Cost of Living in South Bend, IN

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An Overview of Cost of Living in South Bend, IN

Are you thinking about relocating, but curious about the potential cost of living in South Bend? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in South Bend stands at 82, making it 18% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

South Bend housing costs are 40.7% less than the national average, making this area an affordable place to live. Your net income can be heavily impacted by housing expenses, at times exceeding 30%. Fortunately, this area demonstrates that both homeownership and renting costs are significantly more budget-friendly than in the rest of the country. With such favorable housing affordability, South Bend residents can earmark a more manageable portion of their income to housing.

Everyday basics like clothes, personal care items and entertainment factor into your overall living costs. But here's the good news: in South Bend, these things are 13.8% more affordable than the national average. So, you can get what you need and have fun without emptying your wallet. With these savings, you can stash more money in your savings or put it towards other financial goals, ultimately improving your financial health.

Is South Bend Affordable?

Is South Bend affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take South Bend, for instance, where the median home price falls 52% lower than the national average, and monthly rent rates are 14.2% lower than usual. Additionally, median income levels contribute to the equation, with South Bend flaunting a median household income of $42,657, 22.9% lower than the national norm.

What Factors can Influence the Cost of Living in South Bend?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In South Bend, healthcare costs are 12.7% lower than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In South Bend, the transportation index is 10.3% lower than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In South Bend, the utilities index is 1.4% higher than the national average.

Where is the Data From?

The South Bend cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

Most Affordable Places to Live in and Around South Bend

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Median Income & Debt-To-Income Ratio

A good way to judge both the affordability of the housing and the cost of living in South Bend is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. South Bend has a median income of about $54,807 for people who own homes. Based on that number, a maximum of $1,279 should be spent on expenses related to housing. Renters have a slightly different median income, which is $30,806. Based on this average, renters should spend no more than $719 on all rental costs if they want to maintain a non-impoverished standard of living.

Indiana Sales Tax

Indiana Income Tax

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.