ZIP Code · IN

ZIP 46228

Part of Indianapolis, IN

Pop. 15,724·Marion County·45th most expensive ZIP in Indiana

Median rent (all units)

$1,565/mo

Year-over-Year

Stable

Month-over-Month

+1.8%

vs US Median

-$367

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 46228 · $1,565

More affordable than 68% of US ZIP codes · National median $1,932/mo

Rent check

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,350

1 BR

$1,530

2 BR

$1,780

3 BR

$2,300

4 BR+

$2,830

Research median

$1,780/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

What a typical income covers

30% of the median household income ($91,156) is $2,279 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,780); a 3-bedroom is $2,300.

Rank in Indianapolis

22nd cheapest of 30 ZIP codes in Indianapolis.

Cheaper nearby

ZIP 46208, 3 miles away, rents for 13% less ($1,363/mo), about $2,400 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46228. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,780/yr

At $1,565/mo median

Location

CityIndianapolis

StateIN

CountyMarion County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +1.8% MoM), not inventory.

Demographics

Who lives here

ZIP 46228 (Indianapolis, IN) is majority owner-occupied, has a median income above the national average, 49.3% of residents hold a bachelor's degree or higher.

Population

15,724

Median income

$91,156

Median age

40.6

Renters

15.6%

Age distribution

19.8%

23.4%

26%

12.2%

18.6%

Under 1819.8%

18–3423.4%

35–5426%

55–6412.2%

65+18.6%

Gender

46.8%

53.2%

Male46.8%

Female53.2%

Race & ethnicity

42.5%

45.1%

White42.5%

Black45.1%

Hispanic5.4%

Asian1.8%

Other5.2%

Education (25+)

18.3%

26.2%

49.3%

No HS diploma6.3%

HS diploma18.3%

Some college26.2%

Bachelor's+49.3%

Housing tenure

84.4%

15.6%

Owner84.4%

Renter15.6%

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

2021 vs 2026

How ZIP 46228 in Indianapolis, IN has changed in 5 years

Income

$75,185 → $91,156

up 21.2%

Population

16,947 → 15,724

down 7.2%

Renter share

19.8% → 15.6%

-4.2 pts

Bachelor's+

50.3% → 49.3%

-1.0 pts

Median age

35 → 40.6

+5.6 yrs

On the earnings side, the typical household in ZIP 46228 in Indianapolis, IN now reports about $91,156, up from $75,185 in 2021. Headcount in the area went from 16,947 to 15,724 between 2021 and 2024, a 7.2% change. About 15.6% of households rent today, against 19.8% in 2021.

Community

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Local insights

Tips for renters in ZIP 46228

About renting in ZIP 46228

Last updated: October 17, 2026

ZIP code 46228 covers Indianapolis, IN. The median rent here is $1,565/mo as of October 2026. A 1-bedroom rents for a median of $1,530/mo. A 2-bedroom rents for a median of $1,780/mo.

At 21% of local median household income ($91,156/yr), ZIP 46228 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46228?

To keep rent at or below 30% of gross income, you would need to earn at least $63,000/year (about $30/hour full-time) to afford the median rent of $1,565/mo in ZIP 46228. The local median household income is $91,156/yr, so the typical household meets that bar.