ZIP Code · IN

ZIP 46227

Part of Indianapolis, IN

Pop. 57,587·Marion County·77th most expensive ZIP in Indiana

Median rent (all units)

$1,296/mo

Year-over-Year

+1.4%

Month-over-Month

Stable

vs US Median

-$636

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 46227 · $1,296

More affordable than 86% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,000

1 BR

$1,140

2 BR

$1,320

3 BR

$1,710

4 BR+

$2,100

Research median

$1,320/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

Compared with the peak

Rent in ZIP 46227 is 0.5% below its high of $1,302 in January 2026, at $1,296 as of September 2026.

Past year vs. the rest of Indiana

Rent in ZIP 46227 changed +1.4% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

What a typical income covers

30% of the median household income ($53,629) is $1,341 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,320); a 3-bedroom is $1,710.

Rank in Indianapolis

11th cheapest of 30 ZIP codes in Indianapolis.

Cheaper nearby

ZIP 46219, 9 miles away, rents for 19% less ($1,053/mo), about $2,900 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46227. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$15,552/yr

At $1,296/mo median

Location

CityIndianapolis

StateIN

CountyMarion 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 (+1.4% YoY, +0.0% MoM), not inventory.

Demographics

Who lives here

ZIP 46227 (Indianapolis, IN) is majority renter-occupied, has a median income below the national average, 21.5% of residents hold a bachelor's degree or higher.

Population

57,587

Median income

$53,629

Median age

32.6

Renters

55.1%

Age distribution

24.3%

29.3%

21.8%

14.3%

Under 1824.3%

18–3429.3%

35–5421.8%

55–6410.3%

65+14.3%

Gender

47.6%

52.4%

Male47.6%

Female52.4%

Race & ethnicity

65%

12.4%

White65%

Black10.8%

Hispanic10.5%

Asian12.4%

Other1.3%

Education (25+)

16.6%

34%

27.9%

21.5%

No HS diploma16.6%

HS diploma34%

Some college27.9%

Bachelor's+21.5%

Housing tenure

44.9%

55.1%

Owner44.9%

Renter55.1%

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

2022 vs 2026

How ZIP 46227 in Indianapolis, IN has changed in 5 years

Rent

$1,057 → $1,296

up 22.6%

Income

$47,541 → $53,629

up 12.8%

Population

57,359 → 57,587

up 0.4%

Renter share

52.5% → 55.1%

+2.6 pts

Bachelor's+

20.8% → 21.5%

+0.7 pts

Median age

33.6 → 32.6

-1.0 yrs

The median rent in ZIP 46227 in Indianapolis, IN stood at $1,057 in 2022 and currently runs about $1,296, reflecting a 22.6% increase over the period. Census figures show median household income at $53,629 today, compared with $47,541 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. Renters now make up 55.1% of households, compared with 52.5% five years ago. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.

Community

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Local insights

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About renting in ZIP 46227

Last updated: October 17, 2026

ZIP code 46227 covers Indianapolis, IN. The median rent here is $1,296/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 29% of local median household income ($53,629/yr), ZIP 46227 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.4% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46227?

To keep rent at or below 30% of gross income, you would need to earn at least $52,000/year (about $25/hour full-time) to afford the median rent of $1,296/mo in ZIP 46227. The local median household income is $53,629/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46227?

Rent in ZIP 46227 has risen 1.4% over the past year as of September 2026. It sits 0.5% below its high of $1,302 in January 2026.

How does ZIP 46227 compare to other ZIPs in Indiana?

ZIP 46227 is in the middle among Indiana ZIP codes for rent, ranking #77 of 139 at $1,296/mo. Over the year to September 2026, rent in ZIP 46227 changed +1.4%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.