Hopeful homeowners face additional challenges on reservations
This interview originally aired on In the Moment on SDPB Radio.
The combination of inflation and high interest rates is making homeownership more expensive.
The challenges are amplified in reservation communities already short on housing.
Shayna Ferguson is the branch manager of the Lakota Federal Credit Union. She said a mobile home that cost $50,000 five or six years ago can now run as high as $200,000.
However, there are resources available to help, including financial literacy education. Ferguson also said there’s a growing push to develop a sustainable housing market using practices like hiring local contractors.