The story of this market
The typical home in ZIP 46402 sells for about $84,500, or $68 per square foot.
Prices are down 29% from a year ago, which gives buyers more room to negotiate. Homes take about 112 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $951 a month.
ZIP 46402 — Gary
The 46402 housing market remains highly affordable but faces significant structural challenges, including high vacancy rates and a high share of renter-occupied housing. Market activity is limited, with prices reflecting a long-term trend of economic transition and a reliance on investor-led demand rather than traditional residential growth.
This ZIP is primarily suited for real estate investors seeking low-entry-price opportunities and potential for repositioning, rather than traditional family buyers or commuters.
Median prices moved down 29.0% year over year.
Homes spend a median of 112 days on market with 6.2 months of supply — a slower-moving market.
15% of listings have cut prices · homes sell at 92% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 14.2% · poverty 44.7% — elevated distress and economic pressure.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 7.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 46402, Lake County IN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in Gary remain significantly higher than regional and national averages, with property and violent crime being persistent concerns for the area.
Public schools in the area generally face significant accountability challenges, with many institutions receiving low performance ratings from state and independent evaluators.
The area faces moderate risks related to urban flooding and aging infrastructure, with standard property insurance coverage often impacted by regional hazard profiles.
Economic momentum is currently driven by local revitalization efforts and industrial redevelopment, though the area continues to navigate long-term population decline and infrastructure renewal needs.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Indiana) — Ad Valorem Property Assessment: Property is assessed at 100% of true tax value, determined by market-based assessment systems and annual adjustments. State (Indiana) — Standard Homestead Deduction: Removes the first $45,000 of the homestead's assessed value from taxation. State (Indiana) — Indiana Property Tax Caps (Circuit Breaker): Limits annual property tax liability to 1% of gross assessed value for principal residences, 2% for other residential property, and 3% for non-residential property.
Residents primarily rely on personal vehicles for commuting, with access to I-65 and I-90 providing connections to the broader Chicago metropolitan employment core.
The area features proximity to the Lake Michigan shoreline and various local parks, though recreational amenities are limited compared to suburban counterparts.
The rental market is characterized by high vacancy rates and a significant share of investor-owned properties, with rent growth remaining relatively stagnant.
The local economy is transitioning from a heavy industrial base toward service and logistics, with significant reliance on regional employment hubs in Northwest Indiana and Chicago.
The area is served by regional highway corridors and limited public transit options, primarily focused on connecting to the broader Gary and Chicago transit networks.
Development is largely focused on small-scale infill and municipal-led blight removal projects rather than large-scale commercial expansion.
Parcels are subject to Gary Community School Corporation levies and various municipal utility districts.
Property insurance premiums are elevated due to regional crime statistics and the age of the housing stock.
Data retrieved from US Census Bureau ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Deep River Waterpark4.310.9 mi
- Ninja Kidz Action Park Hammond, IN4.96.7 mi
- The Salvation Army Ray and Joan Kroc Corps Community Center Chicago4.517.1 mi
- Up Your Alley3.910.1 mi
- Urban Air Trampoline and Adventure Park4.49.6 mi
- County Line Orchard4.37.7 mi
- 115 Bourbon Street4.419.8 mi
- Lighthouse Restaurant4.717.1 mi
- Ravisloe Country Club4.517.7 mi
- Gerald Ratner Athletics Center4.618.9 mi
- Emagine Portage4.69.8 mi
- Deep River Waterpark4.310.9 mi
- Ninja Kidz Action Park Hammond, IN4.96.7 mi
- AMC Schererville 164.110.3 mi
- Access to West Beach - Indiana Dunes National Park4.56.1 mi
- Griffin Museum of Science and Industry4.718 mi
- Burnham Park Promontory Point4.818.1 mi
- Frederick C. Robie House4.718.5 mi
- DuSable Black History Museum and Education Center4.719 mi
- South Shore Cultural Center4.616.3 mi
- Indiana Dunes National Park West Beach Bath House4.66.8 mi
- Portage Lakefront & Riverwalk4.68.3 mi
- Centennial Park, Munster,IN4.610.1 mi
- Wicker Memorial Park4.68 mi
- Peter G Redar Memorial Park4.69.8 mi
- Hammond Marina4.411 mi
- Crowley's Yacht Yard LLC4.413.3 mi
- East Chicago Marina4.46.3 mi
- Pier 11 Marina4.614 mi
- Marina Shores at Dune Harbor4.68.3 mi
- Lost Marsh Golf Course4.19.6 mi
- White Hawk Country Club4.611.9 mi
- Wicker Memorial Park4.68 mi
- Innsbrook Country Club4.67.6 mi
- Briar Ridge Country Club4.610.3 mi
- Southlake Mall4.19.6 mi
- Meijer4.29.5 mi
- Meijer4.28.9 mi
- Meijer4.38.8 mi
- Johnson's Farm Produce4.36.7 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Central community resource and historic anchor.
Provides regional recreational access and scenic views.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.