South Dakota is a great state in which to live. It’s tax-friendly, from its comparatively low local taxes and no individual income tax. With all these savings, you can really make your dollar stretch in South Dakota. But this isn’t the only perk of living in this state. South Dakota has plenty of affordable communities in which to live and, with the help of SDHDA, affordable housing to purchase or rent within its borders. One of SDHDA’s primary goals is to ensure that there is plenty of safe and affordable housing in South Dakota.
Read on to learn more about Affordable Housing in South Dakota.
What is Affordable Housing?
Affordable housing gives you flexibility, functionality and freedom. But what constitutes as affordable housing? Housing is generally defined as “affordable” when a family spends no more than 30 percent of its total income to live there. But to whom does affordable housing apply? Anyone in any socioeconomic class? The answer is yes, though often when governmental entities refer to “affordable housing,” they are referring to affordable for families in moderate- or lower-income households.
What are the Benefits?
Affordable housing can benefit much more than your housing situation—it has the possibility to positively affect your whole life. Stable and adequate living provides better opportunities and outcomes for adults and children. Affordable housing can also help you stay closer to your job and cut your commute. Certain affordable housing opportunities can help draw and retain employees in your community. Diverse housing ensures opportunity for all citizens and helps build a stronger community. South Dakota has affordable communities all around the state. Click here and learn more about three of South Dakota’s most affordable communities.
Why Rent vs. Own?
SDHDA has programs to help you find your next residence, whether it’s renting or homeowning. Before you decide which type of home you’re looking for, be sure to do your research and take note of what you can afford. For more advice on renting versus homebuying, you can read our blog. South Dakota is an excellent state. It’s natural beauty, employment opportunities and business-friendly economy make it a prime place to live and work.