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Officials seeking affording housing solutions in Black Hills SIANDHARA BONNET, Rapid CIty Journal May 24, 2021 FacebookTwitterEmail RAPID CITY, S.D. (AP) — As the number of houses for sale shrinks and prices climb, many are wondering if affordable housing will become a relic of the past in Rapid City. Tom Johnson, president and CEO of Elevate Rapid City, has some ideas that he believes could help with the problem. “I think it’s no secret to anybody that (housing has) been alive in the last six to nine months and that housing is an issue across the board from affordability to availabili...

View Comments Historically low interest rates, a rush of out-of-state homebuyers, limited inventory and higher construction prices for new homes have made for a frenzied housing market that has put homeownership further out of reach for some South Dakota residents.  The highly competitive housing market is leading to a range of outcomes often seen in coastal states but rarely in South Dakota. First-time homebuyers or those looking for properties at an affordable price have found themselves in bidding wars with others willing to pay $20,000 to $60,000 above list price. Offer prices are being ...

Historically low interest rates, a rush of out-of-state homebuyers, limited inventory and higher construction prices for new homes have made for a frenzied housing market that has put homeownership further out of reach for some South Dakota residents.  The highly competitive housing market is leading to a range of outcomes often seen in coastal states but rarely in South Dakota. First-time homebuyers or those looking for properties at an affordable price have found themselves in bidding wars with others willing to pay $20,000 to $60,000 above list price. Offer prices are being driven up by h...