Quick facts: Colman, SD

Quick Facts

98.4
Cost of Living
below US average
640
Population
3.12
Crime Rate per 1000
below US average
$58,929
Median Income
below US average
$35,000
Median House Price
above US average
$1139
Average Rent
below US average
5%
Poverty Rate
below US average
2.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $58,929.

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Income Needed to Buy

βœ“ Affordable
$11k/year
Based on $35,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($58,929) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$49k/year
Based on $1139/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($58,929) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Colman, SD

Colman is a small yet charming city located in Minnehaha County, South Dakota. It has a tight-knit community with a population of just over 800 residents, making it an ideal place for those who appreciate a slower pace of life. The city is situated approximately 20 miles northwest of Sioux Falls, the largest city in the state, providing easy access to urban amenities while maintaining a rural atmosphere. Colman is known for its strong community spirit and offers several local events throughout the year, including seasonal festivals and community gatherings. The area features local parks and recreational opportunities, ideal for outdoor enthusiasts who enjoy activities such as hiking, fishing, and camping. The city has a mix of agricultural heritage and suburban development, reflecting the broader trends of South Dakota's economy. Colman serves as a great base for individuals who enjoy close-knit communities, with excellent schools and a safe environment. Its proximity to Sioux Falls also means residents can benefit from the larger city's healthcare, education, and entertainment options while returning to the tranquility of small-town life.

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