Real Estate Investing in Gary, Indiana (46407)
Should you buy in 46407 (Gary, IN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- High vacancy: 39.9% of homes vacant — above national norms.
- Elevated poverty: 27.1% poverty rate — can affect rent collection.
- Lower household income: $26,502 median — tenant affordability is tighter.
What’s happening in Gary, IN (46407)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46407 Gary
The 46407 ZIP in Gary is not a pristine, turnkey story — it is a value-add map. Stock is older, prices near $61K are approachable, and upside sits in the rehab line.
Investors in 46407 do not buy the market average — they buy the unit they can improve. $61K median pricing and $1,165/mo comps define the envelope within which the work has to pay.
Relative to IN, 46407 reads as a working-capital ZIP — prices below average, renter share elevated at 55%, and room for operator-led upside.
Household income in 46407 supports the rent-lift thesis. 8,889 residents, deep working-age cohort, and the kind of tenant profile that responds to upgraded stock.
Value-add plays pencil in 46407 when three things line up: a sub-median purchase, a realistic rehab budget, and a post-rehab rent comp that stands up. All three are present in this ZIP.
Here's what matters if you're considering buying a home in Gary:
Property Strategy for 46407
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $45,594 | $1,070 | 16.9% | +9.5% | $22,797 |
| 3BR | $60,438 | $1,310 | 15.6% | +8.7% | $20,146 |
| 4BR | $73,216 | $1,420 | 14.0% | +8.8% | $18,304 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46407 Compare?
| Metric | 46407 | Gary | Indiana |
|---|---|---|---|
| Home Value | $60,886 | $46,328 | $248,442 |
| 5-Year CAGR | 8.6% | 7.7% | 7.7% |
| Avg Rent | $1,165 | $1,302 | - |
| Cap Rate | 14.9% | 11.9% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 46407 (Gary, IN). Anonymous, moderated, never written by AI.
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Property managers serving Lake County
Manage rentals here? List your business →Rose Real Estate offers property management and real estate services in Munster, Northwest Indiana, and Chicagoland areas, including residential, association, and commercial management. summary from their website
Caribou Property Management offers property management services. summary from their website
Great Oaks Realty and Property Management, LLC is a full-service real estate and property management company that helps with home buying, selling, and property management. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $60,886 |
| Monthly Rent | $1,165 |
| Price-to-Rent | 4.4:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 23.0% |
| Cap Rate | 14.9% |
| 5-Year IRR | 23.5% |
📈 Home Appreciation
| 1-Year | +11.7% ▲ |
| 3-Year CAGR | +6.9% ▲ |
| 5-Year CAGR | +8.6% ▲ |
| 10-Year CAGR | +12.5% ▲ |
🏠 Rent Trends
| 1-Year | -3.2% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The estimated cap rate (14.9%) exceeds the current 30-yr mortgage rate (6.5%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 46407
Population: 8,889
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 46407
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Gary Career Center
Bailly Middle School
Beveridge Elementary School
21st Century Charter Sch of Gary
Gary Middle College
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
How expensive is real estate in Gary, IN?
Gary, IN median home values land near $61K. That is reasonable territory for investors looking at $1,165/mo-per-month rentals.
What kind of market is Gary, IN for investors?
Yes - Gary, IN a 5.0/5 investability score. With $61K home prices against $1,165/mo monthly rent, the market delivers a reasonable entry point for new investors.
Does a duplex house hack pencil in Gary, IN?
The house hack math an attractive in Gary, IN. Owner-occupant buyers benefit from the $1,165/mo rents and $61K home values.
What do rentals go for in Gary, IN?
Investors in Gary, IN typically see rents near $1,165/mo per month against $61K home values - a solid setup for rental cash flow.
How close is Gary, IN to meeting the 1% rule?
The 1% rule is solid territory for Gary, IN. Rent-to-price at the median is 1.91%, putting many properties within striking distance.
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