South Dakota Homeownership Rate Holds Steady As National Rate Dips
South Dakota's homeownership rate has held steady at about 68 percent in recent years, even through the Great Recession in 2008-2009, according to federal data. At the same time, the national homeownership rate has been steadily slipping, a trend that predates the recession.
Nationally, 67.3 percent of United States residents lived in homes they owned in 2006 compared to 63.0 percent in 2015, the most recent year for which federal data is available. For South Dakota, the homeownership rate was 69.2 percent in 2006 and 68.2 percent in 2015. That places the state 13th nationally, behind No. 1 West Virginia (72.3 percent) and No. 50 New York (53.1 percent).
With an average homeownership rate of 71.7 percent from 2011-2015, white South Dakotans are nearly twice as likely to own their homes as Native Americans and Asians, with homeownership rates under 38 percent. During that same time period, blacks had the state's lowest homeownership rate, at 24.4 percent, while Hispanics had a 42.2 percent homeownership rate.
Low income and young South Dakotans were less likely to own their homes than their higher income and older counterparts. Since 2000, homeownership has declined among all income groups except those making more than $75,000 annually, which was 0.1 percent higher in 2015 than it was in 2000. Yet, the statewide homeownership rate has remained exactly the same in 2000 and 2015 -- 68.2 percent.
One possible explanation is that homeownership among those with incomes above $75,000 was down just a tick while the number of South Dakota households in that income range went from 37,424 in 2000 to 112,388 in 2015. At the same time, the number in the below $20,000 category has dropped from 75,652 to 55,027. Here's a look at South Dakota homeownership by income level.
|INCOME LEVEL||2000 RATE||2014 RATE|
|$20,000 to $34,999||62.0%||50.9%|
|$35,000 to $49,999||75.4%||60.2%|
|$50,000 to $74,999||85.5%||75.0%|
|$75,000 or more||90.8%||90.9%|
The downward trend is not as consistent when homeownership rates are evaluated by age groups. The rate for some age groups ticked up while it ticked down for others.
|AGE||2000 RATE||2014 RATE|
|24 & younger||17.8%||17.3%|
|85 & older||54.1%||48.9%|
When evaluating by household type, married couples with no children were the most likely to own their homes in 2015 while single mothers were the least likely. Here are South Dakota's homeownership rates by household type in 2015:
- Married couple with no children – 89.0%
- Married couple with children – 84.5%
- Individual living alone – 50.2%
- Single man with children – 49.1%
- Single woman with children – 38.8 percent