South Dakota Has Some of the Fastest Growing Home Ownership Rates
Over the past decade, we've seen the highest highs and the lowest lows in our economy.
But despite the uncertainty, more and more South Dakotans are getting into the real estate market and buying a place of their own.
ZeroDown, using data from the U.S. Census Bureau’s Housing Vacancies and Homeownership Survey says the Mount Rushmore State saw the seventh-highest jump in home ownership rates from 2011 to 2021.
As of last year, 71.1 percent of South Dakotans owned their own home, that's up 1.8 percent from 2011 when 69.3 percent of state residents owned their homes.
According to the numbers, the median home price in the state is $236,975 with the median household income sitting at $58,275.
The study credits South Dakota's low cost of living, abundant space, and growing economy to the bump in home ownership rates.
They also cite the state's homestead laws which they call 'family-friendly', allowing residents to protect their homes in the midst of challenging economic circumstances.
In all, South Dakota was one of just 14 states that saw an increase in home ownership rates in the last decade.
STATES WITH BIGGEST INCREASES IN HOME OWNERSHIP (2011-2021)
- Minnesota: +4.3% (75.6%)
- Nevada: +4.2% (60.6%)
- Kansas: +3.9% (69.3%)
- Kentucky: +3.1% (72.2%)
- Hawaii: +2.7% (58.2%)
- Maine: +2.0% (75.9%)
- South Dakota: +1.8% (71.1%)
- Missouri: +1.6% (72.8%)
- Wyoming: +1.0% (72.1%)
- Iowa: +0.9% (72.1%)