Celebrating National Homeownership Month
By Darla Jones, Rapid City Mortgage Originator, NMLS # #747401
Celebrating National Homeownership Month
By Darla Jones, Rapid City Mortgage Originator, NMLS # #747401
June is National Homeownership Month—a time dedicated to recognizing the importance of homeownership and encouraging more families to achieve this milestone. As a mortgage loan officer at BankWest, I’ve had the privilege of helping countless families navigate their journey to homeownership, and I can tell you firsthand that with the right guidance and preparation, homeownership remains an achievable and rewarding goal.
South Dakota: A Homeowner’s Haven
In South Dakota, we have something truly special - an impressive homeownership rate of 69.3%, meaning that more than two out of every three households own their homes. This is higher than the national average of 65.1%, according to the National Association of Home Builders (NAHB) and US Census Bureau. Our state offers a unique combination of affordability, stability, and quality of life that makes homeownership not just a dream, but an achievable reality for many families.
With a median home price of $328,700 as of recent data, South Dakota remains one of the more affordable states for homebuyers, especially when compared to coastal markets. This affordability, combined with our strong local economy and statewide growing population, creates an environment where homeownership thrives.
The Life-Changing Benefits of Homeownership
After helping a countless number of families transition from renting to owning, I’ve witnessed the transformative power of homeownership firsthand. Let me share with you the key benefits that make this journey so worthwhile:
Building Wealth Through Equity
Every monthly mortgage payment you make is an investment in your future. Unlike rent, which provides no return, your mortgage payments build equity in your property. Over time, as you pay down your loan and your home potentially appreciates in value, you’re literally building wealth with each payment. I’ve seen clients who bought homes five or ten years ago amazed at how much equity they’ve accumulated.
Stability and Control
Homeownership provides a sense of permanence that renting simply cannot match. You have the freedom to paint the walls any color you choose, renovate the kitchen, landscape the yard, or make any improvements that reflect your personal style. More importantly, you don’t have to worry about a landlord deciding not to renew your lease or selling the property that you call home.
Tax Advantages
Homeowners enjoy several tax benefits that can result in significant savings. Mortgage interest, property taxes, and certain home improvements may be tax-deductible, putting more money back in your pocket. These savings can be substantial, especially in the early years of your mortgage when interest payments are highest.
Community Investment
Homeowners tend to be more invested in their communities. When you own your home, you have a vested interest in the neighborhood’s success, property values, and local schools. This often translates into stronger, more vibrant communities where people know their neighbors and work together for common goals.
Protection Against Inflation
While rent typically increases each year, a fixed-rate mortgage payment remains the same throughout the life of the loan. As inflation drives up the cost of living, your housing payment becomes a smaller percentage of your income over time, providing built-in protection against rising costs.
Why South Dakota is Perfect for First-Time Homebuyers
Our state offers unique advantages that make homeownership particularly attractive. South Dakota has no state income tax, which means more money in your pocket to put toward your mortgage payment or savings. The cost of living is generally lower than national averages, making it easier to qualify for a mortgage and maintain homeownership costs.
The recent shift in our housing market also presents opportunities for buyers. With interest rates having stabilized from their recent peaks and home inventory levels showing signs of improvement, we’re seeing a more balanced market that favors serious buyers who are ready to act.
Overcoming Common Homeownership Hurdles
I understand that the path to homeownership can seem daunting, especially for first-time buyers. Many people believe they need a 20% down payment, but that’s simply not true. There are numerous loan programs available for applicants who meet program qualifications, including FHA loans with as little as 3.5% down, VA loans for our veterans with zero down payment requirements, and USDA rural development loans for eligible properties outside major metropolitan areas.
Credit challenges don’t have to be permanent roadblocks either. I work with clients to understand their credit reports, develop strategies to improve their scores, and identify loan programs that work with less-than-perfect credit. Sometimes, what seems like an insurmountable obstacle can be addressed with the right guidance and a solid plan.
For those concerned about closing costs, there are programs and strategies available to help. Some loans allow sellers to contribute toward closing costs, and certain first-time buyer programs offer assistance with down payments and closing expenses.
Your Next Steps Toward Homeownership
If you’ve been thinking about buying a home, National Homeownership Month is the perfect time to take that first step. Start by exploring the process of getting pre-approved for a mortgage to understand exactly what you can afford. This process not only gives you a clear budget for your home search but also shows sellers that you’re a serious buyer in today’s competitive market.
Take advantage of South Dakota’s homeownership-friendly environment and strong community values. Whether you’re looking in Rapid City, or one of our charming smaller communities, there are opportunities waiting for motivated buyers.
Remember, homeownership is more than just a financial transaction—it’s an investment in your future, your family’s stability, and your community’s strength. The pride that comes with having your own home, the security of knowing it’s yours, and the wealth-building potential of real estate ownership are benefits that will serve you for decades to come.
As we celebrate National Homeownership Month this June, I encourage you to explore your options. The dream of homeownership is closer than you might think, and I’m here to help you navigate every step of the journey.
Ready to take the next step? Let’s start a conversation about making your homeownership dreams a reality.
South Dakota: A Homeowner’s Haven
In South Dakota, we have something truly special - an impressive homeownership rate of 69.3%, meaning that more than two out of every three households own their homes. This is higher than the national average of 65.1%, according to the National Association of Home Builders (NAHB) and US Census Bureau. Our state offers a unique combination of affordability, stability, and quality of life that makes homeownership not just a dream, but an achievable reality for many families.
With a median home price of $328,700 as of recent data, South Dakota remains one of the more affordable states for homebuyers, especially when compared to coastal markets. This affordability, combined with our strong local economy and statewide growing population, creates an environment where homeownership thrives.
The Life-Changing Benefits of Homeownership
After helping a countless number of families transition from renting to owning, I’ve witnessed the transformative power of homeownership firsthand. Let me share with you the key benefits that make this journey so worthwhile:
Building Wealth Through Equity
Every monthly mortgage payment you make is an investment in your future. Unlike rent, which provides no return, your mortgage payments build equity in your property. Over time, as you pay down your loan and your home potentially appreciates in value, you’re literally building wealth with each payment. I’ve seen clients who bought homes five or ten years ago amazed at how much equity they’ve accumulated.
Stability and Control
Homeownership provides a sense of permanence that renting simply cannot match. You have the freedom to paint the walls any color you choose, renovate the kitchen, landscape the yard, or make any improvements that reflect your personal style. More importantly, you don’t have to worry about a landlord deciding not to renew your lease or selling the property that you call home.
Tax Advantages
Homeowners enjoy several tax benefits that can result in significant savings. Mortgage interest, property taxes, and certain home improvements may be tax-deductible, putting more money back in your pocket. These savings can be substantial, especially in the early years of your mortgage when interest payments are highest.
Community Investment
Homeowners tend to be more invested in their communities. When you own your home, you have a vested interest in the neighborhood’s success, property values, and local schools. This often translates into stronger, more vibrant communities where people know their neighbors and work together for common goals.
Protection Against Inflation
While rent typically increases each year, a fixed-rate mortgage payment remains the same throughout the life of the loan. As inflation drives up the cost of living, your housing payment becomes a smaller percentage of your income over time, providing built-in protection against rising costs.
Why South Dakota is Perfect for First-Time Homebuyers
Our state offers unique advantages that make homeownership particularly attractive. South Dakota has no state income tax, which means more money in your pocket to put toward your mortgage payment or savings. The cost of living is generally lower than national averages, making it easier to qualify for a mortgage and maintain homeownership costs.
The recent shift in our housing market also presents opportunities for buyers. With interest rates having stabilized from their recent peaks and home inventory levels showing signs of improvement, we’re seeing a more balanced market that favors serious buyers who are ready to act.
Overcoming Common Homeownership Hurdles
I understand that the path to homeownership can seem daunting, especially for first-time buyers. Many people believe they need a 20% down payment, but that’s simply not true. There are numerous loan programs available for applicants who meet program qualifications, including FHA loans with as little as 3.5% down, VA loans for our veterans with zero down payment requirements, and USDA rural development loans for eligible properties outside major metropolitan areas.
Credit challenges don’t have to be permanent roadblocks either. I work with clients to understand their credit reports, develop strategies to improve their scores, and identify loan programs that work with less-than-perfect credit. Sometimes, what seems like an insurmountable obstacle can be addressed with the right guidance and a solid plan.
For those concerned about closing costs, there are programs and strategies available to help. Some loans allow sellers to contribute toward closing costs, and certain first-time buyer programs offer assistance with down payments and closing expenses.
Your Next Steps Toward Homeownership
If you’ve been thinking about buying a home, National Homeownership Month is the perfect time to take that first step. Start by exploring the process of getting pre-approved for a mortgage to understand exactly what you can afford. This process not only gives you a clear budget for your home search but also shows sellers that you’re a serious buyer in today’s competitive market.
Take advantage of South Dakota’s homeownership-friendly environment and strong community values. Whether you’re looking in Rapid City, or one of our charming smaller communities, there are opportunities waiting for motivated buyers.
Remember, homeownership is more than just a financial transaction—it’s an investment in your future, your family’s stability, and your community’s strength. The pride that comes with having your own home, the security of knowing it’s yours, and the wealth-building potential of real estate ownership are benefits that will serve you for decades to come.
As we celebrate National Homeownership Month this June, I encourage you to explore your options. The dream of homeownership is closer than you might think, and I’m here to help you navigate every step of the journey.
Ready to take the next step? Let’s start a conversation about making your homeownership dreams a reality.