57661, Whitehorse, SD

The 57661 zip code of Whitehorse, SD is located in the southwestern part of the state and includes a population of just over 2,000 people. The median household income in this zip code is just under $41,000, which is lower than the statewide median income of $51,046. However, home prices in this zip code are much higher than the statewide median home price of $146,500. In fact, as of September 2017, the median home value in this zip code was $269,900. This high level of home values has led to a high level of homeownership in this zip code: as of September 2017, 87% of households in this zip code were owner-occupied.

One factor that has contributed to these high levels of home values is the low level of unemployment in Whitehorse: as of September 2017, only 4%of workers in this zip code were unemployed. This low levelof unemployment has led to strong demand for homesin Whitehorse and has driven up pricesin the area. In addition to strong demand from buyersand sellers alike,, low interest rates have also helped to drive uphome valuesin Whitehorse. As a result,, homeownership ratesin Whitehorse are amongthe highestin SD County.

Despite these high levelsof home values,, there are some risks associated with owning ahome in Whitehorse,. For example,. as mentioned earlier,. there is ahighlevelof homeownership intheareawhich could leadto increased vulnerabilityto foreclosure proceedings if borrowers cannot repay their mortgages.. Additionally,. while Whitehorseisa relativelysafecommunityby SD standards., crime rates can be higherthan averagein some partsofthearea.. Finally,. althoughthelocaleconomyisstronglysupported by oil and gas production., there may be times whenproduction declinesandthis could leadto job lossesinthelocal economy.. Despitetheserisks,, however,, homeowners whoare interested insidethe 57661 ZIP Codeshouldconsiderpossessingan accurateproperty appraisalandhavinga financialplanningstrategythatincludesa backup planforeconomicdisruption..