ZIP Code · IN

ZIP 46234

Part of Indianapolis, IN

Pop. 28,300·Marion County·8th most expensive ZIP in Indiana

Median rent (all units)

$1,992/mo

Year-over-Year

+3.5%

Month-over-Month

+0.9%

vs US Median

+$60

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 46234 · $1,992

More expensive than 61% of US ZIP codes · National median $1,932/mo

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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

Cheapest month to sign

November. Asking rents in ZIP 46234 usually run 2.8% below trend in November and 1.8% above it in August, about $92 a month apart at today's median. Based on 7 years of data.

Compared with the peak

Rent in ZIP 46234 is at its highest level since Zillow's records here began in April 2019.

Past year vs. the rest of Indiana

Rent in ZIP 46234 changed +3.5% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

Since before the pandemic

Rent in ZIP 46234 is 57.3% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($83,190) is $2,080 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

30th cheapest of 30 ZIP codes in Indianapolis.

Cheaper nearby

ZIP 46214, 2 miles away, rents for 39% less ($1,222/mo), about $9,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46234. 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

$23,904/yr

At $1,992/mo median

Location

CityIndianapolis

StateIN

CountyMarion County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.5% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.5% YoY, +0.9% MoM), not inventory.

Demographics

Who lives here

ZIP 46234 (Indianapolis, IN) is majority owner-occupied, has a large share of families with children, 37.1% of residents hold a bachelor's degree or higher.

Population

28,300

Median income

$83,190

Median age

37.9

Renters

23.5%

Age distribution

26.3%

19.7%

26.3%

17.5%

Under 1826.3%

18–3419.7%

35–5426.3%

55–6410.3%

65+17.5%

Gender

50.3%

49.7%

Male50.3%

Female49.7%

Race & ethnicity

58.8%

21.5%

White58.8%

Black21.5%

Hispanic10.7%

Asian4.4%

Other4.6%

Education (25+)

26.6%

26.2%

37.1%

No HS diploma10.2%

HS diploma26.6%

Some college26.2%

Bachelor's+37.1%

Housing tenure

76.5%

23.5%

Owner76.5%

Renter23.5%

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

2021 vs 2026

How ZIP 46234 in Indianapolis, IN has changed in 5 years

Rent

$1,370 → $1,992

up 45.4%

Income

$81,685 → $83,190

up 1.8%

Population

27,238 → 28,300

up 3.9%

Renter share

18% → 23.5%

+5.5 pts

Bachelor's+

37% → 37.1%

+0.1 pts

Median age

39.9 → 37.9

-2.0 yrs

The median rent in ZIP 46234 in Indianapolis, IN stood at $1,370 in 2021 and currently runs about $1,992, reflecting a 45.4% increase over the period. On the earnings side, the typical household in ZIP 46234 in Indianapolis, IN now reports about $83,190, up from $81,685 in 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 3.9% since 2021, moving from about 27,238 residents to roughly 28,300. Renters now make up 23.5% of households, compared with 18% five years ago. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 46234 in Indianapolis, IN reflects that arc in its own way.

Community

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Local insights

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About renting in ZIP 46234

Last updated: October 17, 2026

ZIP code 46234 covers Indianapolis, IN. The median rent here is $1,992/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 29% of local median household income ($83,190/yr), ZIP 46234 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46234?

To keep rent at or below 30% of gross income, you would need to earn at least $80,000/year (about $38/hour full-time) to afford the median rent of $1,992/mo in ZIP 46234. The local median household income is $83,190/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46234?

Rent in ZIP 46234 has risen 3.5% over the past year as of September 2026. That is the highest level since Zillow's records here began in April 2019.

When is the cheapest time to rent in ZIP 46234?

Asking rents in ZIP 46234 are usually lowest in November, about 2.8% below their yearly trend, and highest in August, about 1.8% above it. At today's median that is a gap of roughly $92 a month. This pattern comes from 7 years of Zillow rent data.

How does ZIP 46234 compare to other ZIPs in Indiana?

ZIP 46234 is one of the pricier among Indiana ZIP codes for rent, ranking #8 of 139 at $1,992/mo. Over the year to September 2026, rent in ZIP 46234 changed +3.5%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.