57703, Rapid City, SD

Home equity is a measure of the value of an owner’s home, minus any outstanding mortgages or other debts on the property. Rapid City has seen a steady increase in home equity over the past several years, as prices have increased faster than average nationwide. In 2017, the median home equity in Rapid City was $217,000. This represents a 157% increase from 2007, when the median home equity was only $92,000.

The reason for this trend is likely due to several factors. First and foremost, Rapid City has seen strong job growth over the past few years. As more people move to town and find jobs here, they are able to afford higher-priced homes and build up their equity over time. Additionally, Rapid City has seen relatively low levels of foreclosure activity over the past few years – which means that there are more homeowners who are able to keep their homes despite difficult economic times. Finally, Rapid City’s housing market has been insulated from some of the larger regional trends – such as rising interest rates or decreased demand for housing – which has helped keep prices stable overall.

While it’s great to see home values increasing in Rapid City over time, there are still some risks associated with owning a home here. For one thing, if interest rates rise again in future years (as they have done in recent history), then homeowners could find themselves struggling to make payments on their mortgages even if their home values haven’t decreased significantly. Additionally, if rapid population growth slows down or stops altogether (which is possible), then prices could start dropping again and many homeowners would likely be forced into foreclosure proceedings. Nevertheless, overall Rapid City appears to be a good place to invest in your home – provided you understand that there are some risks involved!