ZIP 46032
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 46032 usually run 1.1% below trend in December and 1.1% above it in July, about $39 a month apart at today's median. Based on 8 years of data.
Rent in ZIP 46032 is at its highest level since Zillow's records here began in January 2018.
Rent in ZIP 46032 changed +10.4% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.
From 2019 to 2024, rent in ZIP 46032 rose 35% while median household income rose 30.1% ($101,526 to $132,085). Rent outpaced income.
Rent in ZIP 46032 is 46.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 8 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($132,085) is $3,302 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,240).
1st cheapest of 3 ZIP codes in Carmel.
ZIP 46260, 4 miles away, rents for 31% less ($1,229/mo), about $6,500 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 46032. 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.
Who lives here
ZIP 46032 (Carmel, IN) is majority owner-occupied, has a median income above the national average, 75.5% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 46032 in Carmel, IN has changed in 5 years
Five years ago, renters in ZIP 46032 in Carmel, IN paid around $1,251 a month. That figure now sits near $1,773, up 41.7% from the 2021 baseline. Local incomes tracked alongside that move, going from a median of $108,368 in 2021 to $132,085 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 46032 in Carmel, IN adding about 1,206 residents over the five-year window, up 2.4% on net. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 46032 in Carmel, IN market of 2021.
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Tips for renters in ZIP 46032
Last updated: October 17, 2026
ZIP code 46032 covers Carmel, IN. The median rent here is $1,773/mo as of October 2026. A 1-bedroom rents for a median of $1,750/mo. A 2-bedroom rents for a median of $2,040/mo.
At 16% of local median household income ($132,085/yr), ZIP 46032 ranks as affordable compared to the national benchmark of 30%. Rents have increased 10.4% over the past year.
Frequently asked questions
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How does ZIP 46032 compare to other ZIPs in Indiana?
How does ZIP 46032 compare to the rest of Carmel?
At $1,773/mo, rent takes ~16% of ZIP 46032's median household income ($132,085/yr). The standard benchmark is 30%.
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