Rents are 4% below what Greenwood's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,554 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in Greenwood usually run 1.2% below trend in January and 1.3% above it in July, about $39 a month apart at today's median. Based on 11 years of data.
Rent in Greenwood is at its highest level since Zillow's records here began in January 2015.
Rent in Greenwood changed +3.5% over the year to September 2026. Across the 49 Indiana cities Zillow tracks, the typical change was +4.5%.
From 2019 to 2024, rent in Greenwood rose 37.9% while median household income rose 31.7% ($63,474 to $83,608). Rent outpaced income.
Rent in Greenwood is 40.8% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($83,608) is $2,090 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,775); a 4-bedroom is $2,160.
Indianapolis, 13 miles away, rents for 12% less ($1,375/mo), about $2,100 a year in savings.
From Zillow's monthly rent index (ZORI) for Greenwood. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Greenwood, IN is majority owner-occupied, 33.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Greenwood, IN has changed in 5 years
Across the past five years, the going rent in Greenwood, IN has shifted from $1,203 to $1,554, up 29.2% since 2021. Local incomes tracked alongside that move, going from a median of $71,159 in 2021 to $83,608 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Greenwood, IN adding about 3,115 residents over the five-year window, up 5.0% on net. The renter share has risen from 38.9% to 40.7%, with owner-occupied housing accounting for the remainder. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Greenwood, IN market of 2021.
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At $1,554/mo, how Greenwood rent compares to typical pay (30% rule).
Greenwood rent by bedroom count
Median rent for each apartment size in Greenwood. Click any size for full breakdown.
Tips for renters in Greenwood
Last updated: October 17, 2026
The median rent in Greenwood is $1,554/mo as of October 2026. A studio apartment averages $1,015/mo while a 2-bedroom runs $1,365/mo. One-bedroom apartments average $1,165/mo and 3-bedroom units go for $1,775/mo.
At 22% of local median household income ($83,608/yr), Greenwood ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.5% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Greenwood?
At $1,554/mo, rent takes ~22% of Greenwood's median household income ($83,608/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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