Gary, IN—46407
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 $54,000, with a year-over-year change of 0.9%. This indicates that home prices in Gary, IN are flat. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $54,000 | 0.9% |
| Single Family | $54,000 | 1.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $46,000 | 7.0% |
3 Bed | $60,000 | -3.2% |
4 Bed | $73,000 | 0.0% |
| 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 $1,150, with a year-over-year rent change of -0.9%. Per bedroom, the median rent as of July '25 in Gary, IN is 1-bedrooms: $974, 2-bedrooms: $1,020, 3-bedrooms: $1,260, 4-bedrooms: $1,230. The most common rental property sizes in Gary, IN are 2-bedroom and 1-bedroom, accounting for 39.6% and 29.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,150 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $850 | $974 |
| 2 Bed Rent | $1,000 | $1,020 |
| 3 Bed Rent | $1,200 | $1,260 |
| 4 Bed Rent | $1,200 | $1,230 |
% 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 60. This is a decrease of -10.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $97,200 | 3.0% |
Listing Count | 60 | 52.0% |
| Listings as % of Homes | 0.3% | 52.0% |
Days on Market | 60 | -10.0% |
Demographics — Gary, IN
As of the latest ACS Survey released in 2023, Gary, IN has a population of 8,890, which has decreased by -21.6% over the past 5 years. Gary, IN is a popular place for families, as children make up 27.9% of the population. The area has a poorly educated workforce, with 11.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,890 | -21.6% |
% Under 18 | 27.9% | 6.1% |
% Seniors | 21.7% | 19.2% |
% WFH | 6.7% | 179.2% |
% w/ College Degree | 11.1% | 30.6% |
As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 92.5% of the population identifying as black. The black population has grown by 0.9% in the last 5 years. The second most common race or ethnicity in Gary, IN is hispanic, making up 2.8% of the population. Foreign-born residents account for 1.3% of the population in Gary, IN, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 2.1% | -53.3% |
% Black | 92.5% | 0.9% |
% Hispanic | 2.8% | 12.0% |
% Asian | 0.7% | 75.0% |
% Foreign Born | 1.3% | 0.0% |
Mortgage and Risk — Gary, IN
According to HUD data as of 2023, there were 36 mortgage originations in Gary, IN, of which 50.0% of loans were conventional mortgages. The average loan-to-value was 85.0%, with 56.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is high, as 19.0% of loans were by investors. 17.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 36 |
% Conventional Loans | 50.0% |
% Government Loans | 50.0% |
% Investor Loans | 19.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 17.0% |
Loan Activity
Rentals and Section 8 — Gary, IN
As of 2024, the percent of homes in Gary, IN under the Section 8 program is 38.2%. 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. 3-bedroom and 4-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 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 999 |
Total Units Section 8 | 846 |
% Rentals under Section 8 | 38.2% |
% Occupied Section 8 | 87.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$40 | $850 | $810 |
| 2 Bedroom | -$10 | $1,000 | $990 |
| 3 Bedroom | $20 | $1,200 | $1,220 |
| 4 Bedroom | $110 | $1,200 | $1,310 |
Affordability — Gary, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2 |
| Median Home Price | $54,000 |
| Median Household Income | $25,600 |