Compare Gary, IN mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Gary.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Gary. Plus, shopping lenders is free and there is no obligation.
February 20, 2024
Below we provide helpful information on the real estate market, home prices and housing affordability in Gary. Understand how much you need to earn to afford a home in Gary, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Gary fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Gary is right for you.
The median home value for Gary, IN (Lake County) is $222,216
Based on current mortgage rates and a 10% down payment, you need to make $46,358 per year to buy the median priced home in Gary
With this income, you could qualify for a $199,994 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Gary is $1,074
The median household income for Gary, IN (Lake County) is $62,340
Based on this income, you can afford a home valued at approximately $298,827
The home price you can afford to buy based on household income in Gary is 134% of the median home value which means housing prices are average. Gary (Lake County) ranks 87 out of 92 counties in Indiana and 2,238 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Gary, IN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Gary (Lake County) below.
Conforming loan limits for Gary, IN
FHA loan limits for Gary, IN