The Gary metropolitan area saw one of the biggest jumps in home prices nationally last year. Although home prices in Gary are relatively affordable, about 45% of the households in the metro area are occupied by renters (Zumper, March 2022).
Home values have increased by 36.5% over the past year, while selling prices of homes in some Gary neighborhoods skyrocketed by 500% or more during the last 12 months. Rents also are on the rise in Gary, with the median monthly rent for 3-bedroom homes increasing by 13% year over year.
Gary is an affordable city located about 25 minutes from the downtown Chicago Loop. Investors looking for rental property in the Midwest might want to give Gary a closer look. Here are 11 neighborhoods in the Gary metropolitan area to consider, including several neighborhoods where sales prices have increased by 200% or more.
Key takeaways
- Gary is home to 69,000 people in the city and nearly 703,000 in the metropolitan area.
- Metropolitan Gary consists of Lake, Porter, Jasper, and Newton counties.
- Home values in Gary increased by 36.5% over the past year, while rents for 3-bedroom homes have grown by 13%.
- Neighborhoods in Gary with median sales price increases of 200% or more include Downtown, Aetna, and Black Oak.
>>Explore Roofstock's Gary investment properties here.
Why invest in Gary, Indiana?
Over the past year, home values in Gary increased by 36.5% over the past year, while rents for 3-bedroom homes have gone up by about 3%, according to the most recent reports from Zillow (February 2022) and Zumper (March 2022).
While there’s no guarantee that home prices will continue to rise as quickly, now might be the ideal time to explore what the area has to offer. Redfin ranks the Gary housing market as not very competitive, with multiple offers rare and average homes selling for about 4% below the asking price.
11 great areas in Gary for investment properties
The housing market in Gary is currently not very competitive, with a Redfin Compete Score of 19 out of a possible 100, which may present the ideal opportunity for investors looking for a deal.
Here are 11 neighborhoods in Gary and the surrounding suburbs to consider, with neighborhood data from Redfin and Realtor.com as of January 2022.
Miller
Miller is a few minutes east of Gary, near the Ogden Dunes and Portage Lakefront and Riverwalk. Asking prices of homes currently listed for sale range from $12,000 to $389,900 and have increased by less than 1% over the past year:
- Median listing price: $199,900
- Change in listing price (year over year): 0.4%
- Median sale price: $165,000
- Change in sales price (year over year): -19.4%
- Days on market: 51
- Rent range: $635 to $1,100
- ZIP code: 46403
Glen Park
Glen Park is located south of Downtown Gary, near Indiana University Northwest. Asking prices of homes for sale in Glen Park range from $5,000 to $199,999 and have increased by nearly 135% year over year:
- Median listing price: $84,900
- Change in listing price (year over year): 63.3%
- Median sale price: $91,500
- Change in sales price (year over year): 134.9%
- Days on market: 47
- Rent range: $710 to $1,300
- ZIP codes: 46408, 46409
Tolleston
The Tolleston neighborhood in Gary is located west of Downtown, between Highway 20 and I-94. Listing prices range from $19,900 to $190,000 and have increased by over 69% over the past year:
- Median listing price: $110,000
- Change in listing price (year over year): 69.2%
- Median sale price: $112,000
- Change in sales price (year over year): 59.3%
- Days on market: 23
- Median rent range: $1,300
- ZIP code: 46404
Midtown
Midtown is located between Downtown Gary and Indiana University Northwest. Asking prices of homes for sale in Midtown range from $10,000 to $139,500 and have doubled in price over the past 12 months:
- Median listing price: $75,000
- Change in listing price (year over year): 100%
- Median sale price: $60,000
- Change in sales price (year over year): 1.7%
- Days on market: 72
- Rent range: $650 to $1,200
- ZIP codes: 46402, 46407
Downtown Gary
The Downtown neighborhood in Gary is bordered by I-90/Indiana Toll Road on the north and the Midtown neighborhood on the south. Asking prices of homes for sale range from $15,000 to $125,000 and have increased by 63% year over year, while selling prices have nearly quintupled over the past year:
- Median listing price: $53,000
- Change in listing price (year over year): 63.1%
- Median sale price: $113,000
- Change in sales price (year over year): 493.4%
- Days on market: 39.5
- Rent range: $698 to $950
- ZIP codes: 46402, 46404
Aetna
The Aetna neighborhood in Gary is located east of Downtown, near Miller Woods Beach. Listing prices of homes for sale in Aetna range from $11,000 to $143,900 and have increased by nearly 228% over the past 12 months:
- Median listing price: $82,000
- Change in listing price (year over year): 227.8%
- Median sale price: $129,000
- Change in sales price (year over year): 514.8%
- Days on market: 65
- Rent range: $1,100 to $1,200
- ZIP codes: 46402, 46403
Westside
Westside is located west of Downtown Gary, near the town of Hammond and the Purdue University Northwest-Hammond campus. Listing prices range from $18,900 to $200,000 and have increased by 21% year over year:
- Median listing price: $85,000
- Change in listing price (year over year): 21.4%
- Median sale price: $65,000
- Change in sales price (year over year): Not available
- Days on market: 43
- Rent range: $710 to $1,200
- ZIP codes: 46404, 46406
Brunswick
The Brunswick neighborhood in Gary is located just west of Downtown and is adjacent to the Gary/Chicago International Airport. Listing prices of homes for sale in Brunswick range from $12,000 to $199,999 and have increased by 12% over the past year:
- Median listing price: $61,500
- Change in listing price (year over year): 12.0%
- Median sale price: $25,000
- Change in sales price (year over year): Not available
- Days on market: 49
- Rent range: $950 to $1,200
- ZIP code: 46406
Pulaski
Pulaski is bordered by the Midtown neighborhood on the west and I-65 on the east and is a few minutes from Indiana University Northwest. Asking prices of homes for sale in Pulaski range from $24,900 to $78,000 and have increased by nearly 85% over the past 12 months:
- Median listing price: $45,800
- Change in listing price (year over year): 83.9%
- Median sale price: $84,000
- Change in sales price (year over year): 115.4%
- Days on market: 65
- Median rent: $1,000
- ZIP code: 46407
Ambridge Mann
The Ambridge Mann neighborhood is a few blocks west of Downtown and has one of the highest median listing prices of homes for sale in Gary. Asking prices range from $34,900 to $184,900, and homes have been selling for about 3% over list price:
- Median listing price: $93,800
- Change in listing price (year over year): 17.4%
- Median sale price: $170,000
- Change in sales price (year over year): Not available
- Days on market: 58
- Rent range: $650 to $950
- ZIP code: 46404
Black Oak
Black Oak is located southwest of Gary, between Indiana University Northwest and the town of Highland. Listing prices of homes for sale in Black Oak range from $50,000 to $150,000, while selling prices have increased by more than 500% year over year:
- Median listing price $85,900
- Change in listing price (year over year): 13.2%
- Median sale price: $75,000
- Change in sales price (year over year): 525.0%
- Days on market: 24
- Rent range: Not available
- ZIP codes: 46404, 46406, 46408
>>Explore Roofstock's Gary investment properties here.
