New Mexico vs South Dakota: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Mexico and South Dakota. Updated for 2026.
Metric
New Mexico
South Dakota
Median Home Price
$280K
$295K
Property Tax Rate
0.8%
1.22%
Avg Closing Costs
$4K
$2K
Closing Cost %
1.4%
0.7%
Transfer Tax
None
0.1%
Homeowners Insurance
$1,900/yr
$2,300/yr
First-Time Buyer Program
MFA First Home
FIRSTDown DPA assistance
SDHDA First-Time Homebuyer
Fixed-rate FTB loans
Verdict
New Mexico wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $280K and lower overall costs, New Mexico offers meaningful savings compared to South Dakota. Both states offer first-time buyer programs — explore the state pages for full details.