South Dakota Best Places – A Retirement Guide
Looking for the best places to retire in South Dakota? South Dakota is a great place to retire for many reasons. For starters, it is one of the most tax friendly states of all and has a diversified economy. The cost of living is low. For people who love the outdoors there is always something to do. The population was 858,000 in 2015. Updated Nov. 19, 2016
On the downside there is the long and cold South Dakota winter. Summers are pleasant.
Economy and Housing Prices
The economy is diversified thanks to the many corporations who have moved operations here to take advantage of its zero taxes. Median household income was $50,438 in 2014, almost exactly the U.S. median. State median home price was $175,400 in mid 2016, lower than the national average (Zillow.com). According to the NAR the median price of a home in Sioux Falls was $186,800 in mid 2016. The cost of living in the state was the 35th lowest in 2014 (MERIC).
South Dakota, one of 7 states with no income tax, has one of the country’s lowest tax burdens, 7.1%. The Tax Foundation ranks its tax burden 49th of the 50 states. There is no individual or corporate income tax. It is the #1 best state from a corporate tax viewpoint. There is a 4% sales tax, which is below average. The property tax burden is in the middle of the pack, per capita collections are $1216. South Dakota does not have inheritance or estate taxes. There are certain property tax exemptions for people over 65 with very low incomes.