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Upward Trend For Senior Citizen Homeownership in South Dakota South Dakota Dashboard chart
December 10, 2015

Upward Trend For Senior Citizen Homeownership in South Dakota

More South Dakotans over age 65 have been owning their homes in a trend that appears to not be linked to the Great Recession of 2008-2009, according to recenlty updated federal data

Between 2010 and 2011, homeownership among senior citizens jumped from 72.6 percent to 75.1 percent, and the rate has ticked up each year since to reach 76 percent in 2014 (the most recent year for which data is available). The second-highest rate in recent years was in 2009 at 73.7 percent. 

South Dakota's overall homeownership rate was 68.2 percent, in line with a stable rate that has fluctuated little in recent years.

Reaching 76 percent homeownership puts South Dakota's senior citizens on par with middle-aged adults, where senior citizens have consistently lagged behind South Dakotans ages 35-64 for at least the past decade. Middle-aged South Dakotans hit a recent high homeownership rate of 78.7 percent in 2006.

South Dakotans ages 15-34 posted a homeownership rate of 41 percent in 2014, on par with post-recession rates. However, that age group dropped in 2009 from pre-recession rates of more than 43 percent.

South Dakota ranks 12th nationally and third regionally for homeownership, behind No. 1 West Virginia at 72.2 percent and ahead of No. 50 New York at 53 percent. Here's a look at rates for South Dakota and surrounding states. 

  • Minnesota (No. 2 nationally) -- 71.7 %
  • Iowa (No. 4 nationally) -- 70.9 %
  • South Dakota (No. 12 nationally) -- 68.2 %
  • Wyoming (No. 19 nationally) -- 66.9 %
  • Montana (No. 23 nationally) -- 66.4 %
  • Nebraska (No. 27 nationally) -- 65.9 %
  • North Dakota (No. 37 nationally) -- 63.8 %

Homeownership rates in the Sioux Falls and Rapid City metropolitan areas are nearly equal and barely below the statewide rate, at 67.4 percent in the Rapid City metro area and 67.2 percent in the Sioux Falls metro area. 

High-income South Dakotans are more than twice as likely to own their homes versus low-income South Dakotans. Households with incomes of more than $75,000 have consistently had homeownership rates around 90 percent, while the rate for those with incomes below $20,000 has fluctuated between 35 percent and 40 percent since 2006. In 2000, those with incomes below $20,000 had a homeownership rate of 45 percent.

Homeownership rates for South Dakotans with incomes between $20,000 and $35,000 have hovered just above 50 percent in recent years, with a rate of 53.3 percent in 2014. Before the recession, that income group had homeownership rates of around 60 percent. Post-recession homeownership rates also are down for South Dakotans with incomes between $35,000 and $50,000 and incomes between $50,000 and $75,000. 

For those with incomes between $35,000 and $50,000, at 66.2 percent in 2014, is up from around 61 percent the two previous years but down from pre-recession rates of about 70 percent. At the same time, those with incomes of between $50,000 and $75,000 saw their homeownership rate dip to 74.6 percent after posting rates of about 78 percent for the three previous years and over 80 percent for all but one of the five years before that.

When looking at household types, homeownership varies as well. Married couples in South Dakota are far more likely to own their homes than are single parents. Here's a look at 2014 homeownership rates by household type.

  • Married couples without children -- 87 %
  • Married couples with children -- 82 percent
  • Individuals living alone -- 53 percent
  • Single males with children -- 52 percent
  • Single females with children -- 40 percent

 

 

 

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