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24/7 Wall St.: Cities Where Homes Cost Less Than a Car

3. Gary, Ind.

Median listing price: $39,900
Comparably priced car: Ford Expedition ($39,900)
Housing price change (year over year): – 7.5%
Median household income: $27,367
Unemployment: 8.5%

In Gary, as in most other troubled housing markets, employment or rather the lack of opportunities holds the key to its housing recovery. The current high unemployment rate is not a blip unfortunately — Gary has 3% fewer jobs than it did a decade ago, according to Trulia. Much of the local population lives at some of the nation’s lowest income levels as 46.5% earn under $25,000 annually according to Census economic data. Such data suggest that local businesses may have trouble leading the city of recession.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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