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  5. /Downtown South Bend, Fort Wayne, IN - 46802

Downtown South Bend, Fort Wayne, IN—46802

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$142,000
2.3% YoY Growth
Household Income
$40,900
18.0% YoY Growth
Days on Market
74
33.0% Longer YoY
Home Price Forecast
3.7%
Median Rent
$1,100
29.8% YoY Growth
1-Bed Rent
$895
34.0% YoY Growth
2-Bed Rent
$1,400
46.6% YoY Growth
3-Bed Rent
$1,700
36.4% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Downtown South Bend, Fort Wayne, IN

As of May '26, the median home price in Downtown South Bend, Fort Wayne, IN is $142,000, with a year-over-year change of -2.3%. This indicates that home prices in Downtown South Bend, Fort Wayne, IN are decreasing. According to Zillow, the 1-year price projection is 3.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$142,000-2.3%
Single Family $136,000-1.4%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $128,000
    -3.0%
    2 Bed
    		$110,000-1.8%
    3 Bed
    		$140,000-2.1%
    4 Bed
    		$187,000-2.1%
    5 Bed $329,901-4.9%
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    % of Housing Stock

    Studio
    8.1%
    1 Bedroom
    33.5%
    2 Bedrooms
    21.2%
    3 Bedrooms
    24.7%
    4 Bedrooms
    7.6%
    5+ Bedrooms
    5.0%

    Rental Trends — Downtown South Bend, Fort Wayne, IN

    As of July '25, Rentcast reports the average rent in Downtown South Bend, Fort Wayne, IN is $1,350, with a year-over-year rent change of 29.8%. Per bedroom, the median rent as of July '25 in Downtown South Bend, Fort Wayne, IN is studios: $649, 1-bedrooms: $1,150, 2-bedrooms: $1,510, 3-bedrooms: $1,760, 4-bedrooms: $1,350. The most common rental property sizes in Downtown South Bend, Fort Wayne, IN are 1-bedroom and 2-bedroom, accounting for 46.9% and 24.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,100$1,350
    Studio Rent $625$649
    1 Bed Rent $895$1,150
    2 Bed Rent $1,400$1,510
    3 Bed Rent $1,700$1,760
    4 Bed Rent $1,350$1,350
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    % of Rental Stock

    Studio
    10.6%
    1 Bedroom
    46.9%
    2 Bedrooms
    24.7%
    3 Bedrooms
    10.2%
    4 Bedrooms
    6.5%
    5+ Bedrooms
    1.1%

    Property Listings — Downtown South Bend, Fort Wayne, IN

    As of May '26, Realtor.com reports that the median days on market for a home in Downtown South Bend, Fort Wayne, IN is 74. This is a increase of 33.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$360,00033.0%
    Listing Count
    		379.0%
    Listings as % of Homes0.3%9.0%
    Days on Market
    		7433.0%
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    Demographics — Downtown South Bend, Fort Wayne, IN

    As of the latest ACS Survey released in 2023, Downtown South Bend, Fort Wayne, IN has a population of 10,400, which has increased by 1.2% over the past 5 years. Downtown South Bend, Fort Wayne, IN is a moderately popular place for families, as children make up 19.1% of the population. The area has a poorly educated workforce, with 23.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.9% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		10,4001.2%
    % Under 18
    		19.1%-8.2%
    % Seniors
    		8.5%-17.5%
    % WFH
    		8.9%81.6%
    % w/ College Degree
    		23.5%-3.3%
    Loading chart...

    As of the latest ACS Survey released in 2023, Downtown South Bend, Fort Wayne, IN is a predominantly white area, with 63.7% of the population identifying as white. The white population has grown by 8.9% in the last 5 years. The second most common race or ethnicity in Downtown South Bend, Fort Wayne, IN is black, making up 16.4% of the population. Foreign-born residents account for 6.1% of the population in Downtown South Bend, Fort Wayne, IN, and this percentage has decreased by 26.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		63.7%8.9%
    % Black
    		16.4%-4.7%
    % Hispanic
    		13.8%-15.3%
    % Asian
    		1.5%-34.8%
    % Foreign Born
    		6.1%-26.5%
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    Mortgage and Risk — Downtown South Bend, Fort Wayne, IN

    According to HUD data as of 2023, there were 153 mortgage originations in Downtown South Bend, Fort Wayne, IN, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Downtown South Bend, Fort Wayne, IN. Investor activity is low, as 2.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		153
    % Conventional Loans
    		87.0%
    % Government Loans
    		13.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		18.0%
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    Rentals and Section 8 — Downtown South Bend, Fort Wayne, IN

    As of 2024, the percent of homes in Downtown South Bend, Fort Wayne, IN under the Section 8 program is 8.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Downtown South Bend, Fort Wayne, IN, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		441
    Total Units Section 8
    		323
    % Rentals under Section 8
    		8.6%
    % Occupied Section 8
    		90.8%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$5$895$890
    2 Bedroom-$320$1,400$1,080
    3 Bedroom-$340$1,700$1,360
    4 Bedroom$120$1,350$1,470

    Affordability — Downtown South Bend, Fort Wayne, IN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.9
    Median Home Price$142,000
    Median Household Income$40,900

    Downtown South Bend, Fort Wayne, IN — ZIP Code Boundary Map

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    Frequently Asked Questions