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 Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Gary Housing Market Information

With 74,879 people, 31,389 houses or apartments, and a median cost of homes of $76,463, 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 70.88% of the city's housing units. Other types of housing that are prevalent in Gary include large apartment complexes or high rise apartments ( 14.04%), duplexes, homes converted to apartments or other small apartment buildings ( 7.29%), and a few row houses and other attached homes ( 6.02%).

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 51.26% owning and 48.74% 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 57.94% of the city's housing hails from this era. Other housing ages represented in Gary include homes built before 1939 ( 21.90%) and housing constructed between 1970-1999 ( 16.77%). There's also some housing in Gary built between 2000 and later ( 3.39%).

Vacant housing appears to be an issue in Gary. Fully 28.04% 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

Real estate appreciation rates in Gary's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.02% during the period.

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 1.75%, 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 1.16%, which equates to an annual appreciation rate of 4.72%.

Relative to Indiana, our data show that Gary's latest annual appreciation rate is lower than 90% 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

 
info

Median Home Value:
$76,463

Gary, IN HOME PRICES

> $1,158,000
0.3%
0.3%
$868,001 - $1,158,000
0.5%
0.5%
$579,001 - $868,000
0.7%
0.7%
$463,001 - $579,000
0.4%
0.4%
$347,001 - $463,000
1.0%
1.0%
$232,001 - $347,000
2.3%
2.3%
$116,001 - $232,000
13.3%
13.3%
$58,001 - $116,000
48.0%
48.0%
$0 - $58,000
33.6%
33.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for IN

Value Relative To Nation

Number Of Homes And Apartments:
31,389

Gary Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IN*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
41.07% 1.67%
4
2
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,018 / per month

Homeownership Rate

Owners
51.3%
51.3%
Renters
48.7%
48.7%
Vacant
28.0%
28.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
3.4%
3.4%
1970 - 1999
16.8%
16.8%
1940 - 1969
57.9%
57.9%
1939 or Older
21.9%
21.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
70.9%
70.9%
Townhomes
6.0%
6.0%
Small Apt. Buildings
7.3%
7.3%
Apt. Complexes
14.0%
14.0%
Mobile Homes
1.8%
1.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
8.4%
8.4%
2 Bedrooms
36.8%
36.8%
3 Bedrooms
41.0%
41.0%
4 Bedrooms
10.3%
10.3%
5 or more bedrooms
2.3%
2.3%
0.0% 100.0%
% OF HOMES