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Homeownership

South Dakota Homeownership Rate Holds Steady As National Rate Dips

South Dakota's homeownership rate has held steady at roughly 68% in recent years, even through the Great Recession in 2007-09, according to federal data.The national homeownership rate, however, dropped precipitously following the 2007-09 recession, but has stabilized around 63% over the past three years.

According to 2016 homeownership data, 63.1% of United States residents lived in homes they owned compared to 67.2% in South Dakota. The Rushmore State ranked 19th of states across the nation for homeownership last year. West Virginia had the highest rate of homeownership in 2016 at 72.4% while New York had the lowest at 53.3%.

Regionally, Minnesota had the highest rate of homeowners at 71.3%, followed closely by Iowa at 70.3%. Nebraska had the fewest homeowners of states surrounding South Dakota at 65.3%.

With an average homeownership rate of 71.7% from 2011-2015, white South Dakotans were nearly twice as likely to own their homes as Native Americans and Asians, who had homeownership rates under 38%. During that same time period, blacks had the state's lowest homeownership rate, at 24.4%, while Hispanics had a 42.2% homeownership rate.

Homeownership across income levels in South Dakota has fluctuated since 2000. The rate of homeownership for households earning less $20,000 was 10 percentage points lower in 2016 than it was in 2000, and just over two points lower than in 2010. Additionally, the total number of households earning less than $20,000 annually has dropped from 75,652 in 2000 to 52,840 in 2016.

Conversely, the total number of households with incomes between $50,000-$74,999, as well as those earning more than $75,000 increased from 2000 to 2016. The total number of households with incomes over $75,000 rose from 37,424 in 2000 to 114,265 in 2016. The number of households with incomes between $50,000 and $74,999 grew from 53,864 in 2000 to 66,975 in 2016.  The group of households earning more than $75,000 maintained a steady rate of homeownership around 90% during the 2000 to 2016 period. However, the homeownership rate for the $50,000-$74,999 group dropped from 85.5% in 2000 to 72.2% in 2016.

 INCOME LEVEL  2000 RATE 2010 RATE 2016 RATE 
 Below $20,000  44.9% 36.8%  37.8%
$20,000 to $34,999   62.0% 56.8%  50.9%
 $35,000 to $49,999  75.4% 65.1%  60.2%
$50,000 to $74,999  85.5% 81.6%  75.0%
$75,000 or more  90.8% 90.7%  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  2016 RATE 
 24 & younger  17.8%  19.6%
 25-34  53.3%  47.8%
 35-44  72.1%  71.1%
45-54 79.0% 75.4%
55-64 81.6% 77.5%
65-74 80.9% 80.0%
75-84 70.1% 73.4%
85 & older 54.1% 50.6%

When evaluating by household type, married couples with no children were the most likely to own their homes in 2016 while single mothers were the least likely. Here are South Dakota's homeownership rates by household type in 2016: 

  • Married couple with no children – 88.5%
  • Married couple with children – 81.6%
  • Individual living alone – 49.2%
  • Single man with children – 50.1%
  • Single woman with children – 42.1%

 

 

 

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