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Gary city, IN

ZIP 46407 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Low Income AreaLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 46407

Median Home Value
$55,000
Median Rent
$680
Affordability Snapshot
$15,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$353/mo PITI).

32%
Rent-to-Income Ratio

Above the 30% affordability threshold — housing cost-burdened area.

2.2x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

6.7 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 46407 in Gary city, IN, a household would need roughly $15,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $353. That sits below the local median household income ($25,551), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 41% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
44.4%-32% vs US avg
x
Vacancy Rate
41.0%+298% vs US avg
x
Broadband Access
68.5%-21% vs US avg
x
4+ Bedrooms
4.3%-71% vs US avg
x
Built Pre-1939
19.9%+55% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
21.0%-58% vs US avg
x
Mortgage-Free
72.0%+89% vs US avg
x
$55,000
Home Value
$680
Rent
1955
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached62.4%
  • 1-unit attached13.8%
  • 2-9 units17.3%
  • 10+ units5.6%
  • Mobile home & other0.9%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$55,000
Median rent$680
Owner-occupied44.4%
Vacant41.0%
Price-to-income2.2x
Est. income to buy$15,000