Gary, IN—46404
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 $86,000, with a year-over-year change of -2.7%. This indicates that home prices in Gary, IN are decreasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $86,000 | -2.7% |
| Single Family | $86,000 | -1.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $67,000 | 0.0% |
3 Bed | $95,000 | -2.1% |
4 Bed | $127,000 | -2.3% |
| 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 $1,360, with a year-over-year rent change of 11.5%. Per bedroom, the median rent as of July '25 in Gary, IN is 2-bedrooms: $1,090, 3-bedrooms: $1,430, 4-bedrooms: $1,520. The most common rental property sizes in Gary, IN are 2-bedroom and 3-bedroom, accounting for 43.7% and 38.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,360 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,200 | $1,090 |
| 3 Bed Rent | $1,400 | $1,430 |
| 4 Bed Rent | $1,400 | $1,520 |
% 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 58. This is a increase of 6.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $135,000 | -4.0% |
Listing Count | 72 | 1.0% |
| Listings as % of Homes | 0.6% | 1.0% |
Days on Market | 58 | 6.0% |
Demographics — Gary, IN
As of the latest ACS Survey released in 2023, Gary, IN has a population of 16,800, which has remained stable by -1.0% over the past 5 years. Gary, IN is a popular place for families, as children make up 27.3% of the population. The area has a poorly educated workforce, with 16.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,800 | -1.0% |
% Under 18 | 27.3% | -2.2% |
% Seniors | 19.0% | -5.9% |
% WFH | 5.1% | 1,175.0% |
% w/ College Degree | 16.2% | 44.6% |
As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 90.3% of the population identifying as black. The black population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in Gary, IN is hispanic, making up 4.7% of the population. Foreign-born residents account for 0.8% of the population in Gary, IN, and this percentage has decreased by 38.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 1.2% | -25.0% |
% Black | 90.3% | -4.6% |
% Hispanic | 4.7% | 38.2% |
% Asian | 0.2% | 100.0% |
% Foreign Born | 0.8% | -38.5% |
Mortgage and Risk — Gary, IN
According to HUD data as of 2023, there were 157 mortgage originations in Gary, IN, of which 59.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 49.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is low, as 8.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 157 |
% Conventional Loans | 59.0% |
% Government Loans | 41.0% |
% Investor Loans | 8.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Gary, IN
Gary, IN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1,319 |
Total Units Section 8 | 1,319 |
% Rentals under Section 8 | 41.3% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $920 |
| 2 Bedroom | -$80 | $1,200 | $1,120 |
| 3 Bedroom | -$20 | $1,400 | $1,380 |
| 4 Bedroom | $80 | $1,400 | $1,480 |
Affordability — Gary, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.1 |
| Median Home Price | $86,000 |
| Median Household Income | $39,200 |