Gary, IN—46403
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 $143,000, with a year-over-year change of 0.6%. This indicates that home prices in Gary, IN are flat. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $143,000 | 0.6% |
| Single Family | $143,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $93,000 | -3.1% |
3 Bed | $163,000 | 1.2% |
4 Bed | $254,000 | -0.8% |
| 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 $1,480, with a year-over-year rent change of -3.3%. Per bedroom, the median rent as of July '25 in Gary, IN is studios: $850, 1-bedrooms: $780, 2-bedrooms: $1,340, 3-bedrooms: $1,750, 4-bedrooms: $2,900. The most common rental property sizes in Gary, IN are 2-bedroom and 3-bedroom, accounting for 41.9% and 26.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,480 |
| Studio Rent | $850 | $850 |
| 1 Bed Rent | $735 | $780 |
| 2 Bed Rent | $1,200 | $1,340 |
| 3 Bed Rent | $1,480 | $1,750 |
| 4 Bed Rent | $2,900 | $2,900 |
% 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 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 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 | $256,000 | 6.0% |
Listing Count | 66 | 53.0% |
| Listings as % of Homes | 0.6% | 53.0% |
Days on Market | 58 | -14.0% |
Demographics — Gary, IN
As of the latest ACS Survey released in 2023, Gary, IN has a population of 10,700, which has decreased by -21.2% over the past 5 years. Gary, IN is a moderately popular place for families, as children make up 22.5% of the population. The area has a poorly educated workforce, with 24.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,700 | -21.2% |
% Under 18 | 22.5% | -2.2% |
% Seniors | 20.6% | 13.2% |
% WFH | 6.4% | 357.1% |
% w/ College Degree | 24.7% | 6.0% |
As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 71.9% of the population identifying as black. The black population has grown by 7.3% in the last 5 years. The second most common race or ethnicity in Gary, IN is white, making up 18.4% of the population. Foreign-born residents account for 3.1% of the population in Gary, IN, and this percentage has increased by 55.0% 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 | 18.4% | -9.8% |
% Black | 71.9% | 7.3% |
% Hispanic | 9.3% | 9.4% |
% Asian | 0.1% | -83.3% |
% Foreign Born | 3.1% | 55.0% |
Mortgage and Risk — Gary, IN
According to HUD data as of 2023, there were 159 mortgage originations in Gary, IN, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is low, as 11.0% 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 | 159 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 11.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Gary, IN
As of 2024, the percent of homes in Gary, IN under the Section 8 program is 30.0%. 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. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Gary, IN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 919 |
Total Units Section 8 | 822 |
% Rentals under Section 8 | 30.0% |
% Occupied Section 8 | 78.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $125 | $735 | $860 |
| 2 Bedroom | -$150 | $1,200 | $1,050 |
| 3 Bedroom | -$190 | $1,480 | $1,290 |
| 4 Bedroom | -$1,510 | $2,900 | $1,390 |
Affordability — Gary, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $143,000 |
| Median Household Income | $44,100 |