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FY 2025-2029 Five-Year Consolidated Plan City of South Bend, IN <br /> Monthly Rent <br /> Monthly Rent($) Efficiency(no 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom <br /> bedroom) <br /> Fair Market Rent $755 $923 $1,099 $1,397 $1,476 <br /> High HOME Rent $530 $652 $810 $1,047 $1,095 <br /> Low HOME Rent $530 $615 $738 $853 $951 <br /> Table 31—Monthly Rent <br /> Data HUD FMR and HOME Rents <br /> Source: <br /> Is there sufficient housing for households at all income levels? <br /> Need HAMFI data from HUD. <br /> How is affordability of housing likely to change considering changes to home values and/or <br /> rents? <br /> If the value of single family homes continues to rise at its current rate, it will be difficult to provide <br /> affordable housing to South Bend and St. Joseph County's low- and moderate-income populations. The <br /> population of St. Joseph County has risen slowly. The total county population was 257,250 in 2009 and <br /> increased to 258,580 in 2020. While the population has grown steadily, new housing units have not kept <br /> pace with the increase in need.The result is high demand for housing,despite a steady population increase. <br /> How do HOME rents/ Fair Market Rent compare to Area Median Rent? How might this <br /> impact your strategy to produce or preserve affordable housing? <br /> According to Zillow,the median rent for a one-bedroom apartment is$1,021,for a two-bedroom apartment <br /> is$975,and for a three-bedroom apartment is$1,042,and for a four or more-bedroom apartment is$1,412. <br /> The median rent for 1-bedroom apartments in South Bend is 11% greater than the Fair Market Rent. The <br /> median rents for 2-bedroom and 3-bedroom apartments are 11% and 25% less than the Fair Market Rent. <br /> There is more demand for a 1-bedroom apartment, which causes the higher cost than for a two or three <br /> bedroom unit. <br /> Discussion <br /> The cost of housing has increased substantially for both first time homebuyers and renters.Housing is more <br /> affordable in the Cities of South Bend and Mishawaka than in the surrounding County of St.Joseph.While <br /> the County population has grown slightly, there is a need to proactively meet the demand of housing by <br /> providing affordable options for low-and moderate-income households. <br /> OMB Control No:2506-0117(exp.07/31/2025) 97 <br />