The story of this market
The typical home in ZIP 46407 sells for about $125,000, or $95 per square foot.
Prices are down 3.8% from a year ago, which gives buyers more room to negotiate. Homes take about 58 days to sell. HUD's fair market rent for a two-bedroom is $1,012 a month.
This ZIP has no home sales of its own, so its market figures come from Gary, Indiana (city-level). Population, rents, hazards, lending and amenities are this ZIP's own readings.
ZIP 46407 — Gary
The 46407 housing market remains highly affordable but faces significant challenges, including high vacancy rates and declining home values. Market activity is driven by low-cost entry points for investors, though the broader economic environment in Gary continues to struggle with structural issues and limited new development.
This ZIP is primarily suited for real estate investors seeking low-entry-point properties and budget-conscious buyers looking for affordable housing options in the Northwest Indiana region.
Median prices moved down 3.8% year over year.
Homes spend a median of 58 days on market with 5.3 months of supply — a balanced-paced market.
15% of listings have cut prices · homes sell at 97.88% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 10.6% · poverty 39.1% — 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 6.3%/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 4.4%/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 46407, 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 both the Indiana and national averages, with property and violent crime being primary concerns for residents.
Public schools serving the area generally receive low performance ratings, with most institutions scoring in the bottom tier on state accountability metrics.
The area faces moderate risks related to urban blight and aging infrastructure, with standard insurance coverage for wind and fire being readily available but subject to regional market adjustments.
Economic momentum is driven by regional industrial revitalization efforts and proximity to the Chicago metropolitan employment corridor, though local development remains slow.
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 routes toward the Chicago employment core; public transit options are limited.
The area features local neighborhood parks and is within reach of the Indiana Dunes National Park and Lake Michigan waterfront amenities.
The rental market is characterized by high demand for affordable housing, with a significant portion of the stock managed by individual investors and limited new multi-family development.
The local economy is anchored by legacy industrial sectors and logistics, with ongoing efforts to diversify into healthcare and service-oriented industries.
The area is served by major highway corridors including I-65 and I-90, facilitating regional travel, though local public transit infrastructure is sparse.
Development is largely focused on the adaptive reuse of vacant properties and small-scale infrastructure improvements rather than large-scale new builds.
The Lake County Assessor manages property valuations, utilizing a mass appraisal system that is updated annually based on market sales data.
Parcels are subject to Lake County tax levies, including school district, municipal, and specialized utility district assessments.
Property insurance premiums are influenced by the regional risk profile, including urban fire hazards and the age of the housing stock.
The state has experienced modest net domestic migration gains, though urban centers like Gary have seen population stabilization efforts.
Indiana is a judicial foreclosure state, requiring court intervention for the foreclosure process, which typically includes a redemption period for homeowners.
Sellers are required to provide a standard residential real estate disclosure form detailing the known condition of the property at the time of sale.
Data retrieved from US Census Bureau ACS tables for ZCTA 46407.
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 Waterpark4.38.9 mi
- Ninja Kidz Action Park Hammond, IN4.96.9 mi
- The Salvation Army Ray and Joan Kroc Corps Community Center Chicago4.518.3 mi
- Up Your Alley3.99.1 mi
- Urban Air Trampoline and Adventure Park4.47.4 mi
- County Line Orchard4.36.1 mi
- Lighthouse Restaurant4.715.3 mi
- Ravisloe Country Club4.518 mi
- The Salvation Army Ray and Joan Kroc Corps Community Center Chicago4.518.3 mi
- Lake County Fairgrounds4.612.3 mi
- Emagine Portage4.68.7 mi
- The Shrine of Christ's Passion4.812.7 mi
- Deep River Waterpark4.38.9 mi
- Ninja Kidz Action Park Hammond, IN4.96.9 mi
- AMC Schererville 164.19.4 mi
- Griffin Museum of Science and Industry4.719.9 mi
- Burnham Park Promontory Point4.820 mi
- South Shore Cultural Center4.618.1 mi
- Pullman National Historical Park4.716.7 mi
- Al Capone's Chicago Manor4.419.9 mi
- Indiana Dunes National Park West Beach Bath House4.67 mi
- Portage Lakefront & Riverwalk4.68.6 mi
- Centennial Park, Munster,IN4.69.7 mi
- Bulldog Park4.511.2 mi
- Wicker Memorial Park4.67.9 mi
- Hammond Marina4.412.7 mi
- Crowley's Yacht Yard LLC4.415.1 mi
- East Chicago Marina4.48 mi
- Pier 11 Marina4.615 mi
- Marina Shores at Dune Harbor4.68.2 mi
- Lost Marsh Golf Course4.111 mi
- White Hawk Country Club4.610 mi
- Wicker Memorial Park4.67.9 mi
- Innsbrook Country Club4.65.7 mi
- Briar Ridge Country Club4.69.6 mi
- Southlake Mall4.17.5 mi
- Meijer4.27.5 mi
- Meijer4.28.3 mi
- Meijer4.37.7 mi
- Jewel-Osco4.110.1 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides community resources and educational programming.
Small community green spaces serving local residents.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass. Coherence hold-out: this pass's median price ($60,886) sat outside the 0.25–4× band around Lake County's retained level and was not stored.