The typical owner-occupied home in Gary is worth about $50,900, 69% below the West Virginia median of $162,600 and 85% below the national median of $332,700. Owners pay a median $199 a year in property taxes, about 0.39% of their home's value, lower than the West Virginia rate of 0.53%. The median household earns $41,603 a year, so the median home costs 1.2 times the median income (2.7 times for West Virginia). 96% of occupied homes here are lived in by their owners, and 10% of those owners still have a mortgage.
Gary at a glance
| Gary | West Virginia | U.S. | |
|---|---|---|---|
| Median home value | $50,900 | $162,600 | $332,700 |
| Median property tax paid per year | $199 | $865 | $3,119 |
| Property tax as a share of value | 0.39% | 0.53% | 0.94% |
| Median household income | $41,603 | $59,608 | $80,734 |
| Homes lived in by their owners | 96% | 75% | 65% |
| Owner homes with a mortgage | 10% | 46% | 61% |
| Median monthly costs, owners with a mortgage | $975 | $1,255 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 17.3% | 21.0% |
| Median rent | – | $872 | $1,413 |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 45.4% | 15.4% | 10.1% |
| Population | 861 | 1,778,373 | 334,922,499 |
What a typical home costs per month in Gary
At this week's average 30-year rate of 7.11%, buying the median Gary home of $50,900 with 20% down costs about $312 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $396, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $13,358 for the 20%-down payment. That payment is 9% of the median Gary household income of $41,603; at that income and 20% down, the 28% guideline points to a home of about $159,000.
| Down payment | $10,180 |
|---|---|
| Loan amount | $40,720 |
| Principal and interest | $274 |
| Property taxes (0.39% a year) | $17 |
| Homeowners insurance (our estimate, 0.5% a year) | $21 |
| PMI | $0 |
| Total per month | $312 |
Change the numbers in the calculator
| Down payment | $1,782 |
|---|---|
| Loan amount | $49,978 |
| Principal and interest | $336 |
| Property taxes (0.39% a year) | $17 |
| Homeowners insurance (our estimate, 0.5% a year) | $21 |
| FHA mortgage insurance | $23 |
| Total per month | $396 |
Change the numbers in the calculator
Questions about home buying in Gary
What is the median home value in Gary?
About $50,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gary?
Homeowners pay a median $199 a year, which is about 0.39% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Gary?
For the median home with 20% down at 7.11%, the payment is about $312 a month. Keeping that under 28% of gross income takes about $13,358 a year.
More about Gary
- Mortgage Refinance in Gary
- Debt Relief in Gary
- Home Equity Loans in Gary
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data