Merrillville, IN—46410
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Merrillville, IN
As of Oct '25, the median home price in Merrillville, IN is $236,000, with a year-over-year change of 0.3%. This indicates that home prices in Merrillville, IN are flat. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $236,000 | 0.3% |
| Single Family | $238,000 | 0.0% |
| Condos | $165,000 | -0.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $194,000 | 0.0% |
3 Bed | $231,000 | 0.0% |
4 Bed | $284,000 | 0.4% |
| 5 Bed | $313,000 | 0.6% |
% of Housing Stock
Rental Trends — Merrillville, IN
As of July '25, Rentcast reports the average rent in Merrillville, IN is $1,900, with a year-over-year rent change of 15.9%. Per bedroom, the median rent as of July '25 in Merrillville, IN is studios: $1,290, 1-bedrooms: $1,260, 2-bedrooms: $1,420, 3-bedrooms: $1,900, 4-bedrooms: $2,520. The most common rental property sizes in Merrillville, IN are 2-bedroom and 1-bedroom, accounting for 42.5% and 34.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,950 | $1,900 |
| Studio Rent | $850 | $1,290 |
| 1 Bed Rent | $1,250 | $1,260 |
| 2 Bed Rent | $1,450 | $1,420 |
| 3 Bed Rent | $1,940 | $1,900 |
| 4 Bed Rent | $2,600 | $2,520 |
% of Rental Stock
Property Listings — Merrillville, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Merrillville, IN is 46. This is a decrease of -11.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $276,000 | 0.0% |
Listing Count | 142 | 28.0% |
| Listings as % of Homes | 0.6% | 28.0% |
Days on Market | 46 | -11.0% |
Demographics — Merrillville, IN
As of the latest ACS Survey released in 2023, Merrillville, IN has a population of 38,800, which has increased by 2.0% over the past 5 years. Merrillville, IN is a moderately popular place for families, as children make up 21.3% of the population. The area has a poorly educated workforce, with 24.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 38,800 | 2.0% |
% Under 18 | 21.3% | -8.2% |
% Seniors | 19.9% | 30.1% |
% WFH | 7.9% | 203.8% |
% w/ College Degree | 24.4% | -0.8% |
As of the latest ACS Survey released in 2023, Merrillville, IN is a predominantly black area, with 46.9% of the population identifying as black. The black population has grown by 2.4% in the last 5 years. The second most common race or ethnicity in Merrillville, IN is white, making up 32.0% of the population. Foreign-born residents account for 6.5% of the population in Merrillville, IN, and this percentage has increased by 41.3% 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 | 32.0% | -11.8% |
% Black | 46.9% | 2.4% |
% Hispanic | 15.7% | 13.8% |
% Asian | 1.6% | 33.3% |
% Foreign Born | 6.5% | 41.3% |
Mortgage and Risk — Merrillville, IN
According to HUD data as of 2023, there were 630 mortgage originations in Merrillville, IN, of which 56.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Merrillville, IN. Investor activity is low, as 3.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 630 |
% Conventional Loans | 56.0% |
% Government Loans | 44.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Merrillville, IN
As of 2024, the percent of homes in Merrillville, IN under the Section 8 program is 8.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Merrillville, IN, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 966 |
Total Units Section 8 | 583 |
% Rentals under Section 8 | 8.8% |
% Occupied Section 8 | 80.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$60 | $1,250 | $1,190 |
| 2 Bedroom | -$10 | $1,450 | $1,440 |
| 3 Bedroom | -$170 | $1,940 | $1,770 |
| 4 Bedroom | -$690 | $2,600 | $1,910 |
Affordability — Merrillville, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $236,000 |
| Median Household Income | $61,700 |