CALCMONEY // HOME AFFORDABILITY // IN // SOUTH BEND
How much house can you afford in South Bend? Based on local median home prices, current IN mortgage rates, and South Bend property tax data.
$185,000
$1,194/mo
$51,156/yr
$171,022
Monthly housing costs of $1,194 represent 29.8% of South Bend's median gross monthly income ($4,000/mo). At 29.8%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $185,000 |
| Down Payment (20%) | $37,000 |
| Loan Amount | $148,000 |
| Monthly PI Payment | $975 |
| Monthly Property Tax | $142 |
| Monthly Insurance Est. | $77 |
| Total Monthly PITI | $1,194 |
| Housing Cost % of Income | 29.8% |
| Required Income (28% rule) | $51,156/yr |
| Max Affordable Home | $171,022 |
$6,475
$1,521/mo
South Bend Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $185,000 | South Bend city median |
| Down Payment (20%) | $37,000 | Conventional loan |
| Monthly PITI | $1,194 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $51,156 | Annual gross |
| Max Affordable Home | $171,022 | Based on median income |
| FHA Down (3.5%) | $6,475 | Minimum FHA |
| Housing Cost % of Income | 29.8% | Median income: $48,000/yr |
| Property Tax Rate | 0.92% | $1,702/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in South Bend is $185,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $148,000, generating a monthly P&I payment of $975. Adding property taxes ($142/mo) and homeowners insurance ($77/mo) brings total monthly PITI to $1,194.
South Bend's property tax rate of 0.92% is near the national average, adding a standard increment to monthly housing costs. On the South Bend median home, that is $142/month, or $1,702 per year.
Indiana levies a state income tax, which affects take-home pay and effective buying power. High-income earners in South Bend should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning South Bend's median income of $48,000/year can afford up to $1,120/month in total housing costs. Based on South Bend's mortgage rate of 6.9% and property tax rate of 0.92%, that translates to a maximum affordable home price of approximately $171,022 with 20% down on a 30-year loan.
To afford the median South Bend home priced at $185,000, you need an annual gross income of approximately $51,156. Total monthly housing costs (principal and interest of $975, property taxes of $142, and insurance of $77) come to $1,194/month, which equals 28% of the required income.
At the median home price of $185,000 and median household income of $48,000, the total monthly housing cost of $1,194 represents 29.8% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median South Bend home of $185,000 is $37,000. An FHA loan requires just 3.5% down — $6,475 — but adds mortgage insurance of roughly $126/month, bringing total FHA payments to $1,521/month.
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