Gary, IN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Gary, IN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Gary Housing Market Information

With 76,424 people, 31,205 houses or apartments, and a median cost of homes of $67,032, house prices in Gary are some of the most affordable in Indiana as well as the nation.

Single-family detached homes are the single most common housing type in Gary, accounting for 70.76% of the city's housing units. Other types of housing that are prevalent in Gary include large apartment complexes or high rise apartments ( 14.78%), duplexes, homes converted to apartments or other small apartment buildings ( 7.58%), and a few row houses and other attached homes ( 4.88%).

The most prevalent building size and type in Gary are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.61% owning and 49.39% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Gary's housing was primarily built during this period, from the '40s through the '60s. A full 60.97% of the city's housing hails from this era. Other housing ages represented in Gary include homes built before 1939 ( 20.13%) and housing constructed between 1970-1999 ( 15.61%). There's also some housing in Gary built between 2000 and later ( 3.30%).

Vacant housing appears to be an issue in Gary. Fully 26.50% of the housing stock is classified as vacant. Left unchecked, vacant Gary homes and apartments can be a drag on the real estate market, holding Gary real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Gary Home Appreciation Rates

Gary's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Gary during the period has been just -0.99%, which is lower than 80% of US communities.

Over the last year, Gary appreciation rates have trailed the rest of the nation. In the last twelve months, Gary's appreciation rate has been 3.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Gary were at 0.81%, which equates to an annual appreciation rate of 3.28%.

Relative to Indiana, our data show that Gary's latest annual appreciation rate is lower than 70% of the other cities and towns in Indiana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Gary differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gary - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Gary real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$67,032

Gary, IN HOME PRICES

Value Range
> $1,100,387 0.4
$825,083 - $1,100,387 0.3
$550,191 - $825,082 0.4
$440,036 - $550,190 0.4
$330,299 - $440,035 0.7
$220,312 - $330,298 2.3
$110,156 - $220,311 13.0
$54,995 - $110,155 46.8
$0 - $54,994 35.6

Very Low for IN
Very Low for Nation

Value Relative to Nation Value Relative to State
96.9343065693431 97.9638009049774

Number Of Homes And Apartments:
31,205

Gary Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2017 Q4 - 2018 Q1
Last 12 Months:
2017 Q1 - 2018 Q1
Last 2 Years:
2016 Q1 - 2018 Q1
Last 5 Years:
2013 Q1 - 2018 Q1
Last 10 Years:
2008 Q1 - 2018 Q1
Since 2000:
2000 Q1 - 2018 Q1
21.81% 1.09%
4
2
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$971 / per month

Homeownership Rate

Homeownership
Owners 50.61
Renters 49.39
Vacant 26.50

Housing Market Details

 

Age of Homes

AGE OF Gary HOMES
2000 or Newer 3.3
1970 - 1999 15.6
1940 - 1969 61.0
1939 or Older 20.1

Types of Homes

TYPE OF Gary HOMES
Single-Family 70.8
Townhomes 4.9
Small Apt. Buildings 7.6
Apt. Complexes 14.8
Mobile Homes 2.0
Other 0.0

Home Size

SIZE OF Gary HOMES
No Bedroom 1.26
1 Bedroom 8.75
2 Bedrooms 36.92
3 Bedrooms 40.24
4 Bedrooms 10.05
5 or more bedrooms 2.78