Rent vs Buy in Gary, IN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Gary, IN
Price-to-rent ratio is 6.3 (under 15 favors buying, over 21 favors renting). Renting costs $1,197/mo; owning runs about $673/mo — $524/mo less to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $478 |
| Property tax | $83 |
| Home insurance | $38 |
| Maintenance | $75 |
| Total to own | $673 |
| Average 2BR rent | $1,197 |
Based on a median home value of $90,228 with a $18,046 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.