Merrillville, IN housing market
Typical home value
$242K
▲ 1.4% 1 yr
Typical rent
$1,562/mo
▲ 4.0% 1 yr
Gross rent yield
7.7%
U.S. 6.3%
5-year home value change
+21%
U.S. +20%
Key takeaways
- 1The typical home in Merrillville is worth $242,415, up 1.4% over the past year and up 21% over five years.
- 2Typical rent is $1,562 a month (+4.0% YoY), a gross rent yield of 7.7% (above the Chicago, IL metro's 7.3%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $1,332/mo, $230 less than typical rent.
- 4Zillow forecasts the Chicago, IL metro's home values to change +2.7% over the next 12 months.
Market temperature (Chicago, IL metro)
Neutral market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 52/100, #107 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Merrillville compares
| Measure | Merrillville | Chicago, IL metro | United States |
|---|---|---|---|
| Typical home value | $242,415 | $355,650 | $366,157 |
| Home value, 1-yr change | +1.4% | +5.0% | +1.2% |
| Typical rent | $1,562 | $2,163 | $1,932 |
| Rent, 1-yr change | +4.0% | +4.7% | +2.7% |
| Gross rent yield | 7.7% | 7.3% | 6.3% |
| Price-to-rent ratio | 12.9 | 13.7 | 15.8 |
| Mortgage P&I, typical home | $1,332 | $1,954 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Merrillville rental, pre-filled.
Rent vs buy in Merrillville
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $242K home.
Other cities in the Chicago, IL metro
Chicago, IL
$334K home$2,311 rent
▲ 5.6% 1 yr
Aurora, IL
$323K home$2,294 rent
▲ 3.3% 1 yr
Naperville, IL
$618K home$2,236 rent
▲ 4.5% 1 yr
Joliet, IL
$268K home$1,675 rent
▲ 1.3% 1 yr
Elgin, IL
$340K home$1,923 rent
▲ 4.7% 1 yr
Plainfield, IL
$429K home$3,027 rent
▲ 1.8% 1 yr
Kenosha, WI
$282K home$1,627 rent
▲ 6.5% 1 yr
Waukegan, IL
$247K home$1,660 rent
▲ 6.9% 1 yr
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.