Gary, IN—46402
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gary, IN
As of Oct '25, the median home price in Gary, IN is $66,000, with a year-over-year change of 6.6%. This indicates that home prices in Gary, IN are increasing. According to Zillow, the 1-year price projection is 0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $66,000 | 6.6% |
| Single Family | $66,000 | 6.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $57,000 | 11.8% |
3 Bed | $67,000 | 8.1% |
4 Bed | $81,000 | 8.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Gary, IN
As of July '25, Rentcast reports the average rent in Gary, IN is $1,270, with a year-over-year rent change of 4.1%. Per bedroom, the median rent as of July '25 in Gary, IN is 1-bedrooms: $927, 2-bedrooms: $1,000, 3-bedrooms: $1,340, 4-bedrooms: $1,500. The most common rental property sizes in Gary, IN are 2-bedroom and 1-bedroom, accounting for 34.6% and 29.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,270 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $927 | $927 |
| 2 Bed Rent | $950 | $1,000 |
| 3 Bed Rent | $1,300 | $1,340 |
| 4 Bed Rent | $1,500 | $1,500 |
% of Rental Stock
Property Listings — Gary, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Gary, IN is 63. This is a decrease of -4.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $111,000 | -4.0% |
Listing Count | 30 | 23.0% |
| Listings as % of Homes | 0.6% | 23.0% |
Days on Market | 63 | -4.0% |
Demographics — Gary, IN
As of the latest ACS Survey released in 2023, Gary, IN has a population of 5,640, which has decreased by -12.4% over the past 5 years. Gary, IN is a popular place for families, as children make up 33.4% of the population. The area has a poorly educated workforce, with 9.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,640 | -12.4% |
% Under 18 | 33.4% | 24.6% |
% Seniors | 17.6% | -3.8% |
% WFH | 6.6% | 560.0% |
% w/ College Degree | 9.8% | -22.2% |
As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 87.4% of the population identifying as black. The black population has remained stable in the last 5 years. The second most common race or ethnicity in Gary, IN is white, making up 4.7% of the population. Foreign-born residents account for 1.2% of the population in Gary, IN, and this percentage has increased by 100.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 4.7% | -13.0% |
% Black | 87.4% | 0.0% |
% Hispanic | 3.8% | -45.7% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 1.2% | 100.0% |
Mortgage and Risk — Gary, IN
According to HUD data as of 2023, there were 25 mortgage originations in Gary, IN, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is high, as 24.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 25 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 24.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Gary, IN
As of 2024, the percent of homes in Gary, IN under the Section 8 program is 51.2%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Gary, IN, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 999 |
Total Units Section 8 | 777 |
% Rentals under Section 8 | 51.2% |
% Occupied Section 8 | 80.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$117 | $927 | $810 |
| 2 Bedroom | $30 | $950 | $980 |
| 3 Bedroom | -$90 | $1,300 | $1,210 |
| 4 Bedroom | -$200 | $1,500 | $1,300 |
Affordability — Gary, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.1 |
| Median Home Price | $66,000 |
| Median Household Income | $29,100 |