Market Overview
Home Prices in Gary, IN
The median home value in Gary, IN is $91,950 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 3.8% compared to a year ago and down 1.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Gary are priced78% below average. Gary is part of the Chicago-Naperville-Elgin, IL-IN-WI metro area.
Over the past five years, Gary home values have risen by approximately20.1%, reflecting strong long-term appreciation in this market.
Price History
Gary Home Price Trend
City Comparison
Gary vs. National Median
At $91,950, homes in Gary cost 78% below the national median of $410,000. This makes Gary a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Gary?
20% Down Payment
$18,390
on $91,950
Monthly P&I
$480/mo
30-yr @ 6.8%
Total Monthly Est.
~$610/mo
incl. taxes & insurance
Income Needed
$24,400
gross annual (30% rule)
10% Down Option
$9,195
+ PMI applies
Loan Amount (20% dn)
$73,560
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Gary, IN?
The median home value in Gary is $91,950 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 3.8% year-over-year.
How much have home prices changed in Gary?
Over the past year, home values in Gary have decreased by 3.8%. Over five years, prices have risen approximately 20.1%.
How much do I need to earn to buy a home in Gary?
To comfortably afford the median home price of $91,950 with a 20% down payment ($18,390) at today's rates (6.8%), you'd need a gross annual income of approximately $24,400. This assumes keeping total housing costs at or below 30% of gross income.
How does Gary compare to the national average home price?
The national median home value is approximately $410,000. At $91,950, homes in Gary are 78% below the national average.
What metro area is Gary part of?
Gary is part of the Chicago-Naperville-Elgin, IL-IN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.