Builders Patch | HousingCount: South Dakota affordable housing data and latest news
South Dakota
Summary
South Dakota state has a population of 881,785 people (345,779 households), out of which, 32% of the population are renter households. The median household income in the state is $38,662 and the median rent is $695. For every 100 low-income renter households, there are 109 units available that are affordable to them. There is currently no shortage or very minimal shortage of affordable rental units.
- 31.6% share of renter households
- 40.0% share of low-income households
- 35.5% share of rent-burdened households
Renter population data
Renters vs homeowners
| Households | % share |
|---|---|
| Renter households | 109,102 |
| Homeowner households | 236,677 |
| Total households | 345,779 |
Low-income renter households
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income (≤30% AMI) | 12,939 | 11.9% |
| Very low-income (31-50% AMI) | 12,538 | 11.5% |
| Low-income (51-80% AMI) | 18,139 | 16.6% |
| All low-income households (<80% AMI) | 43,616 | 40.0% |
Rent-burdened households
| Share of Income Spent on Rent | Households | % share |
|---|---|---|
| Moderately rent-burdened | 21,812 | 20.0% |
| 30.0–34.9% | 8,900 | 8.2% |
| 35.0–39.9% | 5,372 | 4.9% |
| 40.0-49.9% | 7,540 | 6.9% |
| Severely rent-burdened | 16,964 | 15.5% |
| All rent-burdened households | 38,776 | 35.5% |
Affordable housing shortage
Rent vs median household income
| Year | Median Household Income ($) | Median Rent ($) | Increase (%) |
|---|---|---|---|
| 2010 | 26,152 | 467 | - |
| 2021 | 38,662 | 695 | 47.8% |
Affordable housing stock
| Units | Amount |
|---|---|
| Supply (current stock) | 27,687 |
| Demand (total units needed) | 25,477 |
| Shortage | -2,210 |
| Supply/Demand Ratio | 108.7% |
Finance institutions
South Dakota Housing Development Authority
3060 E Elizabeth Street Pierre, SD 57501-5876
List of loan programs
- Security Deposit Assistance Program
- Bond Financing
- DakotaPlex
- Community Housing Development Program
- Relocation and Displacement
- Neighborhood Stabilization Program
Housing news
How Fed Rate Cuts Impact the Housing Market
Fast Company
Published September 19, 2024
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas.
Housing market won’t come ‘unstuck’ until 2026, economists predict
New York Post
Published June 26, 2024
Full article: Link
Shortage statistics for ELI & VLI renters
| County | Households | % share | Households | % share | Households | % share | Shortage of units | S&D ratio |
|---|---|---|---|---|---|---|---|---|
| Name | Households | % share | Households | % share | Households | % share | Shortage of units | S&D ratio |
| County statistics coming soon... |
Homebuyer’s quandary: to wait or not to wait for lower mortgage rates
The Daily Progress
Published April 14, 2024
Full article: Link
Bipartisan housing policy efforts are gaining traction, but challenges remain
National Mortgage News
Published March 28, 2024
Full article: Link
Why private developers are rejecting government money for affordable housing
The Wall Street Journal
Published March 16, 2024
Full article: Link
Do you rent? You may be more vulnerable to climate-driven disasters
NPR
Published July 31, 2024
Full article: Link
In hospitals, affordable housing gets the long-term investor it needs
The New York Times
Published March 12, 2024
Full article: Link
Housing is now unaffordable for a record half of all U.S. renters, study finds
NPR
Published January 25, 2024
Full article: Link
Black Homeownership is Set to Soar
Newsweek
Published February 21, 2024
Full article: Link
How AI and a changing rental market will shape property management in 2024
Housing Wire
Published January 30, 2024
Full article: Link
HUD, VA announce $14.5M for veterans seeking permanent housing
Housing Wire
Published February 27, 2024
Full article: Link
Greystone expands affordable housing initiatives with initial LIHTC fund
Affordable Housing Finance
Published January 29, 2024
Full article: Link
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts
U.S. Department of Treasury - Press Release
Published June 24, 2024
Full article: Link
Distress in CRE loans on nonowner-occupied properties rises at US banks
S&P Global
Published December 23, 2023
Full article: Link