South Bend Home Prices Nearly Double, Widening Affordability Gap for First-Time Buyers
Updated
Updated · WSBT-TV · Oct 8
South Bend Home Prices Nearly Double, Widening Affordability Gap for First-Time Buyers
2 articles · Updated · WSBT-TV · Oct 8
Summary
South Bend’s affordability gap is widening as home prices and ownership costs rise faster than local incomes, putting first-time buyers under the most pressure.
About $10,000 is now often needed for a down payment and closing costs, up from roughly $6,000 to $7,000 when entry-level homes in the city could still be found near $100,000.
Construction costs are also out of line with market values, with city officials saying some homes cost more to build than they will appraise for or sell for.
The city says it added 288 new single-family homes over the past two years — the highest level in about 20 years — and permitted about 230 affordable units through tax-credit developments.
Grants have grown from $8,000 to $20,000 and the city offers counseling and closing-cost aid, but officials and agents say South Bend still needs more homes at prices buyers can afford.