Frequently asked questions about 46408 in Gary, IN

Is zip code 46408 in Gary, IN a good place to invest in?: No. With an investment score of 530 over 1,000 is not a good place to invest.
What was the population of zip code 46408 according to the 2020 census?: According to the 2020 census, the population of zip code 46408 in Gary, IN was 16,082.
What is the forecasted population for zip code 46408 in 2025?: The forecasted population for zip code 46408 in 2025 is 16,237.
What is the projected population for zip code 46408 in 2030?: The projected population for zip code 46408 in 2030 is 15,629.
What is the average property price in zip code 46408?: The average property price in zip code 46408 is $104,325.
Is the property price in zip code 46408 expected to increase or decrease?: The property prices in zip code 46408 are currently on an increasing trend.
What is the average rent value in zip code 46408?: The average rent value in zip code 46408 is $1,325.
What is the average household income in zip code 46408?: The average household income in zip code 46408 is $49,659.

Investment Score for 46408 Gary, IN

Zip Code

46408

City

Gary, IN

Aterio Score™

530

out of 1,000 pts

With an investment score of 530 over 1,000 zip code 46408 Gary, IN is not a good place to invest in the US right now.
Population is forecasted to decrease 1% by 2025. A negative growth in population is not good for the real estate market.

State highest score is

794

National highest score is

846

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Population & Migration

Census 2010

17,030

Census 2020

16,082

Forecasted population 2025

16,237

Forecasted population 2026

16,063

Forecasted population 2027

15,922

Forecasted population 2028

15,806

Forecasted population 2029

15,710

Forecasted population 2030

15,629

The population in the US is expected to grow 4.7% between 2020 and 2030 or 0.6% per year. Neighborhoods or municipalities with growths above 4.7% for the next 10 years will have a positive effect on the score.

Any growth above 10% should create imbalances between supply and demand in the area creating strong signals for investment opportunities.

Aterio's Adjusted Growth

Coming soon

Growth rate 2020 to 2025

Growth rate 2025 to 2030

-3.7%

Expected growth rate from 2020 to 2030

Coming soon

Aterio's Adjusted Growth is a specialized metric that refines growth projections by incorporating historical growth information and projections, as well as migration data extracted from the USPS. This comprehensive approach offers a more precise indicator of expected growth, enhancing accuracy in predicting demographic and economic changes within a given area.

Prices

Average Property price latest Month

104325.485531761

Average Property price 6 months ago

107573.535181336

Average Property price 12 months ago

104205.631798295

Average number of days of a property in the market

Total number of home for sales abandoned

The average number of days a property spends on the market refers to the typical length of time it takes for properties to be sold. A higher average indicates that properties are staying on the market for longer periods, often suggesting lower demand and potentially unfavorable market conditions for sellers.

The total number of abandoned home sales refers to the count of properties that were listed for sale but ultimately left unsold, showcasing a lack of buyer interest or demand. A higher count of abandoned sales typically reflects diminished demand for those properties and can indicate a sluggish or unfavorable real estate market for sellers.

Price speed change rate

0.030902435

Price direction

0.969806239

The speed of change in prices is an important indicator of market volatility and can be used to help investors make decisions about buying or selling assets

In general, when there is a strong price direction, it is more likely that the speed of change will be faster. This is because the momentum behind the price movement is greater, and there may be more market participants who are eager to buy or sell at the prevailing prices.

Relative Strength Index

Home Value Relative Strength Index

69.189476444

Home Value Volatility Score Last 24 Months

24.543476023

Average annual mortgage rate in the US for 30 years

0.0681

Estimated installment price

680.819190156

Rentals

Rent value latest month

1325

Rent RSI Score

69.841785816

Rent Volatility Score Last 24 Months

43.235153564

Rental mortgage rate

1.449677678

Listings

realtor.com

AVERAGE PROPERTY PRICE LATEST MONTH

159334

CHANGE IN LISTING PRICE YEAR OVER YEAR

0.1523

AVERAGE LISTING PRICE PER SQUARE FOOT

102

DAYS ON MARKET

ACTIVE LISTINGS

zillow.com

Average Property price latest Month

104325.485531761

CHANGE IN LISTING PRICE YEAR OVER YEAR

AVERAGE LISTING PRICE PER SQUARE FOOT

DAYS ON MARKET

ACTIVE LISTINGS

Demand vs. Supply

Housing units available in 2020

8389

Housing units available in 2021

7586

Estimated Housing units needed 2030

8152

Deficit or excess inventory

-236

When there is a deficit of houses available in the market, it typically leads to an increase in home prices. This is because the demand for homes exceeds the supply, which creates a competitive bidding environment. As a result, buyers are willing to pay more to secure a home, driving up the prices.

Vacancy rate is 10.1% in the United States in the fourth quarter of 2022.

Low levels of vacancy rate signals a need for additional units in a market and a difference in supply and demand where demand is most likely not meet.

Homes in construction in the next 5 years

Total housing units (most recent data)

7861

Occupied housing units by owners

3637

Occupied housing units by renters

2391

Total Vacancy rate

0.233176441

Rental Vacancy rate

0.019

Economic Development

Number of business establishments in 2020

221

YOY GDP Growth

0.124614136

YOY GDP Growth for Retail

0.141589096

YOY GDP Growth for construction

0.126049782

YOY GDP Growth for Real Estate

0.010042789

Retailtainment is a term used to describe the practice of combining retail shopping with entertainment experiences to create a more engaging and immersive shopping environment. The concept of retailtainment is based on the idea that people are looking for more than just a place to buy products; they want an experience that is fun, interactive, and memorable.

Universities attract a large number of employees and students who need housing. This creates demand for real estate in the surrounding area, which can lead to an increase in real estate prices, provides stability to the local economy, and attract investment from wealthy individuals and organizations.

People over 16 years old

11700

People in labor force

6393

civilian employed

5673

civilian unemployed

720

People marked as armed employed

% of Army employed Vs Civilian Employed

The Number of Armed Forces Employees signifies both potential advantages and vulnerabilities. Proximity to military bases enhances employment and safety in nearby ZIP codes, but reliance on military activity can create economic risks if bases shut down. It's noteworthy that armed forces employees are concentrated in a minority of ZIP codes, leaving most areas unaffected by this indicator's dynamics.

Capacity to Pay

Average of household income in 2021

49659

Affordability index

Household debt as % of Income in 2020

1.475

Household debt as % of Income in 2021

1.28

Rate of the previous household debt to income in 2021 vs 2020

-0.13220339

Affordability indicates the ability of potential homebuyers to afford a home measured in number of years needed to pay a house. Example: Home Price 500,000 / Household Income 100,000 = 5 Years.

3 years or below is affordable, 3.1 to 5.0 is moderate and above 5.1 unaffordable. In 2021 Pittsburgh was 2.7 and San Francisco was 11.8.

Household debt can affect the ability of individuals to make mortgage payments, which can impact the foreclosure rate and the number of distressed properties on the market. If a large number of homeowners default on their mortgages, it can lead to an increase in foreclosures and distressed properties, which can put downward pressure on real estate prices.

% of HouseHolds making less than 50K

0.682

% of HouseHolds making between 50K and 75K

0.155

% of HouseHolds making between 75K and 100K

0.09

% of HouseHolds making between 100K and 200K

0.07

% of HouseHolds making more than 200K

0.003

These household income percentage indicators are derived from IRS data and offer insights into income distribution. They provide a snapshot of economic diversity within a population, highlighting the proportions of households across different income ranges, which can be valuable for assessing community prosperity and socio-economic trends.

Risk Factors

Unemployment rate

0.112623182

Unemployment rate for county last 6 months

0.057

Unemployment rate for county latest month

0.044

% of Homes Owner-occupied

0.603351029

US unemployment rate is at 3.4% for April 2023. High levels of unemployment can reduce the number of potential buyers in the market, as individuals who are unemployed or underemployed may not have the income or financial stability to purchase a home. This can lead to a decrease in demand for real estate, which can cause real estate prices to fall.

Owner-occupied housing rate in the US for 2021 was 64.6%. Homeowners are more likely to invest in their homes and the surrounding community, which can lead to improvements in infrastructure, schools, and other amenities. This can make the area more attractive to potential buyers and investors, which can further increase demand for real estate and real estate prices.

% of mortgage defaults in 2019

0.014438109

% of mortgage defaults in 2020

0.008828398

% of mortgage defaults in 2021

0.012782785

Mortgage default rates indicate the percentage of homeowners who fail to make timely mortgage payments, reflecting financial instability. These rates are crucial metrics as they inform investors about potential risks associated with a market. High default rates can signal economic challenges and impact property values, influencing investment decisions and risk assessments.

Violent Crimes ( % above or Below US average)

Property Crimes ( % above or Below US average)

Drinking water violations

Total number of violations

866

Total number of health violations

Total number of contaminations