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FY 2025-2029 Five-Year Consolidated Plan City of South Bend, IN <br /> MA-15 Housing Market Analysis: Cost of Housing - 91.410, 91.210(a) <br /> Introduction <br /> The median value for a single family home in St.Joseph County has increased from$112,500 to$134,800, <br /> according to 2016-2020 ACS estimates. As of August 2024, Realtor.com lists the median sales price in <br /> South Bend at$193,100. The median sales price for a single family home sold in the County was$235,000. <br /> In the City of Mishawaka, the median sales price was $197,200 during the same period. Home values are <br /> rising considerably and there is a need to increase the supply of affordable housing for low-and moderate- <br /> income households. <br /> The median rent has increased by 20.4% in a period of 11 years. This increase has not been consistent <br /> across 11 years. 2017 ACS data approximated a median contract rent of$613. From 2017 to 2020, there <br /> was an increase of 11%in the median contract rent. <br /> Cost of Housing <br /> Base Year: 2009 Most Recent Year: 2020 % Change <br /> Median Home Value $112,500 $134,800 19.8% <br /> Median Contract Rent $564 $679 20.4% <br /> Table 28—Cost of Housing <br /> Data Source: 2000 Census(Base Year),2016-2020 ACS(Most Recent Year) <br /> Rent Paid Number <br /> Less than$500 7,680 23.8% <br /> $500-999 21,310 66.0% <br /> $1,000-1,499 2,362 7.3% <br /> $1,500-1,999 589 1.8% <br /> $2,000 or more 297 0.9% <br /> Total 32,238 99.9% <br /> Table 29-Rent Paid <br /> Data 2016-2020 ACS <br /> Source: <br /> Housing Affordability <br /> Number of Units affordable to Renter O ner <br /> Households earning <br /> 30%HAMFI 2,685 No Data <br /> 50%HAMFI 10,422 7,864 <br /> 80%HAMFI 22,422 19,208 <br /> 100%HAMFI No Data 27,145 <br /> Total 35,529 54,217 <br /> Table 30—Housing Affordability <br /> Data 2016-2020 CHAS <br /> Source: <br /> OMB Control No:2506-0117(exp.07/31/2025) 96 <br />