ZIP 46203
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12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in ZIP 46203 usually run 0.7% below trend in February and 1% above it in May, about $25 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 46203 is 0.3% below its high of $1,462 in August 2026, at $1,458 as of September 2026.
Rent in ZIP 46203 changed +4.4% 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 46203 rose 50.4% while median household income rose 46.7% ($39,133 to $57,393). Rent outpaced income.
Rent in ZIP 46203 is 56.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 8 of the last 12 months.
30% of the median household income ($57,393) is $1,435 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,320); a 3-bedroom is $1,710.
19th cheapest of 30 ZIP codes in Indianapolis.
ZIP 46107, 1 mile away, rents for 11% less ($1,291/mo), about $2,000 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 46203. 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 46203 (Indianapolis, IN) is majority owner-occupied, has a median income below the national average, 28.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 46203 in Indianapolis, IN has changed in 5 years
The median rent in ZIP 46203 in Indianapolis, IN stood at $990 in 2021 and currently runs about $1,458, reflecting a 47.3% increase over the period. Census figures show median household income at $57,393 today, compared with $44,356 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 2.8% since 2021, moving from about 38,829 residents to roughly 37,758. College-educated residents now make up 28.4% of adults here, versus 22.2% in 2021. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.
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Tips for renters in ZIP 46203
Last updated: October 17, 2026
ZIP code 46203 covers Indianapolis, IN. The median rent here is $1,458/mo as of October 2026. A 1-bedroom rents for a median of $1,140/mo. A 2-bedroom rents for a median of $1,320/mo.
At 30% of local median household income ($57,393/yr), ZIP 46203 ranks as moderate compared to the national benchmark of 30%. Rents have increased 4.4% over the past year.
Frequently asked questions
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How does ZIP 46203 compare to the rest of Indianapolis?
At $1,458/mo, rent takes ~30% of ZIP 46203's median household income ($57,393/yr). The standard benchmark is 30%.
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