States · Indiana · Lake County

Gary, Indiana.

Typical home $87,485 (-0.9% in a year), asking rent $1,367 (+4.9%). Chicago-Naperville-Elgin, IL-IN-WI metro.

What it costs per month · Gary $459/mo

to buy the typical home at today's mortgage rate — +$255 (+125%) since Jan 2020.

What the home itself did
1 year
Down $791 -1%
$88,276$87,485 since Sep 2025
5 years
Up $17,475 +25%
$70,010$87,485 since Sep 2021

Monthly payment to buy the typical home

Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.

$500 $1,000 $1,500 $2,000 2002 2006 2010 2014 2018 2022 2026 Gary $459 Indiana $1,350 United States $1,922
$500 $1,000 $1,500 $2,000 2002 2010 2018 2026
  • Gary$459
  • Indiana$1,350
  • United States$1,922

At the last five years' pace, a typical home here doubles in price every 16 years.

Typical home values in Gary, IN fell 0.9% over the past year — slower than the nation's +1.2%.

Asking rents in Gary, IN rose 4.9% over the past year — faster than the nation's +2.7%.

Owning the typical home in Gary runs $748/mo less than renting one. The gap peaked at $783 in Jul 2026.

That is $620 a month against $1,367 rent: a $459 mortgage payment, plus $67 property tax and $94 insurance & upkeep.

Owning vs renting — Gary

The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.

$250 $500 $750 $1,000 $1,250 2021 2022 2023 2024 2025 2026 Owning all in $620 Renting $1,367 Mortgage only $459
$250 $500 $750 $1,000 $1,250 2022 2024 2026
  • Owning all in$620
  • Renting$1,367
  • Mortgage only$459

Property tax · $67/mo 0.92% of value a year — the ACS 2020-2024 median bill over the median home value for Lake County, IN

Insurance & upkeep · $94/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.

Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.

Living in Gary, Lake County, Indiana

Gary is a city of 69,093 people in Lake County. Half its households earn more than $38,731 a year and half less, against $71,493 across Lake County; 33% of its people live below the poverty line. 49% of its homes are lived in by their owners and 51% are rented. Unemployment in Gary was 7.9% in August 2026, and Lake County had about as many jobs in 2025 as the year before. The most residents work in schools and health care, then manufacturing.

People 69,093 in the 2020 census; median age 36.5
Household income $38,731 the median, give or take $2,687 · Lake County: $71,493
Unemployment 7.9% Gary, August 2026; 9.2% a year before
Homes 49% lived in by their owners; 51% rented

Written by AI Claude Sonnet 5.5 wrote this on 24 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.

What it’s like

The place. Gary is a city on the southern shore of Lake Michigan, in Lake County, Indiana. Fewer people live here than at its peak in the twentieth century, and the population is somewhat younger than in many American towns. Incomes are well below the county's, and a good many residents live below the poverty line. About as many households rent as own, and typical home values are modest. Winters are cold, with January highs near freezing and a fair amount of snow, while July brings warm summer days and the year brings steady rain and melted snow.

Work. Many residents work in schools, hospitals and social care, with others in manufacturing, shops, and transport, warehouses and utilities. The largest workplaces in Gary include United States Steel, Methodist Hospitals and Gary Community School Corp. Unemployment has eased compared with a year earlier, though it remains higher than in many places, and job numbers across Lake County have held about level. Relatively few adults hold a four-year degree, and a typical commute is moderate in length.

Things to do. Indiana Dunes National Park, a national park, is the closest of the well-known destinations, though it is still a longer drive away. Chicago is also a longer drive away and offers the Art Institute of Chicago, a museum, and Millennium Park, a garden. Soldier Field, a stadium, and the Field Museum of Natural History, another museum, are in Chicago too, for those willing to make the trip.

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  • 27,227households
  • 15%of adults have a degree
  • 33%below the poverty line
  • 26 mintypical commute
  • 7%work from home

What residents work in

  • Schools, hospitals and social care26%
  • Manufacturing12%
  • Shops (retail)12%
  • Transport, warehouses and utilities11%
  • Restaurants, hotels and entertainment10%
  • Professional and business services10%

Employed residents by industry, from the Census survey. Lake County had 191,579 jobs in 2025, about as many as the year before (Bureau of Labor Statistics).

Weather through the year

Average daily high and low for each month: coldest in January, 32° and 18°; warmest in July, 82° and 64° 20° 40° 60° 80° J 32° 18° F M A M J J 82° 64° A S O N D
Average daily high and low for each month: coldest in January, 32° and 18°; warmest in July, 82° and 64° 20° 40° 60° 80° J 32° 18° F M A M J J 82° 64° A S O N D

Coldest in January, with highs near 32° and lows near 18°; warmest in July, with highs near 82° and lows near 64°. About 40 inches of snow and 39 inches of rain and melted snow a year.

Average daily high and low, 1991–2020, at the Indiana Dunes Nl weather station, 14 miles away (NOAA).

Largest workplaces in Gary

  1. United States SteelSteel mills3,817
  2. Methodist HospitalsGeneral hospital1,845FTE
  3. Schneider593
  4. Gary Community School CorpSchool district553FTE
  5. Indiana University-NorthwestUniversity or college465
  6. NiSourceCombination utilities312
  7. Consolidated Fabrication and ConstructorsStructural steel erecting or iron work contractors288
  8. GaryMail and parcel delivery242

Staff on average in 2025, as each workplace reported it to OSHA with its injury records: 50 workplaces with 20 or more staff, 8,584 people in all. Hospitals come from their Medicare cost reports (CMS, 2023), school districts from the Common Core of Data (NCES, 2023–24) and colleges from IPEDS (NCES, 2023–24); FTE marks full-time equivalent staff. Not listed: many offices and banks, which need not report to OSHA; military bases, whose staff OPM withholds; and, in about half the states, city and county governments.

Natural hazards

  1. Cold wavesRelatively high
  2. TornadoesRelatively high
  3. Winter weatherRelatively moderate

FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Gary’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.

From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Lake County and the Chicago-Naperville-Elgin, IL-IN-WI metro.

Gary home values

Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.

$100,000 $200,000 $300,000 2018 2020 2022 2024 2026 Gary $87,485 Indiana $257,165 United States $366,157
$100,000 $200,000 $300,000 2018 2022 2026
  • Gary$87,485
  • Indiana$257,165
  • United States$366,157

Sellers are cutting prices on about 1 in 4 Gary listings, and the typical home goes pending in 32 days — the market is roughly in balance.

When this market ran hot

Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.

JFMAMJJASOND
2026
2025
2024
2023
2022
2021
2020
2019
2018
falling flat warming hot overheating runaway

Market heat, inside the city limits

Share of listings with a price cut

The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.

10% 20% 30% 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gary 25.76% United States 26.90%
10% 20% 30% 2018 2022 2026
  • Gary25.76%
  • United States26.90%

Days to pending

How long the typical listing takes to go under contract.

20 30 40 50 2025 2026 Gary 32 United States 27
20 30 40 50 2025 2026
  • Gary32
  • United States27

Homes for sale

Active for-sale inventory. More supply hands power to buyers.

150 200 250 300 350 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gary 332
150 200 250 300 350 2018 2022 2026
  • Gary332

New listings per month

Sellers arriving at the market.

50 75 100 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gary 79
50 75 100 2018 2022 2026
  • Gary79

Median sale price

What buyers actually paid — closed sales, not asking prices.

$100,000 $200,000 $300,000 2018 2019 2020 2021 2022 2023 2024 2025 2026 Gary $133,830 United States $371,407
$100,000 $200,000 $300,000 2018 2022 2026
  • Gary$133,830
  • United States$371,407

Sale-to-list ratio

Above 100%, homes sell over asking; below, buyers negotiate wins.

92.5% 95.0% 97.5% 2024 2025 2026 Gary 95.39%
92.5% 95.0% 97.5% 2024 2025 2026
  • Gary95.39%

Zip codes with a Gary address

A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Gary — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.

Zip codes in Gary

Zip activate to sort by Zip Place activate to sort by Place Population sorted descending, activate to sort ascending Rent activate to sort by Rent Home value activate to sort by Home value
46408 Gary 15,747 $1,300 $107,649
46404 Gary 15,428 $1,410 $97,599
46403 Gary 10,929 $1,512 $149,847
46406 Gary 9,001 — $77,283
46407 Gary 8,577 $1,272 $57,429
46409 Gary 7,184 $1,349 $74,450
46402 Gary 5,836 $1,450 $61,313