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The First Time Homebuyer's Guide to Rapid City

Posted by South Dakota Housing Authority on Feb 23, 2017 10:49:29 AM


If you’re on the hunt for your first home in Rapid City, South Dakota Housing Development Authority (SDHDA) has options for your financing. For a head-start on the housing search, here are a few tips for taking advantage of the SDHDA First-Time Homebuyer Program in the Rapid City area. 

Participating Lenders

Finding a lender who provides SDHDA’s First-Time Homebuyer Program loans is step one. There are a variety of Rapid City financial institutions that work with SDHDA to offer these lending options, including:


BankWest, Inc.


Black Hills Community Bank


Dacotah Bank


First Interstate Bank


First National Bank


Gateway Mortgage Group


Great Western Bank


Highmark Federal Credit Union


Pioneer Bank & Trust


Premier Home/Rushmore/Advana Mortgage


U.S. Bank Home Mortgage


Wells Fargo Home Mortgage


Agent Options

A great real estate agent can make all the difference in making your first-time homebuying experience a positive one. Those practicing realty in South Dakota have to be licensed with the Department of Labor and Regulation. With many agents from which to choose in the Rapid City area, double-check that your top picks for potential representatives are currently licensed. Click here to search the real estate agent database.

Neighborhood Choices

Rapid City has no shortage of options when it comes to home square footage, cost and style. It’s a first-time homebuyer’s responsibility to pick the ideal fit. A lot can go into this decision, though, so it’s a good idea to get a grasp of what neighborhood makes the most sense for you and/or your family. Do your research – find out which areas of Rapid City are nearest schools and your workplace and which are safest and most cost-effective. Here are just a few of the options at the highest and lowest ends:

  • Northern Region
    • Average Home Price: $141,684
    • Area Schools: Knollwood Elementary, North Middle, Central High
    • Area Amenities: Outdoor Aquatic Park, Rushmore Mall, Off-Leash Dog Park
  • Eastern Region
    • Average Home Price: $162,296
    • Area Schools: Rapid Valley Elementary, East Middle, Central High
    • Area Amenities: Watiki Indoor Waterpark, Elks Golf Course, Softball Complex
  • Southern Region
    • Average Home Price: $124,678
    • Area Schools: Robbinsdale Elementary, South Middle, Central High
    • Area Amenities: Regional Hospital, Wilson Park, Dinosaur Park
  • Southwestern Region
    • Average Home Price: $301,052
    • Area Schools: Corral Drive Elementary, Southwest Middle, Stevens High
    • Area Amenities: Canyon Lake Park, Reptile Gardens, Arrowhead Country Club, Meadowbrook Golf Course
  • Western Region
    • Average Home Price: $214,216
    • Area Schools: Pinedale Elementary, West Middle, Stevens High
    • Area Amenities: Off-Leash Dog Park, Outdoor Campus, Jackson Disc Golf Course


These guidelines should help you kick off your first-time housing search in the Rapid City region – keep them in mind before you embark on the journey of purchasing your first home in western South Dakota.

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