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City · 13,185 residents · Lake County, Indiana

Lake Station , Indiana

In Lake Station, a typical home is worth $137,400 and typical rent is $1,124 a month. Compared with all of Lake County, the typical home value is 40% lower and typical household income is 17% lower.

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  • Typical home value

    $137,400

    40% below the county

    37% below Indiana

    • Lake Station
    • Lake
    • Indiana

  • Typical rent

    $1,124a month

    About the same as the county

    6% above Indiana

    • Lake Station
    • Lake
    • Indiana

  • Typical household income

    $59,591a year

    17% below the county

    17% below Indiana

    • Lake Station
    • Lake
    • Indiana

  • Households that own their home

    72%

    About the same as the county

    1 points above Indiana

    • Lake Station
    • Lake
    • Indiana

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$159,844
1.5% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Lake Station is in Lake County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Lake County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Lake Station apart

What this place has that others do not, from public data, most unusual first.

  1. The typical home in Lake Station is worth $137,400, 40% less than in Lake County as a whole ($230,600).

  2. Nearby, in Gary, the typical home value is $94,700: 31% less than in Lake Station ($137,400).

  3. The typical household income in Lake Station is $59,591, 17% less than in Lake County as a whole ($71,493).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Lake Station

What homes there are in Lake Station, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house rules in Lake Station: 82% of homes, more than in Lake County (71%).

There are more mobile homes here than in Lake County: 10% of homes, against 2%.

Year built

The typical year built in Lake Station is 1965, about the same as in Lake County (1968).

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$1,187 a month

Lake County: $1,529 a month

Without a mortgage

$513 a month

Lake County: $569 a month

Owners with a mortgage

65%

Lake County: 63%

In Lake Station, 65% of owners have a mortgage, and their typical cost is $1,187 a month, against $1,529 in Lake County. Without one it drops to $513.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Lake Station rose 63% since 2015–2019, more than in Lake County (54%).

The typical rent in Lake Station rose 18% over the same time; in Lake County, it rose 28%.

While home values in Lake Station changed +63% and rent +18%, the typical household income rose 25%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureLake StationLake CountyIndianaUnited States
Rental vacancy Unreliable estimate5.1%5.6%5.5%
Homeowner vacancy Unreliable estimate0.6%0.8%0.9%
More than one person per room Unreliable estimate2.3%1.8%3.4%
People per household 2.782.542.462.53
Drive alone 85%80%76%69%
Carpool Unreliable estimate8%9%9%
Public transit Unreliable estimate1%1%3%
Walk or bike Unreliable estimate1%2%3%
Work from home 4%8%11%15%
Other means Unreliable estimate1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Lake Station has 2.78 people, more than in Lake County (2.54).

To get to work, 85% of workers in Lake Station drive alone; in Lake County, 80%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Lake Station?

A typical home is within reach of the typical income

We start with a typical home in Lake Station, worth $137,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 23% of the typical household income in Lake Station, which is $59,591 a year.

The calculator's FHA and conventional loan limits are those of all of Lake County.

Your numbers

Local data
$

Starts at the typical home value in Lake Station. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $4,809 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,149

at 7.18% · 30 years

Loan amount
$134,911
Total interest
$194,106
Paid off in
November 2056

Includes $2,320 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,390 a month

    Your payment · 23%

  • Tight

    $1,390 to $1,788 a month

  • Hard

    more than $1,788 a month

Compared with the typical household income in Lake Station ($59,591 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,149
Principal & interest$914
Property tax$117
Home insurance$57
FHA mortgage insurance (MIP)$61

You need at least $4,809 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Lake Station and Lake County

Lake Station is in Lake County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Lake Station's own numbers

Typical home value
$137,400
Typical monthly rent
$1,124
Typical yearly household income
$59,591
Households that own their home
72%
Effective property tax rate
1.02%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Lake County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,429
Price change over 5 years (FHFA)
+48%
Homes in a high flood-risk zone
1.1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Lake County.

Everything about Lake County

Buying

Buying a home in Lake Station

A typical home in Lake Station is worth $137,400: 40% below the county and 37% below Indiana. With the typical household income in Lake Station ($59,591 a year), a typical home costs 2.3 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Lake Station 2.3 years
  • Lake 3.2 years
  • Indiana 3.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Lake County

According to FHFA’s house price index, home prices in Lake County rose 82% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Lake County.

Period County Indiana U.S.
Last year (2025) +3.2% +4.3% +2.9%
5 years (2020–2025) +48% +53% +47%
10 years (2015–2025) +82% +95% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Lake Station next to Lake County, Indiana and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Lake Station $137,400
  • Lake $230,600
  • Indiana $218,200
  • United States $332,700
Typical monthly rent
  • Lake Station $1,124
  • Lake $1,131
  • Indiana $1,062
  • United States $1,413
Typical yearly household income
  • Lake Station $59,591
  • Lake $71,493
  • Indiana $71,957
  • United States $80,734
See the full table
Lake Station next to Lake County and Indiana
Measure Lake Station Lake County Indiana U.S.
Typical home value $137,400 $230,600 $218,200 $332,700
Typical monthly rent $1,124 $1,131 $1,062 $1,413
Typical yearly household income $59,591 $71,493 $71,957 $80,734
Households that own their home 72% 72% 71% 65%
Typical yearly property tax $1,399 $2,112 $1,614 $3,119
Effective property tax rate 1.02% 0.92% 0.74% 0.94%
Renters with high rent for their income 48% 52% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Lake County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Lake Station

For a typical $137,400 home in Lake Station, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Lake Station's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,149a month

    Least cash to close
    Down payment
    $4,809
    Cash to close
    $8,931
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $61

  • Conventional, 5% down $1,124a month

    Down payment
    $6,870
    Cash to close
    $10,992
    Rate
    7.18%
    Mortgage insurance
    PMI · $65

  • Conventional, 20% down, no PMI $919a month

    Down payment
    $27,480
    Cash to close
    $31,602
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,046a month

    Down payment
    $20,610
    Cash to close
    $24,732
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Lake Station and for Lake County.

Property tax

Effective rate in Lake Station

1.02%of the home’s value each year

$1,399 a year for the typical owner in Lake Station.

  • Lake Station 1.02%
  • Lake 0.92%
  • Indiana 0.74%

What Indiana publishes Homestead standard deduction: the amount drops each year (Indiana Department of Local Government Finance (DLGF), Form HC10)

Exemptions and deadlines in Indiana

Flood risk in Lake County

FEMA does not publish these numbers by city: they are for all of Lake County.

Homes in the high-risk zone
1.1%
2,019
Of those, with NFIP insurance
26%
County Indiana U.S.
Homes in the high-risk zone 1.1% 2.3% 3.5%
Of those, with NFIP insurance 26% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Lake Station

Typical rent in Lake Station is $1,124 a month: about the same as the county. In Lake Station, 48% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Lake County, by unit size. To pay the 2-bedroom one ($1,429 a month) without spending more than 30% of your income, you would need to earn $27.48 an hour working full time.

HUD fair market rent for all of Lake County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,117 $21.48 $44,680
1 bedroom $1,176 $22.62 $47,040
2 bedrooms $1,429 $27.48 $57,160
3 bedrooms $1,739 $33.44 $69,560
4 bedrooms $1,898 $36.50 $75,920

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Lake Station

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Lake Station is in ZIP code 46405.

For 2 bedrooms it is $1,460: $31 more than the fair market rent for Lake County ($1,429).

  • 46405 $1,460$1,780

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Lake Station when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Lake Station

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 3 HUD-approved agencies with an office in Lake County; 1 says it serves in Spanish.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Lake Station

No down payment, repair or rent-help program on our list is for Lake Station or Lake County. The ones below are statewide in Indiana: they work in Lake Station the same as in the rest of the state.

Which programs do I qualify for? All programs in Indiana

  • Next Home

    Statewide in Indiana

    Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Type not stated

    See the program Official page

  • First Step

    Statewide in Indiana

    Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Deferred

    See the program Official page

Housing counselors near Lake Station

The HUD-approved agencies closest to the center of Lake Station, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • City of Gary Department of Community Development

    401 Broadway, Gary · 5 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (219) 881-5075

  • HOUSING OPPORTUNITIES, INC dba CoACTION

    5240 Fountain Dr, Crown Point · 10 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (800) 826-7871

  • Northwest Indiana Reinvestment Alliance

    5233 Hohman Ave Ste 104, Hammond · 14 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (219) 750-1206

Every agency in Lake County All counseling agencies in Indiana

Help in Spanish near Lake Station

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Lake Station

In HUD’s record, no housing authority with an office in Lake County is named for Lake Station or Lake County.

3 other authorities have an office in Lake County: see the list Source: HUD

Cities

Other cities in Lake County

These cities are also in Lake County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Lake County Housing in Indiana
See 5 more cities in Lake County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Lake Station, with the typical home value.

Neighboring counties

If Lake County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Lake Station.

All guides
Three generations of a family gather on the porch of their home.

Questions

Housing questions about Lake Station

Short answers with the numbers for Lake Station and all of Lake County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Lake Station?

The typical home value in Lake Station is $137,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Lake County it is $230,600.

How much does it cost to rent in Lake Station?

Typical rent in Lake Station is $1,124 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Lake County is $1,429.

What is the FHA loan limit in Lake Station?

Lake Station uses the FHA limit for all of Lake County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Lake Station?

The typical homeowner in Lake Station pays $1,399 a year, according to the U.S. Census Bureau. That is 1.02% of the home’s value; in Lake County, the rate is 0.92%.

Where can I find free help to buy or rent in Lake Station?

There are 3 HUD-approved counseling agencies with an office in Lake County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).