How much is a home worth in ZIP code 46408?

The typical home in 46408 is worth $111,379, based on the Zillow Home Value Index.

Are home values rising in 46408?

Home values in 46408 are down 5.6% over the past year, and up 4.4% a year over five years.

What is the typical rent in 46408?

A typical home in 46408 rents for about $1,348 a month, a gross rental yield of 14.5%.

What is the property tax rate in 46408?

The effective property tax rate in 46408 is 0.7% — roughly $750 a year on a typical home.

ZIP code 46408 has a population of 15,747 and a median household income of $47,453.

HousingHandbookReference data

…

U.S. ZIP Code · IN46408

Lake County · Chicago-Naperville-Elgin, IL-IN

Typical home value

$111,379^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -5.6%
5-year / yr: +4.4%
10-year / yr: +9.9%

Relative price

vs U.S.: -60.8%
vs metro: -66.9%
vs state: -51.9%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 46408 is worth $111,379 — 66.9% below the Chicago-Naperville-Elgin, IL-IN median. Over the past year, values have fallen 5.6%. Homes here rent for a typical $1,348 a month — a 14.5% gross rental yield. The effective property tax rate is 0.7%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,348^[2]
Gross yield: 14.5%^[2]
Cap rate: 8.7%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.7%^[3]
Typical annual tax: $750^[3]

#Climate risk

FEMA National Risk Index ratings for Lake County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively High
Coastal flood: Very Low
Wildfire: Relatively Low
Drought: No Rating
Heat wave: Relatively Moderate
Hurricane: Very Low
Tornado: Very High
Earthquake: Relatively Low
Winter weather: Relatively High

#Who lives here

Population: 15,747^[3]
Median household income: $47,453^[3]

#Migration

Household moves in and out of Lake County over a year, from IRS tax-return data.

Net migration: -162^[5]
Moved in: 10,188
Moved out: 10,350

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 6
Elementary: 2
Middle: 1
High: 2

Calumet New Tech High School
High · Grades 9–12 · Lake Ridge New Tech Schools
612 students
Glen Park Acad for Excel in Lrn
Elementary · Grades K–5 · Gary Community School Corp
533 students
Longfellow New Tech Elementary Sch
Elementary · Grades K–4 · Lake Ridge New Tech Schools
486 students
Lake Ridge New Tech Middle School
Middle · Grades 5–8 · Lake Ridge New Tech Schools
432 students
Steel City Academy
Other · Grades K–12 · Steel City Academy
317 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield14.5%

Net yield (after ~40% expenses)8.7%

Annual rent$16,177

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$563

Loan principal$89,103

Down payment$22,276

Total interest paid$113,646

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio0.53

Monthly cost to own$718

Monthly rent$1,348

Owning is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 20th percentile^[1]
Rental yield: 97th percentile^[2]
Property tax: 2nd percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

2nd for highest rental yield in INView list →

Frequently asked

How much is a home worth in ZIP code 46408?: The typical home in 46408 is worth $111,379, based on the Zillow Home Value Index.
Are home values rising in 46408?: Home values in 46408 are down 5.6% over the past year, and up 4.4% a year over five years.
What is the typical rent in 46408?: A typical home in 46408 rents for about $1,348 a month, a gross rental yield of 14.5%.
What is the property tax rate in 46408?: The effective property tax rate in 46408 is 0.7% — roughly $750 a year on a typical home.
Who lives in 46408?: ZIP code 46408 has a population of 15,747 and a median household income of $47,453.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

60472 vs 46408 →
Robbins, IL
Typical home
$115,141
Gross yield
—
60426 vs 46408 →
Harvey, IL
Typical home
$105,735
Gross yield
—
46404
Gary, IN
Typical home
$100,354
Gross yield
—
60621
Chicago, IL
Typical home
$123,228
Gross yield
15.1%
60827
Riverdale, IL
Typical home
$128,151
Gross yield
11.8%
46379
IN
Typical home
$93,779
Gross yield
—

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#Jump to section

U.S. ZIP Code · IN46408

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