ZIP Code · IN

ZIP 46231

Part of Indianapolis, IN

Pop. 10,371·Marion County·7th most expensive ZIP in Indiana

Median rent (all units)

$2,080/mo

Year-over-Year

Stable

Month-over-Month

+2.3%

vs US Median

+$148

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 46231 · $2,080

More expensive than 65% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,550

1 BR

$1,750

2 BR

$2,040

3 BR

$2,640

4 BR+

$3,240

Research median

$2,040/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: September 25, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($71,825) is $1,796 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,750); a 2-bedroom is $2,040.

Cheaper nearby

ZIP 46241, 2 miles away, rents for 34% less ($1,369/mo), about $8,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46231. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$24,960/yr

At $2,080/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, +2.3% MoM), not inventory.

Demographics

Who lives here

ZIP 46231 (Indianapolis, IN) is majority owner-occupied, has a large share of families with children, 24.5% of residents hold a bachelor's degree or higher.

Population

10,371

Median income

$71,825

Median age

40.4

Renters

21.3%

Age distribution

26.6%

17.2%

31.8%

13%

Under 1826.6%

18–3417.2%

35–5431.8%

55–6411.3%

65+13%

Gender

52.5%

47.5%

Male52.5%

Female47.5%

Race & ethnicity

44.8%

28.1%

14.1%

White44.8%

Black28.1%

Hispanic9.2%

Asian14.1%

Other3.9%

Education (25+)

16.1%

35.9%

23.5%

24.5%

No HS diploma16.1%

HS diploma35.9%

Some college23.5%

Bachelor's+24.5%

Housing tenure

78.7%

21.3%

Owner78.7%

Renter21.3%

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

2021 vs 2026

How ZIP 46231 in Indianapolis, IN has changed in 5 years

Income

$62,739 → $71,825

up 14.5%

Population

10,824 → 10,371

down 4.2%

Renter share

17.6% → 21.3%

+3.7 pts

Bachelor's+

21.7% → 24.5%

+2.8 pts

Median age

36.9 → 40.4

+3.5 yrs

Household income in the area moved from $62,739 to $71,825 across the same window, up 14.5% versus 2021. The population has contracted by 4.2% since 2021, moving from about 10,824 residents to roughly 10,371. Renters now make up 21.3% of households, compared with 17.6% five years ago. College-educated residents now make up 24.5% of adults here, versus 21.7% in 2021.

Community

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Local insights

Tips for renters in ZIP 46231

About renting in ZIP 46231

Last updated: September 25, 2026

ZIP code 46231 covers Indianapolis, IN. The median rent here is $2,080/mo as of September 2026. A 1-bedroom rents for a median of $1,750/mo. A 2-bedroom rents for a median of $2,040/mo.

At 35% of local median household income ($71,825/yr), ZIP 46231 ranks as moderate 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 46231?

To keep rent at or below 30% of gross income, you would need to earn at least $83,000/year (about $40/hour full-time) to afford the median rent of $2,080/mo in ZIP 46231. The local median household income is $71,825/yr, so the typical household falls short of that bar.