ZIP Code 46406 — Gary, IN Home Prices (2026)
The typical home in ZIP 46406 (Gary, Indiana) is worth about $79,000 at roughly $105 per square foot — about the same as the Gary median and 73% more affordable than the typical U.S. home.
How 46406 compares
ZIP 46406 is a mid-priced ZIP code for Gary: its typical home value of $79,000 ranks #4 of the 7 Gary ZIP codes we track (the citywide range runs from $57,000 in 46407 to $151,000 in 46403). Per square foot it costs about $105, against $94 for Gary as a whole, $155 for Indiana, and $195 nationally.
| Area | Typical value | $ / sq ft |
|---|---|---|
| ZIP 46406 | $79,000 | $105 |
| Gary, IN | $79,000 | $94 |
| Indiana | $237,000 | $155 |
| United States | $294,000 | $195 |
Home value by size in 46406
Using this ZIP’s rate of about $105 per square foot. Condition, lot, and the exact street move these meaningfully — use the estimator below for a home-specific figure.
| Home size | Estimated value |
|---|---|
| 1,000 sq ft | $105,000 |
| 1,500 sq ft | $157,500 |
| 2,000 sq ft | $210,000 |
| 2,500 sq ft | $262,500 |
| 3,000 sq ft | $315,000 |
Salary needed to buy a home in ZIP 46406
To buy the typical $79,000 home in ZIP 46406 with 20% down, you need a household income of roughly $21,000 a year (about $500 a month for the mortgage, taxes, and insurance). With 10% down the bar rises to about $26,000, because the loan is bigger and mortgage insurance kicks in.
| Down payment | Cash down | Monthly payment | Income needed |
|---|---|---|---|
| 5% (+PMI) | $4,000 | $620/mo | $27,000/yr |
| 10% (+PMI) | $7,900 | $600/mo | $26,000/yr |
| 20% | $15,800 | $500/mo | $21,000/yr |
Assumes a 30-year fixed mortgage at 6.5%, property tax at 1.1% and insurance at 0.45% of value per year, PMI of 0.75% on loans with less than 20% down, and the standard 28% housing-to-income rule. Your rate, taxes, and HOA will move these — run your own numbers in the mortgage calculator.
What your budget buys in ZIP 46406
At about $105 per square foot, here is roughly how much home different budgets get you in ZIP 46406:
| Budget | Approx. size | What that looks like locally |
|---|---|---|
| $150k | 1430 sq ft | above the median — larger homes or the pricier ZIPs |
| $200k | 1900 sq ft | above the median — larger homes or the pricier ZIPs |
| $250k | 2380 sq ft | above the median — larger homes or the pricier ZIPs |
| $300k | 2860 sq ft | above the median — larger homes or the pricier ZIPs |
Wondering where that budget goes further? The relocation calculator ranks hundreds of U.S. cities by what the same money buys — it opens pre-filled with a typical 46406 home.
Estimate a specific home in 46406
The estimator below is pre-set to ZIP 46406 — pick your home’s size for an instant ballpark, then open the full calculator to adjust beds, baths, and condition.
All Gary ZIP codes by home value
Where 46406 sits among Gary’s 7 ZIP codes:
| # | ZIP code | Typical value | $ / sq ft |
|---|---|---|---|
| 1 | 46403 | $151,000 | $135 |
| 2 | 46408 | $111,000 | $104 |
| 3 | 46404 | $97,000 | $94 |
| 4 | 46406 (this page) | $79,000 | $105 |
| 5 | 46409 | $76,000 | $79 |
| 6 | 46402 | $62,000 | $61 |
| 7 | 46407 | $57,000 | $72 |
ZIP 46406 home prices: frequently asked
What is the average home price in ZIP code 46406? +
What is the price per square foot in 46406? +
What salary do you need to buy a house in ZIP 46406? +
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See the full Gary home values page, all Indiana cities, or price per square foot by ZIP code nationwide.
Directional estimates from public market data (Realtor.com & Zillow research), not appraisals. A single ZIP contains very different homes; actual values vary and change over time.