2003 Comprehensive Annual Financial Report

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Age: 16.1% 18 -24 years of age; 13% 25 -34 years of age; 14.8% 35 -44 years of age; 13.1% 45 -54 years of age; 7.8% 55 -64 years of age; and 13.6% 65 years or older Race: 82.4% White; 11.5% Black/African American;4.7% Hispanic /Latino; I% Asian; and I% Other Marital Status: 59% Married; 18% Widowed/Divorced/Separated; and 23% Single Home Ownership: 78% own; 22% rent Type of Dwelling: 84% single unit; 16% other The cost of living continues to be one of the greatest advantages of living in this community. The housing costs in South Bend are well below the national and regional averages. During the third quarter of 2002, the median sales price for a single family home (per the National and Indiana Association of Realtors) for the nation and the Midwest were $158,300 and $136,000, respectively, compared to South Bend's median price of only $94,600. For the same period, Chicago's median price was $230,200 and Indianapolis stood at $120,400. South Bend's ACCRA cost of living index for the third quarter of 2003 was 97. 1, which was 10.8 %o below the nationwide average. A further breakdown of South Bend's cost of living index for this period was as follows: grocery items - 90.0; housing costs - 97.0; utilities - 108.4; transportation - 93.5; health care 96.9; and miscellaneous goods and services - 97.7. The City of South Bend continues to place high emphasis on a growing and diversified local economy. It has been active in developing ten industrial parks, offering itself as a low -cost alternative to the Chicago metropolitan area to companies engaged in light manufacturing, distribution and services. More than 240 businesses operate in South Bend's industrial parks, including companies engaged in metalworking, plastics, warehousing and distribution, and professional services. The South Bend Community School Corporation serves all of the City and some of the surrounding area and has a current enrollment of approximately 21,477 students in grades kindergarten through high school. An estimated 4,441 students attend private or parochial schools within the City. The ten institutions of higher education and technical training located within the South Bend area have a total enrollment of approximately 28,959. Over the years, the University of Notre Dame has provided a stabilizing influence on the economy with a very significant economic impact upon the community. South Bend has continued to progress in its growth since 1842, when Father Edward Sorin named his rustic log chapel "Notre Dame du Lac" and began to teach the local Indians. Today, the chapel has grown into the University of Notre Dame. In 1852, H.C. Studebaker started the industry of making wagons and horse drawn buggies that evolved into the manufacturing of the Studebaker automobile. It made the name Studebaker synonymous with the area of South Bend. Another industrial firm that would later become the area's largest began in 1923 when Vincent Bendix began manufacturing automotive brakes. In 1929, the company became the Bendix Aviation Corporation, and now, as Honeywell (formerly AlliedSignal Inc.), is a leading manufacturer of automotive and aerospace products. viii