you're comparing moving to south dakota compared to another state with an income tax make sure you're taking that into effect and working out those numbers so you can see how that's going to benefit your annual bottom line another reason our cost of living is so wildly low is we have affordable housing we have a lot of people coming from the east or the west coast and housing costs are a tremendous deal here in sioux falls compared to the prices they're used to paying in the sioux falls area our average home price is around that 305 thousand that's up in some areas close to 16 from last year the median home price in sioux falls is right around that 262 right now which is up over about 12 to 13 percent from 2020. it's good for you to understand the difference though between the median price of a home and the average price of a home because often that median price of a home is a better indicator of what the actual home prices are in the area so real quick just as a side just so we're all on the same page let's just do a quick breakdown of the definitions of those two meanings median versus average so by definition median means all the houses that's right in the middle so all the houses that have sold the very lowest and the very highest and then that one that's right in the middle so half of the houses have sold underneath that price and half of the houses have sold above that price that gets you that median price average is going to take the total of all the houses that have sold so let's just for easy comparison here say 10 houses have sold in a specific neighborhood in one month it's going to take the prices of those 10 houses and just average them so what happens when you are taking the average price that can spike one way or the other pretty quickly because if you had a house that was really out of proportion and and sold for way higher and or way lower that's going to affect that price whereas that median price is really a good indicator of that middle number a 50 percent sold below that number and 50 sold above that number so it's an incredible time to buy real estate in sioux falls you can live in your home you can make memories in your home and you can make money at the same time without appreciation rate going up to that close to 16 percent in a lot of areas some rough number breakdowns too just if you're doing comparisons um from one area to the other if you take a mortgage payment with about a three hundred thousand dollars and you do 10 down on your mortgage and let's just estimate a 3.5 interest rate that would run you for a principal and interest payment per month anywhere between that fourteen hundred and sixteen hundred dollars a month that's pretty awesome if you take that median price of that 262 that would run you about a thousand dollars a month that's beautiful and if you're in case you're looking for rental or you're renting for a short time here's what you can expect in a two-bedroom apartment where that's going to run you right around 920 a month and our rental market is increasing about as quickly if not even a little bit quicker than our residential real estate that you can purchase and the reason that is is we just had such a boom of people who got into rentals in the summer of 2021 and we saw that our occupancy rates of our multi-family went to close to 100 percent and so our rental market has increased quite a bit um if you're looking for an example of a single-family home to rent a two to three bedroom starts approximately about that sixteen hundred dollars a month so it's still a a decent rent and an affordability it's just finding that space right now we are seeing more options of airbnbs and just some short-term rentals that are furnished so you do have some quality of rental there as well utility costs our utility costs are well below the national average in the city of sioux falls our city is the one who handles our water and our water costs differ between the season you're in so during the summer months if you have a sprinkler system and or if you have a hose hooked up and you're watering your lawn because it gets hot in august and a little bit dry you want to do that your costs are going to be higher because you're spending more money on that water in this in the winter months it's going to be less so anywhere between that 50 to 100 a month is what that water and sewer cost is going to be that 50 is going to be more in the winter months when you're not running that outside sprinkler or that hose as much and that dollars is going to be on average of what you'll spend during those hotter seasons our electricity bills are quite low as well but again electricity is really more based on that user usage so that means what you have hooked up for tvs computers what's pulling power from that house is what's going to affect what that bill is so if you stay at home it's going to be higher if you work at home it's going to be higher but on average electricity bills run around that 110 a month we have a ton of garbage services here and garbage service removal is really really um economical as well recycling of course is included in that and those run right around that 25 a month and then our gas bill so for those of you who have never lived in a four season climate or a winter climate our gas bills are really reasonable as well so during the summer months you won't you're gonna be using that gap unless you have a gas range or if you turn a fireplace on if it gets a little bit chilly which it really does but our gas bills will run anywhere about 25 a month during those summer and those those hotter months and really um on average at about 125 dollars a month if you have a a semi insulated home not a really old home that maybe leaks a lot of air out of the windows and things like that so pretty economical on heating your property too our internet costs are pretty economical around here as well our biggest provider is midco we also have vast we also have centurylink but it runs right around 85 dollars a month groceries so if you're getting groceries a lot for your family the average cost for a family of about four is right around 335 to 400 a month we have great grocery store options here we have hyvee which is one of our biggest retailers here they're fabulous some of their high tea hyvee locations have a restaurant and a bar in them which is fun and then we have a lot of organics and a lot of different ethnic grocery stores for selections as well so we do have a plethora of choices but again those costs are going to be pretty economical they start getting higher of course when you get into more of the organics one thing that we have that's close to a whole foods is a pomegranate and they offer the the same type of product not exactly like whole foods but very close to the same type of products they do have a buffet in there and again just gives you that clean living and a pretty economical cost as well child care is a big one uh child care on average runs about 198 dollars a week for infants through two years old it's right around 188 for three to five and then anywhere between that six year old to 12 year old it runs about 100 during that school year so pretty economical for child care cost of transportation so the majority of adults and kids because you can start driving in south dakota at age 14 with a limited permit but the majority of people own or lease their cars so to touch on our public transportation system our public transportation system is called sam sioux area metro and it provides bus and paratransit services a monthly pass runs about thirty dollars majority people do own here and sioux falls as a place to navigate in our infrastructure it's really super easy we have access to i-90 which is interstate that goes east and west we have access to i-29 which runs north and south really really easy to jump on and off and then we have i-229 that whips us around the city that connects i-29 to i-90 which is awesome and just a little history on sioux falls so in the middle of our city is our two country clubs so what that means then is that you can't drive straight through our city in one artery going east and west so that's why that i-229 came into a really great usage to get us around that city pretty quick and on average it takes anywhere between 12 and 17 minutes to get pretty much anywhere you're going we do have a new highway it was called the 100 it's called now veterans parkway express but that's going to be a highway that connects and does right now connects to i-90 so that brings in a lot of minnesota people which is great for our taxes people from minnesota coming in to shop here because they're one of the biggest shopping areas in between minneapolis and omaha so we have that that comes in on i-90 and it's eventually going to whip us around another big artery to take us around our city because again we can't go through it going to take you around and it's going to hook up to i-29 and then downtown we have the downtown trolley which is a hop-on hop-off a trolley that's in our historic tour it gives you a historic tour of the downtown area it's a fun experience for the whole family riders can get on and off and it's a very minimal cost regarding transportation and owning your car um the gas cost here in our market is right about three dollars and 25 cents which again we all know gas prices do fluctuate but it is quite a bit lower than what we're seeing in our surrounding states a little bit of information about what the costs are in registering your car in the state of south dakota since the majority of people do own their car in the state of south dakota i thought it'd be appropriate to tell you about what it costs to register your car here south dakota state does charge a four percent fee of the price of the car as a motor vehicle excise tax so you pay that within their requirements are within 45 days of the purchase date there's also a title fee that runs another ten dollars and then there's a lien on it another ten dollars for that um they do their licensing fees based upon the weight of the car so on average i drive a tahoe so my tahoe cost is right about 130 based upon the weight of that tahoe a mid-sized car runs right around that 70 to 75 dollars so pretty inexpensive if you have your vehicle titled and licensed from another state you'll be granted reciprocity when you come into south dakota and you don't have to pay an additional tax if your state tax rate is above the south dakota's four percent tax rate so if the the state doesn't have a tax or a lower tax rate then you're going to have to make up that difference and then another good thing for you guys to know is that you will have 90 days from your date of arrival to title and license your vehicle in south dakota gyms we have any type of gym you can think of here in sioux falls we have multiple crossfits fabulous crossfits we have 24-hour fitness gyms we have rock climbing gyms we have a really awesome new rock climbing gym on the east side we have any type of pilates you want we do have orange theory we have real clubs we have hot yoga anything you can think of to stay fit because again south dakotans really do like to stay fit and when it's nice outside we're outside staying fit doing these classes too so if you were to do a 24-hour fitness gym they start at about anywhere between sometimes with promos five dollars to 25 a month hot yoga runs anywhere from about 15 to 20 per class you can do punch cards you can do memberships there for discounted fees as well and then we have a company called great life fitness and golf where you can get access to any of their 20 gyms and 18 golf courses for one membership fee family memberships start at 90 a month they also have partnerships with other recreational companies in town where you can get discounted admissions one being the best ex-throwing establishment rough cut social where members get five dollars off per session and another really fun place that you will love in sioux falls is that new rock climbing place i was talking about frontier climbing and fitness they have a crossfit in there they have just these state-of-the-art climbing walls not only for the the bigger kiddos and adults but they also have a little kids section so check out frontier climbing the information will be below so what does food cost in sioux falls well sioux falls has a very diverse culinary scene with over seven well what does so what does food cost in sioux falls sioux falls has a very diverse culinary scene with over 700 restaurants i've said for years that i sell houses with beautiful kitchens but i promise you nobody cooks in them it seems like everybody is out eating out it's beautiful an average cost for two for supper that includes drinks appy's then something a little bit fancy that's going to be probably around that 60 for two of you so thirty some dollars a plate if you're cool with just going out for two and getting a pizza and having some beer hanging out being low-key that's going to be closer to you can even do both if you for probably like 20 25 to 30 depending on how many beers you have so you'd be hard-pressed in our area not to find on the major national big box stores so from super walmart to target to costco to sam's we have them here so that was our deep dive on what the average costs are for living in the sioux falls area if you have any more questions about that hit the number below or the email we'll get back to you right away for an all-inclusive full service relocation and integration process into the sioux falls area again give us a call show us a text send us an email however you want to get a hold of us we have your back when you're moving into the sioux falls area and if you live here now and you want to continue to build your wealth through real estate or start your well through real estate process hit the number below and we'll walk you through our system centric client focus lifetime home support model until the next video see ya

Channel: LIVING IN SIOUX FALLS: Amy Stockberger Real Estate

Views: 31,404

Keywords: Cost of Living, Living in Sioux Falls, Sioux Falls Real Estate, Sioux Falls Realtor, Sioux Falls, South Dakota, Sioux Falls South Dakota, South Dakota Real Estate, South Dakota Realtor, Sioux Falls Realtors, Top Sioux Falls Realtor, Best Sioux Falls Realtor, Brandon South Dakota, Tea South Dakota, Harrisburg South Dakota, Living in South Dakota, moving to south dakota pros and cons, where to live in sioux falls, how to sell your home in sioux falls, Real estate agent

Id: _o0HrVuZl_U

Length: 15min 18sec (918 seconds)

Published: Sun Dec 19 2021