It's time to answer one of your questions. What's the job market like in rapid city.
Hi, everybody. I'm Tristan Emond with mindful living Realty, a realtor right here in rapid city, South Dakota. Welcome back to my YouTube channel. We'll talk everything about moving to rapid city and the wonderful things about rapid city and the black Hills. So somewhere along the line, someone decided that we needed to have jobs to make money to live this life.
So we're going to talk about what the job market is like in rapid city and the surrounding area.
well, before we go into those details, let's talk about how your lender. Might look at your job. The first one is your remote workers. You got a job. Doesn't matter where you are. As long as you have internet connection. You're good to go. Lender's going to say no problem. We'll we'll loan on that. Not an issue.
The second type is a job that is similar to what you're doing now. So if you are a nurse. Where you are now, and you come into rapid city and you get a job as a nurse lender will look at that and say, okay, probably not a problem. Just give me a letter of intent from your employer and maybe the first pay stub.
So you should be able to buy a house pretty much right away with that type of job transfer. The third type is when you're changing jobs. So let's say you're a nurse where you are there and you've got a job coming here, hanging sheet rock. Now I just lenders go look at that and say, well, I'm not sure that they're cut out for hanging sheet rock.
Are they going to last for a month or two? And they get fired. So they're going to need to see. Two months, three months, maybe six months worth of work under your belt with that much payment pay stubs to determine whether or not they'll give you that loan. So chances are you'll have to rent first before you can buy.
Before we get that pre-approval letter from the lender. Now, every lender is different. So make sure you talk with your lender and see what they need, but in the case of you changing the type of job that you have, you'll have to confirm with your lender, how that's going to work. And of course, then there's type number four.
My fellow entrepreneurs, those people who have their own business now it's great that you have your own business, but every lender's gonna look at that differently as well. Are they going to consider, well, you're starting up in this new location, so we're going to need to see two months worth of federal tax returns.
Are they going to need to see a profit? So you'll have to check with your lender to see how that works and that scenario, a lot of times, though, they'll need to see that you can make the, make your business work in the newer air that you're in. Now let's get into the job market in the rapid city, in black Hills area.
A few weeks ago, I talked with elevate rapid city, which tracks all the numbers around the black Hills region for these employment numbers elevate rapid city is combination of wrote down. So we wouldn't forget the chamber of commerce, economic development and the rapid city economic foundation, as well as the ascent innovation center.
To begin with. Let's talk about the types of industries in the rapid city and black Hills had area. The first one is agriculture. Now you're not going to see the rows and rows of corn fields and soybean fields. You'll see on the East side of the state, but we do have a lot of cattle and horse ranches and hay fields.
With our amazing black Hills tourism of course, is a huge industry as well. And this includes more than just the summer tourist season to the black Hills for camping, fishing, hiking, et cetera. It also includes such events like the stock show in early February, the home show in March, the powwow and October hunting that starts in the fall.
And of course, winter sports. When the snow starts flying. Another huge industry is healthcare because we've got that 150 mile trade radius. A lot of people come to our area for the medical services that we provide. Monument health is one of the biggest hospitals in the area, and we also have many clinics, medical specialties, dentists and orthodontists.
Another strong industry in our area is the financial sector banks, financial advisors, CPAs insurance agencies. We have a lot of them here. Rounding up. This list is natural resources. And manufacturing from what I've seen, I think we could add very safely construction to this list with all the damage, from the hail of these past years, new housing developments going on and road construction.
I think that if you were involved in the construction industry, finding a job here should not be too difficult. You need to stop and take a moment and talk about tech jobs. Unfortunately, in our area. There haven't been as many tech jobs available as we would. Like, this is an area that the economic development has been working on for the past number of years, fortunately, with the school of mines and technology, Western Dakota vo-tech and black Hill state universities.
These universities are very good at responding to the community and saying, Hey, What do we need? The ascent innovation center is one of these projects. Ascent innovation, provides the space and resources to help start up companies, get their footing and make an impact in our community. All right. Now let's talk about who the top employers in our areas, as you might expect, monument health is the top of the list.
Ellis was the air force base, the post, the number of civilian workers, as well as our military members Black hills energy. Is there a regional electric utility here in the black Hills? They recently built their corporate offers here in rapid city. Just off Highway 16 and have services in a number of neighboring States.
The city of rapid city employs quite a number of people in our area, as well as of course Sam's and Walmart. And as you can imagine with the tourism industry, we have a large segment of hospitality. Employers will tells attractions and restaurants. The last top employer likes to talk about is a company called black Hills works.
This is an amazing company that has provided services to adults with disabilities. For the past 60 years, they provide housing and support. All right. How are you doing? Having fun yet? All right. Well, let's talk about unemployment and wages. So back in March, we had a little bit of a shutdown. Of restaurants and bars, or are going to unemployment rate back in March this year went up to 13.5% Rapid city doing a very good job on recovering that we are now in November about 5.6%.
So we're seeing a very low unemployment rate around the area. As far as the average income is concerned, elevate rapid city. It looks at that as a weekly wage to that that weekly wage is $849 in December of 2020. That works out to about a $44,500 annual salary. Now the time we need to address the elephant in the room.
Now you'll notice pretty quickly that wages rapid city and our area are maybe significantly less than what you're used to in your area. Especially if you come from a major city or along the coast, please take a look at my cost of living in rapid city video, which I will post up here somewhere. That you can take a look at.
It's important that you look at the cost of living comparison calculators, that you could find online, I'll post a couple in the links below. So you can check those out. When I was doing my research with the cost of living video and I was using this calculator, I was noticing that rapid city had a lower cost of living than many metropolitan cities in areas around the country.
Now, this being said affordable housing is an issue. It's something that keeps seeming to go up and up and up as our inventory is low and our buyer demand is high. Getting into a home in rapid city. That is financeable with just a $12 an hour. Job may be very difficult just to give you an idea of home prices.
We're closing on a property this week, 720 square feet. One car garage, move in ready, but the price is $165,000. More than likely to get into three bed, two bath 1800 square foot home. You'll need at least $200,000 to purchase that property. I wish I had an answer for this affordability problem that we're having right now.
Unfortunately, I don't know where that's going to come from. I just did a search today. There's 197 homes for sale in the entire black Hills MLS area. And with the rising prices of materials builders, can't get them built fast enough and those prices are going up and up and up. Add to that the new bomber mission coming to Ellsworth air force base in the next couple of years, I don't see home prices going down anytime soon.
All right. So where should you go to find jobs in the rapid city and black hills area? I'm sure you've already tried indeed.com and LinkedIn. Another more local one is blackhillshelpwanted.com. The most comprehensive one though is probably at the South Dakota department of labor's website. I'll post the link to that dissolve.
This website provides job openings all over the state of South Dakota. But even if you find a job outside of the rap city and black Hills area, whether it's Aberdeen, Watertown, Brookings, Sioux falls, I have people, I can refer you to, to help you with your real estate needs in those areas. Be sure to check out elevate rapid city's website as well.
They have a monthly blog that talk about the job market, the statistics and everything that we talked about in this video, your employment may or may not be the forefront of your decision to move to the black Hills area. I hope the information I provided was enough to guide you in the right direction to find the tools and resources that you were looking for to help you along the way.
Thank you so much for watching this video, please give me a thumbs up and be like, it asks me any questions below in the comments. I'll be sure to make another video like this one based upon comments of people who have asked me questions, have an amazing day to remember.
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