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  1. Home
  2. /Browse ZIP Codes
  3. /Indiana
  4. /Gary, IN - 46402

Gary, IN—46402

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$62,000
2.5% YoY Growth
Household Income
$29,100
57.4% YoY Growth
Days on Market
62
20.0% Longer YoY
Home Price Forecast
2.1%
Median Rent
$1,300
4.1% YoY Growth
1-Bed Rent
$927
32.8% YoY Growth
2-Bed Rent
$950
17.4% YoY Growth
3-Bed Rent
$1,300
6.9% YoY Growth

Other Zip Codes in Gary, IN

464094640746408464044640646403
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Gary, IN

As of May '26, the median home price in Gary, IN is $62,000, with a year-over-year change of -2.5%. This indicates that home prices in Gary, IN are decreasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$62,000-2.5%
Single Family $62,000-3.1%
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
    		$52,000-5.5%
    3 Bed
    		$63,000-1.6%
    4 Bed
    		$80,0000.0%
    5 Bed N/AN/A
    Loading chart...

    % of Housing Stock

    Studio
    0.6%
    1 Bedroom
    17.4%
    2 Bedrooms
    30.9%
    3 Bedrooms
    36.9%
    4 Bedrooms
    11.9%
    5+ Bedrooms
    2.2%

    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.

    TypeMedian RentAverage Rent
    Average Rent$1,300$1,270
    Studio Rent N/AN/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
    Loading chart...

    % of Rental Stock

    Studio
    0.7%
    1 Bedroom
    29.3%
    2 Bedrooms
    34.6%
    3 Bedrooms
    27.7%
    4 Bedrooms
    7.1%
    5+ Bedrooms
    0.6%

    Property Listings — Gary, IN

    As of May '26, Realtor.com reports that the median days on market for a home in Gary, IN is 62. This is a increase of 20.0% 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 62.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$98,900-27.0%
    Listing Count
    		3234.0%
    Listings as % of Homes0.6%34.0%
    Days on Market
    		6220.0%
    Loading chart...

    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.

    MetricLatest CensusYoY % 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%
    Loading chart...

    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
    Loading chart...
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio2.1
    Median Home Price$62,000
    Median Household Income$29,100

    Gary, IN — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Gary, IN

    46407

    Gary, IN

    46404

    Gary, IN

    46409

    Gary, IN

    46403

    Gary, IN

    46408

    Frequently Asked Questions