Real Estate Investing in Gary, Indiana (46402)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 46402 (Gary, IN)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 33.5% of homes vacant — above national norms.
- 1-year downturn: Values declined 4.3% in the last year.
- Elevated poverty: 43.2% poverty rate — can affect rent collection.
- Lower household income: $26,101 median — tenant affordability is tighter.
What’s happening in Gary, IN (46402)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 46402 Gary
In Gary's 46402 ZIP, the arithmetic favors hands-on owners. Median home values posts $62K, leaving spread for capex-heavy BRRRR or reposition strategies.
In 46402, the deal is made on the buy and on the capex. substantial entry prices of $62K leave room in the budget for light-to-medium renovation, with rent lift to match.
Relative to IN, 46402 reads as a working-capital ZIP — prices below average, renter share elevated at 58%, and room for operator-led upside.
Meanwhile, incomes in 46402 sit below the county median, the tenant pool is deep and the demand for upgraded rental stock consistently outruns supply.
Strategic fit here is operational. Pro forma discipline, capex reserves, and lender relationships matter more than the marketing pitch.
Here's what matters if you're considering buying a home in Gary:
Property Strategy for 46402
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $57,419 | $1,120 | 14.0% | +14.9% | $28,710 |
| 3BR | $67,273 | $1,370 | 14.7% | +11.8% | $22,424 |
| 4BR | $81,165 | $1,480 | 13.1% | +12.7% | $20,291 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 46402 Compare?
| Metric | 46402 | Gary | Indiana |
|---|---|---|---|
| Home Value | $61,729 | $45,190 | $248,442 |
| 5-Year CAGR | 4.2% | 6.0% | 7.7% |
| Avg Rent | $1,150 | $1,319 | - |
| Cap Rate | 14.5% | 12.3% | - |
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 46402 (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 | $61,729 |
| Monthly Rent | $1,150 |
| Price-to-Rent | 4.5:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 22.4% |
| Cap Rate | 14.5% |
| 5-Year IRR | 18.7% |
📈 Home Appreciation
| 1-Year | -4.3% ▼ |
| 3-Year CAGR | +2.1% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +9.2% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The estimated cap rate (14.5%) exceeds the current 30-yr mortgage rate (6.8%). 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 46402
Population: 5,636
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 46402
Schools in This ZIP Code
Nearby Schools (4 more)
Schools in adjacent ZIP codes that may serve this area
Beveridge Elementary School
Daniel Hale Williams Elem Sch
Frankie Woods McCullough Academy
Mary M Bethune Early Child Dev Ctr
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
Where do home prices stand in Gary, IN?
The median home value in Gary, IN is roughly $62K. That puts it reasonable relative to the IN statewide average.
Can you find 1% rule deals in Gary, IN?
Hitting the 1% rule in Gary, IN is realistic given the 1.86% average rent-to-price. Most value-add properties push well above that line.
Can BRRRR investors find deals in Gary, IN?
BRRRR works a strong in Gary, IN. With $62K ARVs and $1,150/mo rents, investors who buy right can refinance out most of their capital.
Can I live-in-and-rent in Gary, IN?
For house hackers, Gary, IN is an attractive. The $1,150/mo rent on a unit helps defray the mortgage on a $62K property.
Is real estate in Gary, IN a good investment right now?
With a 5.0/5 investability score, Gary, IN ranks as a solid market for rental property investors. Median prices of $62K and rents of $1,150/mo drive the underlying numbers.
You know 46402 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 46402 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 46402 ranks in Chicago-Naperville-Elgin, IL-IN-WI
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