Rising home prices & interest rates impacting home ownership

SIOUX FALLS, S.D.(KELO)- The search for a starter home is getting tougher in South Dakota due to rising home prices and interest rates.

The SDSU Ness School of Management and Economics put the spotlight on the problem with its Land and Lending Conference in Sioux Falls.

Keynote speaker Shane Phillips, an author and urban planner in Los Angeles, says rising costs are putting home ownership out of reach for many.

Phillips says the problem will worsen as more people move into the region…especially if interest rates and building costs remain high.