Rent to own Homes in Rapid City, SD
Rapid City, the second-largest city in South Dakota, sits where the vast open prairies begin to meet the mountains, grasslands, sagebrush and pine forests of the Old West. It's the hometown of Ellsworth Air Force Base, which played a critical role in American defense throughout the Cold War. Rapid City borders the Black Hills and is just 25 miles away from the Mount Rushmore National Memorial, which is why it is often called the "City of Presidents."
Rapid City, SD is a great place for affordable rent-to-own homes! With a median household income of over $53,760 and a median rent of $855, the Rapid City, SD rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Rapid City, SD. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Rapid City, SD Property Resources
Rent to own Homes in Cities Near Rapid City, SD
Neighborhoods in Rapid City, SD
Downtown Rapid City rent to own homes West Boulevard Histroic District rent to own homes Downtown Historic District rent to own homes Airport Neighborhood rent to own homes Elk Vale Road rent to own homes North Rapid City rent to own homes South Robbinsdale rent to own homes Southeast Connector rent to own homes Us Highway 16 rent to own homes West Rapid City rent to own homesBuying a Home in Rapid City, SD
Rapid City, SD is seeing rapid growth and Rapid City, SD's' housing market remains optimal with an average home price that is -11% below the 2024 national average. Rapid City, SD is part of Pennington county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Pennington is 1.33% which is above the national average, which is 0.99%.
Median Home Price in Rapid City, SD
Median Rent in Rapid City, SD
Top Reasons to Live in Rapid City SD
Housing Statistics The median selling price for Rapid City at the end of July 2013 was $191,900, representing a slight increase of 1.5 percent over the same period last year. The latest average listing price was $285,718. Slightly more than half, or 59.3 percent, of housing units are owner occupied. Houses show a vacancy rate of just 0.9 percent, while apartment vacancies are running at 5.7 percent, making rent to own homes a popular option.
Local Shopping While it's now home to big box stores and supermarkets, Rapid City still serves the same shopping role as a frontier trading post, providing supplies to people in the surrounding area. Shoppers from outlying towns and farms drive in when it's time to stock up. Rushmore Mall has the anchor stores and specialty shops you would expect and a few surprises, like "Trains of America," which operates a scale train to give kids a ride around the inside of the mall. In addition to entertainment and good restaurants, the downtown area has boutique shops selling local items like Native American jewelry and Black Hills Gold.
Arts and Culture Newcomers to Rapid City might be surprised by the vibrant nightlife, numerous art galleries, and quality museums. Art Alley, an actual alley in downtown that has been transformed into a street art gallery, has garnered national attention. A symphony orchestra, dance troupe, and community theater bring everything from great musical performances to Broadway productions. The Apex Gallery, Dahl Arts Center, and Journey Museum each host unique art displays. The latter chronicles the history and geology of the area, going back 2.5 billion years to the formation of the Black Hills. Family Movie Night in downtown is a favorite with the locals, where people get together and watch movies together in open air.
Rapid City Neighborhoods With plenty of shopping, culture, and nature, Rapid City offers itself as an ideal city in which to settle. Described here are a few neighborhoods in the city: