Gary, Indiana.
Typical home $87,485 (-0.9% in a year), asking rent $1,367 (+4.9%). Chicago-Naperville-Elgin, IL-IN-WI metro.
to buy the typical home at today's mortgage rate — +$255 (+125%) since Jan 2020.
- 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.
- 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.
- 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.
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
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
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
- United States SteelSteel mills3,817
- Methodist HospitalsGeneral hospital1,845FTE
- Schneider593
- Gary Community School CorpSchool district553FTE
- Indiana University-NorthwestUniversity or college465
- NiSourceCombination utilities312
- Consolidated Fabrication and ConstructorsStructural steel erecting or iron work contractors288
- 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
- Cold wavesRelatively high
- TornadoesRelatively high
- 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.
- 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.
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.
- Gary25.76%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Gary32
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Gary332
New listings per month
Sellers arriving at the market.
- Gary79
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Gary$133,830
- United States$371,407
Sale-to-list ratio
Above 100%, homes sell over asking; below, buyers negotiate wins.
- 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 |