The median home value in ZIP Code 46406 (Gary, IN) is $53,100. Approximately 54.2% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 0.0%.
The average occupancy of owner-occupied units in ZIP Code 46406 is 2.22 occupants, while owner-occupied units have an aggregate average size of 2.53 bedrooms per housing unit.
In the 46406 ZIP Code, an estimated 45.8% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 12.0%.
Among renter-occupied units in this ZIP, the average occupancy is 2.67 occupants, while renters in this Lake County region spend an average of 0% of their income on housing rental costs.
See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 46406.
| ZIP 46406 | Indiana | U.S. | |
|---|---|---|---|
| Median Home Value | $53,100 | $254,239 | $356,002 |
| Owner-Occupied Housing Units | 54.2% | 69.1% | 64.0% |
| Homeowner Vacancy Rate | 0.0% | 1.5% | 1.6% |
| Average Size of Owner-Occupied Unit | 2.22 | 2.61 | 2.70 |
| Average # of Bedrooms Per Unit | 2.53 | 2.79 | 2.75 |
| Median Housing Rent | $0 | $826 | $1,062 |
| Renter-Occupied Housing Units | 45.8% | 30.9% | 36.0% |
| Rental Vacancy Rate | 12.0% | 7.1% | 6.0% |
| Average Size of Renter-Occupied Unit | 2.67 | 2.32 | 2.49 |
| Percent of Income Spent on Rent | 0% | 28.96% | 29.83% |
The median home value in ZIP Code 46406 is $53,100. That median value is about 63% lower than the median home value of $141,700 in Indiana overall, and is 76% lower than the $217,500 the median home value in the entire U.S. About 47.5% of homes in ZIP Code 46406 are valued less than $50,000. That is 465% higher than in Indiana, in which 8.4% of homes are valued at less than $50,000, and is about 588% higher than in the U.S. overall (6.9% of homes valued at less than $50,000). The home value range that the smallest portion of ZIP Code 46406 homes fall into is $500,000 to $999,999 (0.0% of homes).
This chart visualizes the breakdown of home values in ZIP Code 46406, Indiana, and also in the U.S. overall.
See the table below for a regional comparison of home values in ZIP Code 46406.
| Home Value | ZIP 46406 | Indiana | U.S. |
|---|---|---|---|
| Less than $50,000 | 47.5% | 8.4% | 6.9% |
| $50,000 to $99,999 | 39.1% | 22.6% | 12.0% |
| $100,000 to $149,999 | 5.0% | 22.6% | 13.3% |
| $150,000 to $199,999 | 3.0% | 17.9% | 14.0% |
| $200,000 to $299,999 | 2.3% | 16.0% | 19.6% |
| $300,000 to $499,999 | 1.0% | 9.2% | 19.3% |
| $500,000 to $999,999 | 0.0% | 2.8% | 11.4% |
| $1,000,000 or more | 2.0% | 0.6% | 3.4% |
Approximately 27.2% of homes in this Gary, IN region were built in 1950 to 1959. This amount of homes built in 1950 to 1959 in ZIP Code 46406 is about 147% higher than percentage of homes built in this time period in Indiana overall (11.0% of homes), and is 164% higher the percentage (10.3% of homes) in the U.S. as a whole. Additionally, an esimated 22.4% of local homes were built in 1970 to 1979. On the other end of the scale, just 0.0% of homes in this Lake County ZIP Code were built in 2010 to 2013 in ZIP Code 46406. In comparison, 2.4% of homes in Indiana overall were built in 2010 to 2013, while 2.7% of all U.S. homes were built in this time period.
A detailed regional comparison of home ages in ZIP Code 46406.
| Year Built | ZIP 46406 | Indiana | U.S. |
|---|---|---|---|
| 2014 or later | 0.0% | 2.1% | 2.5% |
| 2010 to 2013 | 0.0% | 2.4% | 2.7% |
| 2000 to 2009 | 0.8% | 12.2% | 14.0% |
| 1990 to 1999 | 4.2% | 14.7% | 13.9% |
| 1980 to 1989 | 5.6% | 10.0% | 13.4% |
| 1970 to 1979 | 22.4% | 13.9% | 15.2% |
| 1960 to 1969 | 14.9% | 10.9% | 10.6% |
| 1950 to 1959 | 27.2% | 11.0% | 10.3% |
| 1940 to 1949 | 13.3% | 5.7% | 4.9% |
| 1939 or earlier | 11.6% | 17.1% | 12.6% |
See the chart below for details on the age of homes in ZIP Code 46406, Indiana, and also in the U.S. overall. Data here refers to years that homes were built.
Frequently asked questions about housing in this Gary, IN ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 46406.
