Rapid City Housing Affordability Study
In response to both local and national affordable housing concerns, the John T. Vucurevich Foundation commissioned Benchmark Data Labs (formerly known as the Black Hills Knowledge Network) to conduct a Rapid City Housing Affordability Study to help the Rapid City community understand the local need for affordable housing. Authored by Dr. Jared McEntaffer, Callie Tysdal Schleusner, and Rochelle Zens, the Rapid City Housing Affordability Study was released to the public on June 25, 2018.
According to the report affordable housing is in short supply for low-income households in the Rapid City Market area.
The study found that there is an estimated market shortage of up to 3,490 owner-occupied housing units costing $899 or less per month. The report also found a need for up to 1,459 more rental units with gross rents of $500 or less per month.
Between 2010 and 2016 real median household incomes (i.e. inflation adjusted incomes) in the study area fell by 3.2%, while real median home prices, in contrast, rose by 11.5%. The simultaneous divergence of incomes and housing costs led to increased housing burden families with lower incomes. As evidence of this, the study found that an estimated 4,417 households, or 12% of area households, were forced to pay more than 50% of their incomes towards housing in 2016.
Download the full Rapid City Housing Affordability Study as a PDF below