# 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 $695. For every 100 low-income renter households, there are 109 units available that are affordable to them. There is currently no shortage or very minimal shortage of affordable rental units. - **31.6%** share of renter households - **40.0%** share of low-income households - **35.5%** share of rent-burdened households ### Renter population data **Renters vs homeowners** | Households | % share | |-----------------------|----------| | Renter households | 109,102 | 31.6% | | Homeowner households | 236,677 | 68.4% | | Total households | 345,779 | 100.0% | **Low-income renter households** | Income Group | Households | % share | |-------------------------------------|------------|----------| | Extremely low-income (≤30% AMI) | 12,939 | 11.9% | | Very low-income (31-50% AMI) | 12,538 | 11.5% | | Low-income (51-80% AMI) | 18,139 | 16.6% | | All low-income households (<80% AMI) | 43,616 | 40.0% | **Rent-burdened households** | Share of Income Spent on Rent | Households | % share | |-------------------------------|------------|----------| | Moderately rent-burdened | 21,812 | 20.0% | | 30.0–34.9% | 8,900 | 8.2% | | 35.0–39.9% | 5,372 | 4.9% | | 40.0-49.9% | 7,540 | 6.9% | | Severely rent-burdened | 16,964 | 15.5% | | All rent-burdened households | 38,776 | 35.5% | ### Affordable housing shortage **Rent vs median household income** | Year | Median Household Income ($) | 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](https://www.sdhousing.org/ready-to-rent/rental-assistance/security-deposit) - [Bond Financing](https://www.sdhousing.org/develop-housing/available-development-programs/bond) - [DakotaPlex](https://www.sdhousing.org/develop-housing/available-development-programs/dakotaplex) - [Community Housing Development Program](https://www.sdhousing.org/develop-housing/available-development-programs/community-housing-development-program) - [Relocation and Displacement](https://www.sdhousing.org/develop-housing/available-development-programs/relocation-and-displacement) - [Neighborhood Stabilization Program](https://www.sdhousing.org/develop-housing/available-development-programs/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. [Full article](https://www.fastcompany.com/91193735/housing-market-what-fed-rate-cuts-will-actually-do?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_nm9nCdKkRNvu6uHb-Oj_MHevbBny0zyg3GmWdJmo6ZfcNZjLMGPZGhD7XXrm6HHPhg_i4) #### Housing market won’t come ‘unstuck’ until 2026, economists predict *New York Post* Published June 26, 2024 **Full article:** [Link](https://nypost.com/2024/06/26/business/housing-market-wont-bounce-back-until-2026-economists-predict-heres-why/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn) ### 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](/content/housingcount/us-states/south-dakota#/index.html) ### Bipartisan housing policy efforts are gaining traction, but challenges remain *National Mortgage News* Published March 28, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Why private developers are rejecting government money for affordable housing *The Wall Street Journal* Published March 16, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Do you rent? You may be more vulnerable to climate-driven disasters *NPR* Published July 31, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### In hospitals, affordable housing gets the long-term investor it needs *The New York Times* Published March 12, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Housing is now unaffordable for a record half of all U.S. renters, study finds *NPR* Published January 25, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Black Homeownership is Set to Soar *Newsweek* Published February 21, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### How AI and a changing rental market will shape property management in 2024 *Housing Wire* Published January 30, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### HUD, VA announce $14.5M for veterans seeking permanent housing *Housing Wire* Published February 27, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Greystone expands affordable housing initiatives with initial LIHTC fund *Affordable Housing Finance* Published January 29, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Treasury Secretary Janet L. Yellen to Announce New Housing Efforts *U.S. Department of Treasury - Press Release* Published June 24, 2024 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html) ### Distress in CRE loans on nonowner-occupied properties rises at US banks *S&P Global* Published December 23, 2023 **Full article:** [Link](/content/housingcount/us-states/south-dakota#/index.html)