Rent to own Homes in Gary, IN
Located in the southeastern portion of the Chicago Metropolitan Area, Gary, Indiana, is only 25 minutes from downtown Chicago, Illinois. Gary is home to about 79,170 people, and the median age of residents is 36. Bordered by Lake Michigan, Gary is known for its large steel mills and as being the birthplace of the Jackson 5! The city was founded in 1906 by the United States Steel Corporation and has survived some booms and busts over the decades, following the rise and fall of the steel industry. Gary has been in the hearts and minds of Americans for generations as one of the greatest industrial steel plants in the country, and it is slowly finding its footing in this new age of technology.
Gary, IN is a great place for affordable rent-to-own homes! With a median household income of over $31,315 and a median rent of $792, the Gary, IN rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Gary, IN. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Gary, IN Property Resources
Rent to own Homes in Cities Near Gary, IN
- Aberdeen
- Beecher
- Blue Island
- Burnham
- Burns Harbor
- Calumet City
- Calumet Park
- Cedar Lake
- Chesterton
- Chicago
- Chicago Heights
- Crete
- Demotte
- De Motte
- Dixmoor
- Dyer
- East Chicago
- Flossmoor
- Ford Heights
- Goodenow
- Griffith
- Hazel Crest
- Hebron
- Highland
- Hobart
- Homewood
- Lakes of the Four Seasons
- Lowell
- Markham
- Matteson
- Merrillville
- New Chicago
- Olympia Fields
- Park Forest
- Phoenix
- Portage
- Roselawn
- Salt Creek Commons
- Sauk Village
- Schererville
- Schneider
- Shorewood Forest
- South Chicago Heights
- South Haven
- Steger
- Thayer
- Thornton
- Valparaiso
- Whiting
- Winfield
Buying a Home in Gary, IN
Gary, IN is seeing rapid growth and Gary, IN's' housing market remains optimal with an average home price that is -69% below the 2024 national average. Gary, IN is part of Lake county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Lake is 1.37% which is above the national average, which is 0.99%.
Median Home Price in Gary, IN
Median Rent in Gary, IN
Top Reasons to Live in Gary IN
Housing Statistics The median sales price for houses in Gary is $73,700. The average rental price is a low $563 per month, and many rent to own homes, apartments and condos stand empty. With a 14-percent rental vacancy rate and a 17-percent annual residential turnover, it's no wonder rent prices are so affordable here.
Local Shopping Shopping is always nearby. Most residents take a quick trip into Chicago for serious shopping trips. A short 25-mile trip puts you in the heart of the big city, where the height of couture and fashion live. The best part of that trip is that you can turn around and head back to your suburban retreat! If you'd rather not take the car out for a spin, local options include the Gary Village Mall, The Village Shopping Center, Fagen Pharmacy, and Broadway Shopping Mall.
Arts and Culture in Gary Lake Street Gallery has original art and is always hosting local artists and providing an outlet for artistic expression in Gary. The South Shore Dance Alliance is another gem that the residents of Gary are able to enjoy. It is a pre-professional, transitional dance studio, which is home to award winning dancers, instructors and choreographers. The company was designed to train young dancers to develop artistically as well as physically so that when they go into dance as a career they are well schooled in the form. Another notable area worth mentioning is The Miller Beach Arts and Creative District. This district provides a hub centered around Lake St. that is designed to promote art, culture, creativity and economic development in downtown Gary. Also, the The Gary Civic Symphony Orchestra is breathtaking to experience! Included alongside the GCSO Jazz Orchestra are the string, wind and brass ensembles that play throughout the year in Gary and surrounding cities. There is no shortage of arts or culture in Gary, so artists and performers from all corners should feel at home in this progressive little city!
Neighborhoods in Gary Here are some neighborhoods in Gary you should know about: