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ZIP Code · IN

ZIP 46032

Part of Carmel, IN
Pop. 51,515·Hamilton County·28th most expensive ZIP in Indiana
Median rent (all units)
$1,751/mo
Year-over-Year
+4.6%
Month-over-Month
-2.1%
vs US Median
-$214
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 46032 · $1,751
More affordable than 55% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,550
1 BR
$1,750
2 BR
$2,040
3 BR
$2,640
4 BR+
$3,240
Research median
$2,040/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$21,012/yr
At $1,751/mo median
Location
CityCarmel
StateIN
CountyHamilton County
Rent Market Meter
Balanced Market
Renter's MarketBalancedLandlord's Market
Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.
Based on rent-price momentum (+4.6% YoY, -2.1% MoM), not inventory.
Demographics

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.

Population
51,515
Median income
$132,085
Median age
39.9
Renters
33.5%
Age distribution
23.7%
20.7%
27.3%
13.8%
14.6%
Under 1823.7%
18–3420.7%
35–5427.3%
55–6413.8%
65+14.6%
Gender
48.4%
51.6%
Male48.4%
Female51.6%
Race & ethnicity
78.1%
White78.1%
Black3.6%
Hispanic5%
Asian10.4%
Other2.9%
Education (25+)
15.7%
75.5%
No HS diploma1.8%
HS diploma7.1%
Some college15.7%
Bachelor's+75.5%
Housing tenure
66.5%
33.5%
Owner66.5%
Renter33.5%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 46032 in Carmel, IN has changed in 5 years

Rent
$1,281 → $1,751
up 36.7%
Income
$108,368 → $132,085
up 21.9%
Population
50,309 → 51,515
up 2.4%
Renter share
32.7% → 33.5%
+0.8 pts
Bachelor's+
73.7% → 75.5%
+1.8 pts
Median age
39.3 → 39.9
+0.6 yrs

Five years ago, renters in ZIP 46032 in Carmel, IN paid around $1,281 a month. That figure now sits near $1,751, up 36.7% 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.

Community

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Local insights

Tips for renters in ZIP 46032

About renting in ZIP 46032

Last updated: July 20, 2026

ZIP code 46032 covers Carmel, IN. The median rent here is $1,751/mo as of July 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 4.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 46032?

As of July 20, 2026, the median monthly rent in ZIP 46032 (Carmel, IN) is $1,751. This is based on aggregated data from public sources and community submissions.

How does ZIP 46032 rent compare to the US average?

ZIP 46032's median rent of $1,751/mo is $214 (11%) below the US national median of $1,965/mo.

How does ZIP 46032 compare to other ZIPs in Indiana?

ZIP 46032 is one of the pricier ZIP codes in Indiana, ranking #28 out of 144 ZIPs tracked at $1,751/mo.

How much income do you need to rent in ZIP 46032?

To keep rent at or below 30% of gross income, you would need to earn at least $70,000/year (~$34/hour full-time) to afford the median rent of $1,751/mo in ZIP 46032. The local median household income is $132,085/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 46032?

Rent in ZIP 46032 has increased 4.6% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 46032 an affordable place to rent?

ZIP 46032 is considered very affordable for renters. At $1,751/mo, rent takes approximately 16% of the local median household income ($132,085/yr). The standard benchmark is 30%. ZIP 46032 falls comfortably within that range.

What percentage of ZIP 46032 residents rent vs. own?

According to Census data, approximately 33.5% of ZIP 46032 households are renters, while 66.5% are owner-occupied. ZIP 46032 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 46032 compare to the rest of Carmel?

ZIP 46032 is more affordable than Carmel overall. At $1,751/mo, it's $103 below the Carmel citywide median of $1,854/mo.

When was rent data for ZIP 46032 last updated?

Rent data for ZIP 46032 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
16%
VERY AFFORDABLE

At $1,751/mo, rent takes ~16% of ZIP 46032's median household income ($132,085/yr). The standard benchmark is 30%.

ZIP 46032 16%Benchmark 30%
State income tax3.05%
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