Gary, IN—46408
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 $99,000, with a year-over-year change of -2.8%. This indicates that home prices in Gary, IN are decreasing. 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 | $99,000 | -2.8% |
| Single Family | $99,000 | -3.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $75,000 | -6.2% |
3 Bed | $114,000 | -4.2% |
4 Bed | $147,000 | 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 $1,290, 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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,290 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,100 | $1,150 |
| 3 Bed Rent | $1,500 | $1,420 |
| 4 Bed Rent | $1,400 | $1,400 |
% 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 43. This is a decrease of -22.0% 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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $170,000 | 18.0% |
Listing Count | 57 | 6.0% |
| Listings as % of Homes | 0.9% | 6.0% |
Days on Market | 43 | -22.0% |
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.
| Metric | Latest Census | YoY % 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% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
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 | 492 |
Total Units Section 8 | 365 |
% Rentals under Section 8 | 14.7% |
% Occupied Section 8 | 78.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.1 |
| Median Home Price | $99,000 |
| Median Household Income | $47,100 |