Gary, IN—46406
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 $72,000, with a year-over-year change of -5.7%. This indicates that home prices in Gary, IN are decreasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $72,000 | -5.7% |
| Single Family | $72,000 | -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 | $61,000 | -4.7% |
3 Bed | $81,000 | -5.8% |
4 Bed | $106,000 | -9.4% |
| 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 $1,450, with a year-over-year rent change of 25.0%. Per bedroom, the median rent as of July '25 in Gary, IN is 2-bedrooms: $1,270, 3-bedrooms: $1,510, 4-bedrooms: $1,470. The most common rental property sizes in Gary, IN are 2-bedroom and 3-bedroom, accounting for 50.8% and 35.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,450 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,300 | $1,270 |
| 3 Bed Rent | $1,500 | $1,510 |
| 4 Bed Rent | $1,440 | $1,470 |
% 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 44. This is a increase of 39.0% 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 15.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $139,000 | 37.0% |
Listing Count | 39 | 12.0% |
| Listings as % of Homes | 0.7% | 12.0% |
Days on Market | 44 | 39.0% |
Demographics — Gary, IN
As of the latest ACS Survey released in 2023, Gary, IN has a population of 8,510, which has decreased by -10.9% over the past 5 years. Gary, IN is a popular place for families, as children make up 32.3% of the population. The area has a poorly educated workforce, with 8.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,510 | -10.9% |
% Under 18 | 32.3% | 28.7% |
% Seniors | 15.9% | 3.9% |
% WFH | 5.6% | 460.0% |
% w/ College Degree | 8.6% | -14.0% |
As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 62.7% of the population identifying as black. The black population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Gary, IN is white, making up 20.8% of the population. Foreign-born residents account for 4.2% of the population in Gary, IN, and this percentage has increased by 27.3% 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 | 20.8% | 1.0% |
% Black | 62.7% | -1.1% |
% Hispanic | 12.9% | -7.2% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 4.2% | 27.3% |
Mortgage and Risk — Gary, IN
According to HUD data as of 2023, there were 54 mortgage originations in Gary, IN, of which 46.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 54.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 54 |
% Conventional Loans | 46.0% |
% Government Loans | 54.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
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 | 505 |
Total Units Section 8 | 366 |
% Rentals under Section 8 | 21.2% |
% Occupied Section 8 | 84.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $890 |
| 2 Bedroom | -$220 | $1,300 | $1,080 |
| 3 Bedroom | -$170 | $1,500 | $1,330 |
| 4 Bedroom | -$10 | $1,440 | $1,430 |
Affordability — Gary, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.9 |
| Median Home Price | $72,000 |
| Median Household Income | $35,600 |