South Bend, Indiana Housing Market Prices
South Bend Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 42% below the Indiana median$83,429
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Median rent 2% below the Indiana median$1,045
Housing Market Overview
| Metric | South Bend | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,429 | $142,738 | $248,835 |
| Price Trend (Annual %) | 6.5% | 7.2% | 7.5% |
| Median Gross Rent | $1,045 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in South Bend is about 42% lower than in Indiana. Rent is about 2% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in South Bend, up about 6.5% and 4.7% a year respectively. Home prices are changing faster.
Median rent in South Bend rose about 45.6% between 2015 and 2024, from $718 to $1,045. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in South Bend.
Buying the median-priced home in South Bend costs roughly 6.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in South Bend. The price-to-rent ratio in Indiana is about 11.2.
| Metric | South Bend | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $83,429 | $142,738 | $248,835 |
| Median Household Income | $56,382 | $71,967 | $80,455 |
| Price-to-Income Ratio | 1.5 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in South Bend rose about 61.5%, while median household income rose about 45.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | South Bend | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.0% | 64.4% | 58.5% |
| Rental Rate | 33.4% | 26.9% | 31.2% |
| Vacancy Rate | 13.7% | 8.8% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
South Bend has a homeownership rate of 53.0%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 13.7%, compared with 8.8% in Indiana.
Housing Stock
| Metric | South Bend | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1956 | 1975 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in South Bend was built around 1956. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in South Bend, Indiana.
What is the median home price in South Bend, Indiana?
The median home price in South Bend, Indiana is $83,429, lower than the Indiana average of $142,738.
What is the average home price in South Bend, Indiana?
The typical home price in South Bend, Indiana, reported as the median sale price, is $83,429. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in South Bend, Indiana?
The median gross rent in South Bend, Indiana is $1,045 per month, lower than the Indiana average of $1,062.
What was the median gross rent in South Bend in 2020?
In 2020, the median gross rent in South Bend, Indiana was $828 per month.
What is the price-to-rent ratio in South Bend, Indiana?
The price-to-rent ratio in South Bend, Indiana is about 6.7, meaning it would take roughly 6.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in South Bend.
Are home prices or rent rising faster in South Bend, Indiana?
Both home prices and rent are rising in South Bend, up about 6.5% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in South Bend, Indiana?
53.0% of households in South Bend, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in South Bend, Indiana?
The housing vacancy rate in South Bend, Indiana is 13.7%, higher than the Indiana average of 8.8%.
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