SIOUX FALLS, S.D. (KELO) — Census data from the past two decades shows incomes are not keeping up home values and rent in Sioux Falls.
According to American Community Survey data, in 2000 the median rent in Sioux Falls was $521 a month. In 2017, it went up 50 percent to $781. However, the median income only went up 20 percent.
Meanwhile, the medium home value has nearly doubled in that same time from $101,700 to $193,900. The median income only went up 50 percent.
This issue is even more pronounced with the millennial generation. Fewer are buying homes than years past.
“We’re kind of on that tipping period as not as affordable, so (millennials) are renting longer,” City of Sioux Falls housing manager Chellee Unruh Unruh said. “Does that mean we need to create more rental – maybe? But those are things we are starting to look at now.”
However, the biggest need is the amount of housing for low-income households. The 2016 Thrive Study found there are three times the amount of households as there are units in the price range for a family income below $10,000.