Total monthly cost of ownership
Cost to Own a Home in Gary, Indiana
A $85,000 home here costs
$874per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $37,500 a year.
A standard mortgage calculator would have told you $471. The real number is $404 higher every month, 86% more than the payment most buyers budget for.
Compare Lake County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Gary against Lake County and Indiana
| Measure | Gary | Lake County |
|---|---|---|
| Median home value | $85,300 | $214,700 |
| Median property tax | $936 | $1,987 |
| Effective tax rate | 1.097% | 0.925% |
| Median gross rent | $975 | $1,094 |
| Population | 68,604 | 498,990 |
The weather behind that power bill
Gary sits in Lake County, which averages a high of 85.0°F in its hottest month and a low of 18.4°F in its coldest, with 33.35" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 975 cooling and 5,737 heating degree days, which is what sets the $151 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Talk to someone who works this market
These are Gary averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Gary every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Gary?
A $85,000 home in Gary, Indiana costs approximately $874 per month with 20% down at 7.4%. That is $471 principal and interest, $78 property tax, $36 homeowners insurance, $219 utilities and $71 set aside for maintenance.
What is the property tax rate in Gary?
Gary has an effective property tax rate of 1.097%, based on a median home value of $85,300 and median real estate taxes of $936. That is higher than the Lake County average of 0.925%.
What is the average home price in Gary?
The median owner-occupied home value in Gary, Indiana is $85,300, against $214,700 across Lake County.
Is it cheaper to rent or buy in Gary?
Median gross rent in Gary is $975 a month, against $874 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Gary?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gary, Indiana at today's rate takes a household income of roughly $37,500 a year. That covers the full $874 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gary, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Indiana.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.