Quick facts: Tea, SD

Quick Facts

98.4
Cost of Living
below US average
6,918
Population
15.9
Crime Rate per 1000
below US average
$99,153
Median Income
above US average
$369,800
Median House Price
above US average
$1600.76
Average Rent
above US average
6%
Poverty Rate
below US average
2.5%
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 $99,153.

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Income Needed to Buy

βœ— Stretch
$116k/year
Based on $369,800 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $116k vs median $99,153
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Income Needed to Rent

βœ“ Affordable
$69k/year
Based on $1600.76/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($99,153) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Tea, SD

Tea is a small city located in Minnehaha County, South Dakota, just a few miles southeast of Sioux Falls, the largest city in the state. As of the 2020 census, Tea has experienced steady growth, with a population of around 5,000 residents, making it one of the rapidly developing communities in the area. The city's charm lies in its small-town atmosphere combined with convenient access to the urban amenities of Sioux Falls. Tea offers a variety of local parks, recreational facilities, and community events, fostering a strong sense of community among its residents. Schools in the Tea area are part of the Tea Area School District, known for its commitment to educational excellence. Tea is also strategically located near highways, making it an appealing option for commuters who work in Sioux Falls. The city features several shopping options, restaurants, and local businesses, contributing to its growing economy. With its friendly environment, beautiful landscapes, and close-knit community, Tea is an attractive place to live for families and individuals seeking a quieter lifestyle while still being near a major urban center.

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