ZIP Code · IN

ZIP 46204

Part of Indianapolis, IN

Pop. 11,400·Marion County·31st most expensive ZIP in Indiana

Median rent (all units)

$1,682/mo

Year-over-Year

+3.1%

Month-over-Month

+0.7%

vs US Median

-$250

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 46204 · $1,682

More affordable than 59% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,650

1 BR

$1,870

2 BR

$2,170

3 BR

$2,810

4 BR+

$3,440

Research median

$2,170/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 46204 usually run 1.5% below trend in January and 2.2% above it in July, about $62 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 46204 is at its highest level since Zillow's records here began in February 2021.

Past year vs. the rest of Indiana

Rent in ZIP 46204 changed +3.1% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

Recent direction

Rent has risen 4 months in a row, and rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($86,396) is $2,160 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,870); a 2-bedroom is $2,170.

Rank in Indianapolis

25th cheapest of 30 ZIP codes in Indianapolis.

Cheaper nearby

ZIP 46202, 1 mile away, rents for 13% less ($1,457/mo), about $2,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46204. 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

$20,184/yr

At $1,682/mo median

Location

CityIndianapolis

StateIN

CountyMarion County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.1% YoY, +0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 46204 (Indianapolis, IN) is majority renter-occupied, skews toward younger working-age adults, 63.1% of residents hold a bachelor's degree or higher.

Population

11,400

Median income

$86,396

Median age

30.8

Renters

85.9%

Age distribution

65%

20.4%

Under 181.5%

18–3465%

35–5420.4%

55–649.2%

65+3.9%

Gender

60.3%

39.7%

Male60.3%

Female39.7%

Race & ethnicity

67.5%

17.8%

White67.5%

Black17.8%

Hispanic7.4%

Asian4.4%

Other3%

Education (25+)

14.2%

12.7%

63.1%

No HS diploma10%

HS diploma14.2%

Some college12.7%

Bachelor's+63.1%

Housing tenure

14.1%

85.9%

Owner14.1%

Renter85.9%

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

2021 vs 2026

How ZIP 46204 in Indianapolis, IN has changed in 5 years

Rent

$1,452 → $1,682

up 15.8%

Income

$77,951 → $86,396

up 10.8%

Population

10,246 → 11,400

up 11.3%

Renter share

79% → 85.9%

+6.9 pts

Bachelor's+

59% → 63.1%

+4.1 pts

Median age

31.6 → 30.8

-0.8 yrs

Five years ago, renters in ZIP 46204 in Indianapolis, IN paid around $1,452 a month. That figure now sits near $1,682, up 15.8% from the 2021 baseline. Local incomes tracked alongside that move, going from a median of $77,951 in 2021 to $86,396 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 46204 in Indianapolis, IN adding about 1,154 residents over the five-year window, up 11.3% on net. The renter share has risen from 79% to 85.9%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 59% to 63.1% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 46204 in Indianapolis, IN market of 2021.

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About renting in ZIP 46204

Last updated: October 17, 2026

ZIP code 46204 covers Indianapolis, IN. The median rent here is $1,682/mo as of October 2026. A 1-bedroom rents for a median of $1,870/mo. A 2-bedroom rents for a median of $2,170/mo.

At 23% of local median household income ($86,396/yr), ZIP 46204 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46204?

To keep rent at or below 30% of gross income, you would need to earn at least $67,000/year (about $32/hour full-time) to afford the median rent of $1,682/mo in ZIP 46204. The local median household income is $86,396/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46204?

Rent in ZIP 46204 has risen 3.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in February 2021.

When is the cheapest time to rent in ZIP 46204?

Asking rents in ZIP 46204 are usually lowest in January, about 1.5% below their yearly trend, and highest in July, about 2.2% above it. At today's median that is a gap of roughly $62 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 46204 compare to other ZIPs in Indiana?

ZIP 46204 is one of the pricier among Indiana ZIP codes for rent, ranking #31 of 139 at $1,682/mo. Over the year to September 2026, rent in ZIP 46204 changed +3.1%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.