Gary, IN—46409
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 $78,000, with a year-over-year change of -0.4%. This indicates that home prices in Gary, IN are flat. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $78,000 | -0.4% |
| Single Family | $78,000 | -2.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $63,000 | -3.1% |
3 Bed | $91,000 | -2.2% |
4 Bed | $108,000 | -2.7% |
| 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 $1,430, with a year-over-year rent change of 19.2%. Per bedroom, the median rent as of July '25 in Gary, IN is 2-bedrooms: $1,170, 3-bedrooms: $1,430, 4-bedrooms: $1,420. The most common rental property sizes in Gary, IN are 3-bedroom and 2-bedroom, accounting for 39.9% and 39.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,450 | $1,430 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,100 | $1,170 |
| 3 Bed Rent | $1,450 | $1,430 |
| 4 Bed Rent | $1,450 | $1,420 |
% 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 56. 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $115,000 | 35.0% |
Listing Count | 40 | 12.0% |
| Listings as % of Homes | 0.9% | 12.0% |
Days on Market | 56 | 20.0% |
Demographics — Gary, IN
As of the latest ACS Survey released in 2023, Gary, IN has a population of 7,070, which has decreased by -3.8% over the past 5 years. Gary, IN is a popular place for families, as children make up 28.4% of the population. The area has a poorly educated workforce, with 12.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,070 | -3.8% |
% Under 18 | 28.4% | 33.3% |
% Seniors | 14.5% | -9.9% |
% WFH | 2.7% | -30.8% |
% w/ College Degree | 12.3% | 15.0% |
As of the latest ACS Survey released in 2023, Gary, IN is a predominantly black area, with 67.8% of the population identifying as black. The black population has shrunk by 16.4% in the last 5 years. The second most common race or ethnicity in Gary, IN is hispanic, making up 14.3% of the population. Foreign-born residents account for 1.7% of the population in Gary, IN, and this percentage has decreased by 19.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 10.9% | 21.1% |
% Black | 67.8% | -16.4% |
% Hispanic | 14.3% | 60.7% |
% Asian | 0.2% | 100.0% |
% Foreign Born | 1.7% | -19.0% |
Mortgage and Risk — Gary, IN
According to HUD data as of 2023, there were 79 mortgage originations in Gary, IN, of which 49.0% of loans were conventional mortgages. The average loan-to-value was 79.0%, with 54.0% above 90% LTV (very high). This implies large mortgage risk in Gary, IN. Investor activity is low, as 15.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 79 |
% Conventional Loans | 49.0% |
% Government Loans | 51.0% |
% Investor Loans | 15.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
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 | 369 |
Total Units Section 8 | 369 |
% Rentals under Section 8 | 23.9% |
% Occupied Section 8 | 78.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,060 |
| 2 Bedroom | $190 | $1,100 | $1,290 |
| 3 Bedroom | $140 | $1,450 | $1,590 |
| 4 Bedroom | $260 | $1,450 | $1,710 |
Affordability — Gary, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $78,000 |
| Median Household Income | $40,600 |