South Dakota Is One of the Top States in America to Own a Home
When it comes to having your own place, South Dakota is a perfect place to do it.
The Mount Rushmore State is in the top ten on Smart Asset's list of Best States for Homeowners, which looks at four key areas:
- Median home price
- One-year home value appreciation rate
- Home value-to-income ratio
- Effective property tax rate
South Dakota is number-nine overall thanks in part to the lowest rate of foreclosure in America.
The state is one of only 15 to see home values increase by 14 percent (14.38%) or more between late 2021 and 2022, rising to a median price of $268,094.
West Virginia grabbed the top spot on the list thanks to the lowest percentage of households that are housing cost-burdened, with those who pay more than 30 percent of their income on housing (14.86%).
The Mountain State also ranks second for both home value-to-household income ratio (2.79) and median annual property taxes ($785).
BEST STATES TO OWN A HOME
- West Virginia
- North Carolina
- South Dakota
Iowa and Minnesota both landed in the bottom half of the rankings.
The Hawkeye State is 27th with a median home price of $181,448 (fifth lowest in America), a one-year home value appreciation rate of 10.16 percent, a 2.66 home value-to-income ratio (lowest in America), and an effective property tax rate of 1.5 percent (10th highest in America).
The North Star State is 38th with a median home price of $311,012, a one-year home value appreciation rate of 7.39 percent (third lowest in America), a 3.67 home value-to-income ratio, and an effective property tax rate of 1.02 percent.
California is the worst state for home ownership with the second-highest home value-to-income ratio (7.63), second-lowest one-year home value appreciation rate (7.12%), and second-highest median home price ($714,604).
WORST STATES TO OWN A HOME
- New York