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ZIP Code · IN

ZIP 46131

Part of Franklin, IN
Pop. 34,647·Johnson County·22nd most expensive ZIP in Indiana
Median rent (all units)
$1,808/mo
Year-over-Year
+8.7%
Month-over-Month
-1.4%
vs US Median
-$157
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 46131 · $1,808
More affordable than 51% of US ZIP codes · National median $1,965/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: July 20, 2026

Annual cost
$21,696/yr
At $1,808/mo median
Location
StateIN
CountyJohnson County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (8.7% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+8.7% YoY, -1.4% 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%
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
$1,312 → $1,808
up 37.8%
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 37.8% since 2021, going from about $1,312 per month to roughly $1,808 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 19.5 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

Tips for renters in ZIP 46131

About renting in ZIP 46131

Last updated: July 20, 2026

ZIP code 46131 covers Franklin, IN. The median rent here is $1,808/mo as of July 2026. A 1-bedroom rents for a median of $1,230/mo. A 2-bedroom rents for a median of $1,430/mo.

At 26% of local median household income ($85,076/yr), ZIP 46131 ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.7% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 46131?

As of July 20, 2026, the median monthly rent in ZIP 46131 (Franklin, IN) is $1,808. This is based on aggregated data from public sources and community submissions.

How does ZIP 46131 rent compare to the US average?

ZIP 46131's median rent of $1,808/mo is $157 (8%) below the US national median of $1,965/mo.

How does ZIP 46131 compare to other ZIPs in Indiana?

ZIP 46131 is one of the pricier ZIP codes in Indiana, ranking #22 out of 144 ZIPs tracked at $1,808/mo.

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 $72,000/year (~$35/hour full-time) to afford the median rent of $1,808/mo in ZIP 46131. The local median household income is $85,076/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 46131?

Rent in ZIP 46131 has increased 8.7% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 46131 an affordable place to rent?

ZIP 46131 is considered affordable for renters. At $1,808/mo, rent takes approximately 26% of the local median household income ($85,076/yr). The standard benchmark is 30%. ZIP 46131 falls comfortably within that range.

What percentage of ZIP 46131 residents rent vs. own?

According to Census data, approximately 28.4% of ZIP 46131 households are renters, while 71.6% are owner-occupied. ZIP 46131 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 46131 compare to the rest of Franklin?

ZIP 46131 sits right at the Franklin citywide median of $1,808/mo.

When was rent data for ZIP 46131 last updated?

Rent data for ZIP 46131 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
26%
AFFORDABLE

At $1,808/mo, rent takes ~26% of ZIP 46131's median household income ($85,076/yr). The standard benchmark is 30%.

ZIP 46131 26%Benchmark 30%
State income tax3.05%
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Schools nearby

Public schools near ZIP 46131 (Franklin, IN)

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