Gary, Indiana Housing Market Prices
Gary Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
-
Median home price 40% below the Indiana median$85,962
-
Median rent 5% below the Indiana median$1,012
Housing Market Overview
| Metric | Gary | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $85,962 | $142,738 | $248,835 |
| Price Trend (Annual %) | 9.4% | 7.2% | 7.5% |
| Median Gross Rent | $1,012 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 4.1% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gary is about 40% lower than in Indiana. Rent is about 5% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Gary, up about 9.4% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Gary rose about 38.6% between 2015 and 2024, from $730 to $1,012. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Gary.
Buying the median-priced home in Gary costs roughly 7.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gary. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Gary | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $85,962 | $142,738 | $248,835 |
| Median Household Income | $38,966 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.2 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Gary rose about 38.5%, while median household income rose about 31.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gary | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 35.3% | 64.4% | 58.5% |
| Rental Rate | 36.7% | 26.9% | 31.2% |
| Vacancy Rate | 28.0% | 8.8% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Gary has a homeownership rate of 35.3%, lower than the Indiana average of 64.4%. Its housing vacancy rate is 28.0%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Gary | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1957 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.9 | 5.5 |
The typical housing unit in Gary was built around 1957. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 16.0 years on average.
Gary, IN Housing Compared With Nearby Cities
How Gary, IN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Gary, IN | 68,315 | $85,962 #2/2 | $1,012 #2/2 | 49.0% #2/2 |
| Hobart, IN | 28,846 | $226,092 | $1,186 | 70.3% |
Frequently Asked Questions
Common questions about the housing market in Gary, Indiana.
What is the median home price in Gary, Indiana?
The median home price in Gary, Indiana is $85,962, lower than the Indiana average of $142,738.
What is the average home price in Gary, Indiana?
The typical home price in Gary, Indiana, reported as the median sale price, is $85,962. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gary, Indiana?
The median gross rent in Gary, Indiana is $1,012 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Gary in 2020?
In 2020, the median gross rent in Gary, Indiana was $791 per month.
What is the price-to-rent ratio in Gary, Indiana?
The price-to-rent ratio in Gary, Indiana is about 7.1, meaning it would take roughly 7.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gary.
Are home prices or rent rising faster in Gary, Indiana?
Both home prices and rent are rising in Gary, up about 9.4% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gary, Indiana?
35.3% of households in Gary, Indiana own their home, lower than the Indiana average of 64.4%.
What is the vacancy rate in Gary, Indiana?
The housing vacancy rate in Gary, Indiana is 28.0%, higher than the Indiana average of 8.8%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →