Gary, IN home values, income, and owner costs

Start with the dated local finding: In Gary, IN, the 2024 ACS reports a median owner-occupied home value of $94,700, median household income of $38,731, and median selected monthly owner costs of $1,175 for owners with a mortgage. Together, those three reference points can help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $1,175 measure combines recurring ownership expenses in place of real estate taxes alone. For borrower planning, a useful affordability review starts with $94,700, $38,731, and $1,175, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Gary, IN's $94,700 median home-value estimate is below the statewide $218,200 estimate, with a reported city-to-state gap of 56.6%. That 56.6% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Gary, IN. It does not mean every local property is 56.6% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. For borrower planning, a borrower may use $94,700 and $218,200 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.