Is It Time to Stop Renting and Start Owning?

Renting can offer great flexibility, but that monthly payment could be building equity in a home you own. Our loan officers in Sioux Falls and Brookings are here to help you find out if now is the right time to buy.

Talk to a Loan Officer

Renting vs. buying: What’s the Real Difference?

Renting gives you flexibility, easy to move, no maintenance surprises, no large upfront cost. But renting also means your monthly payment builds no equity and is subject to increases every time your lease renews.

Buying a home means your monthly payment works for you. You build equity over time, lock in a predictable payment (with a fixed-rate loan), and gain the freedom to make the home your own. In South Dakota, where home prices remain more affordable than most U.S. markets, buying often makes strong financial sense sooner than people expect.

RENTING

Flexible, easy to move
No maintenance responsibility
Lower upfront cost
Payment builds no equity
Subject to annual rent increases

OWNING

Builds equity every month
Fixed payment with fixed-rate loan
Freedom to customize your home
Potential tax deductions
Long-term wealth building

the benefits of owning your home in south dakota

It’s your home - customize it any way you choose.

From paint colors and flooring to a backyard deck or a renovated kitchen, you have full control. No landlord approval, no security deposit risk, no restrictions. It’s your space to make your own.

Part of every payment goes toward equity you own.

Unlike rent, your monthly mortgage payment builds ownership. Over time, that equity becomes real financial value, available as a cash-out refinance, a line of credit, or a profit when you sell.

Potential tax advantages that renters don’t get.

Mortgage interest, property taxes, and in some cases closing costs may be tax-deductible. Talk to your tax advisor about what applies to your situation. These deductions can make homeownership even more affordable than it first appears.

A predictable payment you can actually plan around.

A fixed-rate mortgage locks in your principal and interest payment for the life of the loan. No surprise rent increases, no lease renewal negotiations. In South Dakota, where home prices remain well below national averages, that predictability is within reach for more buyers than you might think.

run your numbers

Use Fairway’s free mortgage calculator to estimate what a monthly payment could look like based on your purchase price, down payment, interest rate, and loan term, then compare it to what you’re paying in rent today.