Working Together for Housing Development and Ownership in Brookings

A healthy housing sector is critical to any community’s ability to prosper and thrive. With an adequate, well-functioning housing market, an economy can support labor mobility and adapt to changing trends and unexpected circumstances. Brookings, SD, is a community dedicated to ensuring persons of all income means can access an adequate housing supply that is relatively affordable compared to other areas of the country. 

Brookings Economic Development Corporation (BEDC) actively participates in that effort and proudly observes National Homeownership Month this June by recognizing homeownership as a pathway to stability and prosperity. This month-long celebration is a time to recognize the significance of homeownership and its pivotal role in strengthening communities nationwide. BEDC actively pursues housing solutions not only as a way to support homeownership but also to ensure a necessary contribution to the area’s workforce development.

The Importance of Owning a Home

Homeownership has numerous benefits beyond an individual. Homeowners are more likely to participate in community activities, build roots, and attain financial security and wealth. The equity accumulated in a home can be a source of funds for future investments or unexpected expenses.

Homeownership can also improve children's educational outcomes, as stable housing is often associated with better school performance. Additionally, it can have positive health outcomes, as homeowners typically experience lower stress levels and a greater sense of security. NAR, or the National Association of Realtors, researches and analyzes the housing market and its broader effects on the economy. According to NAR calculations, one new job is supported by every two home sales.

Current Housing Resources in Brookings

The median listing home price in Brookings, SD, was $361,900 in April 2024, an increase of 2.8% year-over-year and lower than the national median home price of $432,903. Overall, the housing market in Brookings is stable, and there is a wide variety of housing options today for families, couples, students, young adults, and retirees. Families, individuals and retirees will find historic bungalows, Victorian two-story homes, contemporary lofts, updated amenity-laden apartments, and modern new developments to fit any budget. Peruse home builders, realtors, rental properties and more from our database.

The Future of Brookings’ Housing

Brookings EDC understands homeownership’s profound impact on individuals and communities. As a leading economic development organization, we actively support initiatives that promote an adequate housing supply for all residents by creating affordable housing opportunities and improving local infrastructure, contributing to the overall quality of life. We work closely with local government agencies, financial institutions, and real estate professionals to create a supportive network for prospective homeowners and developers.

Our 2023-2027 City of Brookings Community Economic Development Master Plan outlines goals for housing as a result of a 2022 Brookings County Housing Study commissioned by Brookings County, the City of Brookings, and BEDC. The study indicated the following recommendations are necessary to support the local workforce.

• The City of Brookings should develop roughly 1,346 new housing units, 60% of which are owner-occupied. Roughly 432 units will need to be valued below $200,000 and will likely take assistance to produce them.
• Preservation of existing housing units will need to occur.
• Aurora’s growth should slow its housing growth to a more sustainable pace as the supply of lots starts to diminish.
   

Exciting progress has been made on these recommendations in 2023, with 129 total new housing units created, including 61 single-family homes, three townhouses, 12 duplexes and 114 apartments.

Additionally, the 2023 South Dakota Legislative session resulted in a bill to allocate $200 Million in loans and grants to developing housing infrastructure in the state. One approved application was for the Branch Creek Development in Brookings, consisting of 135 single-family units of a mix of townhouses and duplexes when completed. The total project cost is $5 million, but the grant will cover $1.7 million.

Brookings Focuses on Housing! 

National Homeownership Month is a time to celebrate both the dream of owning a home and the efforts by communities to ensure that possibility exists. Through the efforts of organizations like BEDC, more people can experience the joys and benefits of homeownership. As we commemorate this month, we reaffirm our commitment to building more robust, vibrant communities through sustainable and inclusive homeownership initiatives. Visit BEDC or contact us today to learn how we can help.