Total monthly cost of ownership
Cost to Own a Home in South Bend, Indiana
A $125,000 home here costs
$1,172per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $50,000 a year.
A standard mortgage calculator would have told you $692. The real number is $480 higher every month, 69% more than the payment most buyers budget for.
Compare St. Joseph County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
South Bend against St. Joseph County and Indiana
| Measure | South Bend | St. Joseph County |
|---|---|---|
| Median home value | $124,500 | $179,800 |
| Median property tax | $1,235 | $1,559 |
| Effective tax rate | 0.992% | 0.867% |
| Median gross rent | $1,000 | $1,030 |
| Population | 102,866 | 272,574 |
The weather behind that power bill
South Bend sits in St. Joseph County, which averages a high of 82.7°F in its hottest month and a low of 17.0°F in its coldest, with 39.23" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 722 cooling and 6,400 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for St. Joseph County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in St. Joseph County
Full St. Joseph County cost breakdown · Every county in Indiana
Talk to someone who works this market
These are South Bend averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works South Bend every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in South Bend I already own here and may sell
Common questions
How much does it cost to own a home in South Bend?
A $125,000 home in South Bend, Indiana costs approximately $1,172 per month with 20% down at 7.4%. That is $692 principal and interest, $103 property tax, $53 homeowners insurance, $219 utilities and $104 set aside for maintenance.
What is the property tax rate in South Bend?
South Bend has an effective property tax rate of 0.992%, based on a median home value of $124,500 and median real estate taxes of $1,235. That is higher than the St. Joseph County average of 0.867%.
What is the average home price in South Bend?
The median owner-occupied home value in South Bend, Indiana is $124,500, against $179,800 across St. Joseph County.
Is it cheaper to rent or buy in South Bend?
Median gross rent in South Bend is $1,000 a month, against $1,172 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in South Bend?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in South Bend, Indiana at today's rate takes a household income of roughly $50,000 a year. That covers the full $1,172 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for South Bend, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Indiana.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.