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 2017 homeownership data, 63.9% of United States residents lived in homes they owned compared to 67.7% in South Dakota. The Rushmore State ranked 19th of states across the nation for homeownership last year. Maine had the highest rate of homeownership in 2017 at 73.2% while New York had the lowest at 53.8%.
Regionally, Minnesota and Iowa were tied for the highest rate of homeowners at 71.6%, followed closely by Wyoming at 70.8%. Nebraska had the fewest homeowners of states surrounding South Dakota at 66.3%
Homeownership across income levels in South Dakota have fluctuated since 2000. The rate of homeownership for households earning less $20,000 was 37.3% in 2017, while on the opposite end of the income spectrum, the rate of homeownership for households with incomes higher than $75,000 was 87.2%.