The typical owner-occupied home in South Bend is worth about $262,300, 54% below the Washington median of $564,600 and 21% below the national median of $332,700. Owners pay a median $1,685 a year in property taxes, about 0.64% of their home's value, lower than the Washington rate of 0.81%. The median household earns $45,000 a year, so the median home costs 5.8 times the median income (5.8 times for Washington). 64% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
South Bend at a glance
| South Bend | Washington | U.S. | |
|---|---|---|---|
| Median home value | $262,300 | $564,600 | $332,700 |
| Median property tax paid per year | $1,685 | $4,556 | $3,119 |
| Property tax as a share of value | 0.64% | 0.81% | 0.94% |
| Median household income | $45,000 | $98,141 | $80,734 |
| Homes lived in by their owners | 64% | 64% | 65% |
| Owner homes with a mortgage | 58% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $1,310 | $2,445 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 22.2% | 21.0% |
| Median rent | $1,010 | $1,760 | $1,413 |
| Rent as a share of renters' income | 44.8% | 30.0% | 30.6% |
| Median year homes were built | 1966 | 1985 | 1980 |
| Vacant homes | 7.1% | 7.3% | 10.1% |
| Population | 1,869 | 7,816,116 | 334,922,499 |
What a typical home costs per month in South Bend
At this week's average 30-year rate of 7.11%, buying the median South Bend home of $262,300 with 20% down costs about $1,661 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,098, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $71,177 for the 20%-down payment. That payment is 44% of the median South Bend household income of $45,000; at that income and 20% down, the 28% guideline points to a home of about $166,000.
The median rent here is $1,010 a month, so owning the median home costs about $651 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $52,460 |
|---|---|
| Loan amount | $209,840 |
| Principal and interest | $1,412 |
| Property taxes (0.64% a year) | $140 |
| Homeowners insurance (our estimate, 0.5% a year) | $109 |
| PMI | $0 |
| Total per month | $1,661 |
Change the numbers in the calculator
| Down payment | $9,180 |
|---|---|
| Loan amount | $257,549 |
| Principal and interest | $1,733 |
| Property taxes (0.64% a year) | $140 |
| Homeowners insurance (our estimate, 0.5% a year) | $109 |
| FHA mortgage insurance | $116 |
| Total per month | $2,098 |
Change the numbers in the calculator
Questions about home buying in South Bend
What is the median home value in South Bend?
About $262,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in South Bend?
Homeowners pay a median $1,685 a year, which is about 0.64% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in South Bend?
For the median home with 20% down at 7.11%, the payment is about $1,661 a month. Keeping that under 28% of gross income takes about $71,177 a year.
More about South Bend
- Mortgage Refinance in South Bend
- Debt Relief in South Bend
- Home Equity Loans in South Bend
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data