ZIP Code · IN

ZIP 46131

Part of Franklin, IN

Pop. 34,647·Johnson County·29th most expensive ZIP in Indiana

Median rent (all units)

$1,694/mo

Year-over-Year

+4.8%

Month-over-Month

+0.9%

vs US Median

-$238

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 46131 · $1,694

More affordable than 58% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,090

1 BR

$1,230

2 BR

$1,430

3 BR

$1,850

4 BR+

$2,270

Research median

$1,430/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

January. Asking rents in ZIP 46131 usually run 1.5% below trend in January and 1.2% above it in July, about $46 a month apart at today's median. Based on 9 years of data.

Compared with the peak

Rent in ZIP 46131 is at its highest level since Zillow's records here began in May 2016.

Past year vs. the rest of Indiana

Rent in ZIP 46131 changed +4.8% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 46131 rose 42.1% while median household income rose 29.6% ($65,654 to $85,076). Rent outpaced income.

Since before the pandemic

Rent in ZIP 46131 is 51.5% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 4 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($85,076) is $2,127 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,850); a 4-bedroom is $2,270.

From Zillow's monthly rent index (ZORI) for ZIP 46131. 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.

Annual cost

$20,328/yr

At $1,694/mo median

Location

CityFranklin

StateIN

CountyJohnson County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 4.8% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+4.8% YoY, +0.9% MoM), not inventory.

Demographics

Who lives here

ZIP 46131 (Franklin, IN) is majority owner-occupied, 27% of residents hold a bachelor's degree or higher.

Population

34,647

Median income

$85,076

Median age

36.4

Renters

28.4%

Age distribution

23.9%

24.5%

16.2%

Under 1823.9%

18–3424.5%

35–5424.5%

55–6410.8%

65+16.2%

Gender

47.5%

52.5%

Male47.5%

Female52.5%

Race & ethnicity

91.5%

White91.5%

Black2.8%

Hispanic2.5%

Asian1.2%

Other1.9%

Education (25+)

32.5%

31.2%

27%

No HS diploma9.2%

HS diploma32.5%

Some college31.2%

Bachelor's+27%

Housing tenure

71.6%

28.4%

Owner71.6%

Renter28.4%

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

2021 vs 2026

How ZIP 46131 in Franklin, IN has changed in 5 years

Rent

$1,232 → $1,694

up 37.5%

Income

$71,908 → $85,076

up 18.3%

Population

33,754 → 34,647

up 2.6%

Renter share

28.9% → 28.4%

-0.5 pts

Bachelor's+

23.6% → 27%

+3.4 pts

Rent in ZIP 46131 in Franklin, IN has climbed 37.5% since 2021, going from about $1,232 per month to roughly $1,694 today. Local incomes tracked alongside that move, going from a median of $71,908 in 2021 to $85,076 more recently. Rent outpaced income growth by roughly 19.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 33,754 to 34,647 between 2021 and 2024, a 2.6% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 23.6% to 27%. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 46131 in Franklin, IN market of 2021.

Community

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Local insights

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About renting in ZIP 46131

Last updated: October 17, 2026

ZIP code 46131 covers Franklin, IN. The median rent here is $1,694/mo as of October 2026. A 1-bedroom rents for a median of $1,230/mo. A 2-bedroom rents for a median of $1,430/mo.

At 24% of local median household income ($85,076/yr), ZIP 46131 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46131?

To keep rent at or below 30% of gross income, you would need to earn at least $68,000/year (about $33/hour full-time) to afford the median rent of $1,694/mo in ZIP 46131. The local median household income is $85,076/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46131?

Rent in ZIP 46131 has risen 4.8% over the past year as of September 2026. That is the highest level since Zillow's records here began in May 2016.

When is the cheapest time to rent in ZIP 46131?

Asking rents in ZIP 46131 are usually lowest in January, about 1.5% below their yearly trend, and highest in July, about 1.2% above it. At today's median that is a gap of roughly $46 a month. This pattern comes from 9 years of Zillow rent data.

Has rent outpaced income in ZIP 46131?

Yes. From 2019 to 2024, rent in ZIP 46131 rose 42.1% while median household income rose 29.6%, from $65,654 to $85,076. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 46131 compare to other ZIPs in Indiana?

ZIP 46131 is one of the pricier among Indiana ZIP codes for rent, ranking #29 of 139 at $1,694/mo. Over the year to September 2026, rent in ZIP 46131 changed +4.8%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.