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Gary, IN—46408

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$102,000
3.9% YoY Growth
Household Income
$47,100
28.4% YoY Growth
Days on Market
48
10.0% Shorter YoY
Home Price Forecast
1.5%
Median Rent
$1,400
13.2% YoY Growth
1-Bed Rent
N/A
N/A
2-Bed Rent
$1,100
10.6% YoY Growth
3-Bed Rent
$1,500
14.5% YoY Growth

Other Zip Codes in Gary, IN

464094640746404464024640646403
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Gary, IN

As of Dec '25, the median home price in Gary, IN is $102,000, with a year-over-year change of -3.9%. This indicates that home prices in Gary, IN are decreasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$102,000-3.9%
Single Family $102,000-5.6%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$78,000-7.1%
    3 Bed
    		$117,000-4.9%
    4 Bed
    		$149,000-1.3%
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    0.8%
    1 Bedroom
    6.8%
    2 Bedrooms
    38.9%
    3 Bedrooms
    37.9%
    4 Bedrooms
    12.7%
    5+ Bedrooms
    2.9%

    Rental Trends — Gary, IN

    As of July '25, Rentcast reports the average rent in Gary, IN is $1,290, with a year-over-year rent change of 13.2%. Per bedroom, the median rent as of July '25 in Gary, IN is 2-bedrooms: $1,150, 3-bedrooms: $1,420, 4-bedrooms: $1,400. The most common rental property sizes in Gary, IN are 2-bedroom and 3-bedroom, accounting for 40.7% and 30.1% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,400$1,290
    Studio Rent N/AN/A
    1 Bed Rent N/AN/A
    2 Bed Rent $1,100$1,150
    3 Bed Rent $1,500$1,420
    4 Bed Rent $1,400$1,400
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    % of Rental Stock

    Studio
    1.3%
    1 Bedroom
    14.8%
    2 Bedrooms
    40.7%
    3 Bedrooms
    30.1%
    4 Bedrooms
    9.9%
    5+ Bedrooms
    3.2%

    Property Listings — Gary, IN

    As of Dec '25, Realtor.com reports that the median days on market for a home in Gary, IN is 48. This is a decrease of -14.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$173,00014.0%
    Listing Count
    		5616.0%
    Listings as % of Homes0.9%16.0%
    Days on Market
    		48-10.0%
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    Demographics — Gary, IN

    As of the latest ACS Survey released in 2023, Gary, IN has a population of 15,600, which has remained stable by -1.0% over the past 5 years. Gary, IN is a popular place for families, as children make up 28.1% of the population. The area has a poorly educated workforce, with 12.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.2% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		15,600-1.0%
    % Under 18
    		28.1%21.1%
    % Seniors
    		16.1%0.6%
    % WFH
    		4.2%90.9%
    % w/ College Degree
    		12.2%8.0%
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    As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 41.1% of the population identifying as black. The black population has shrunk by 20.5% in the last 5 years. The second most common race or ethnicity in Gary, IN is white, making up 32.4% of the population. Foreign-born residents account for 4.0% of the population in Gary, IN, and this percentage has increased by 66.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		32.4%-4.7%
    % Black
    		41.1%-20.5%
    % Hispanic
    		21.8%63.9%
    % Asian
    		1.0%900.0%
    % Foreign Born
    		4.0%66.7%
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    Mortgage and Risk — Gary, IN

    According to HUD data as of 2023, there were 202 mortgage originations in Gary, IN, of which 58.0% of loans were conventional mortgages. The average loan-to-value was 75.0%, with 48.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		202
    % Conventional Loans
    		58.0%
    % Government Loans
    		42.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		13.0%
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    Rentals and Section 8 — Gary, IN

    Gary, IN lacks sufficient Section 8 program data for analysis.

    Section 8 Market Size

    Total Units under HUD
    		492
    Total Units Section 8
    		365
    % Rentals under Section 8
    		14.7%
    % Occupied Section 8
    		78.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 BedroomN/AN/A$910
    2 Bedroom$0$1,100$1,100
    3 Bedroom-$140$1,500$1,360
    4 Bedroom$60$1,400$1,460

    Affordability — Gary, IN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio2.2
    Median Home Price$102,000
    Median Household Income$47,100

    Gary, IN — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Gary, IN

    46404

    Gary, IN

    46409

    Gary, IN

    46407

    Griffith, IN

    46319

    Gary, IN

    46406

    Frequently Asked Questions