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Thursday, October 31, 2024

South Dakota ranks 28th in average VA home loan amount in 2023

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With $320,989 in issued loans, South Dakota ranked 28th for the average amount of a VA home loan in 2023, according to figures provided by the Veterans Affairs Home Loans Index.

The VA assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans provided by banks and mortgage companies.

A portion of the loan is guaranteed by the VA, which allows the lender to provide better rates.

Several VA housing programs can help members buy, build or repair their homes. Loan types may include purchase loans, Interest Rate Reduction Refinance Loans (IRRRL), and Adapted Housing Grants, which are geared toward veterans with a service-connected disability.

The following table shows the ranking of states in terms of average VA home loan.

Average VA Home Loan Value, Ranked by State

RankStateAvg. VA Home Loan
1Hawaii$687,161
2District of Columbia$658,758
3California$565,694
4Colorado$480,119
5Washington$476,756
6Utah$473,404
7Maryland$457,182
8Massachusetts$448,520
9Nevada$423,288
10Virginia$417,769
11Oregon$411,495
12Rhode Island$410,982
13Idaho$404,589
14New Hampshire$397,581
15Alaska$393,423
16Arizona$392,394
17New Jersey$389,552
18Montana$384,562
19Florida$376,903
20Texas$365,947
21Delaware$363,050
22Connecticut$350,771
23Tennessee$336,941
24Wyoming$334,391
25Minnesota$327,128
26Georgia$326,395
27South Carolina$325,312
28South Dakota$320,989
29North Carolina$318,597
30Vermont$318,260
31New Mexico$314,846
32New York$313,330
33Maine$306,180
34Nebraska$301,619
35Alabama$300,809
36Pennsylvania$284,140
37North Dakota$282,698
38Wisconsin$281,739
39Illinois$279,542
40Louisiana$270,618
41Mississippi$269,748
42Oklahoma$269,537
43Kentucky$269,357
44Missouri$269,221
45West Virginia$266,363
46Indiana$264,317
47Arkansas$260,897
48Kansas$259,493
49Ohio$257,802
50Michigan$255,987
51Iowa$250,562

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