ZIP Code · IN

ZIP 46237

Part of Indianapolis, IN

Pop. 43,473·Marion County·26th most expensive ZIP in Indiana

Median rent (all units)

$1,728/mo

Year-over-Year

+2.5%

Month-over-Month

+0.5%

vs US Median

-$204

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 46237 · $1,728

More affordable than 56% 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

$1,230

1 BR

$1,390

2 BR

$1,620

3 BR

$2,100

4 BR+

$2,570

Research median

$1,620/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 46237 usually run 1.1% below trend in November and 1.7% above it in July, about $48 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 46237 is at its highest level since Zillow's records here began in February 2021.

Past year vs. the rest of Indiana

Rent in ZIP 46237 changed +2.6% 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 8 of the last 12 months.

What a typical income covers

30% of the median household income ($79,078) is $1,977 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,620); a 3-bedroom is $2,100.

Rank in Indianapolis

26th cheapest of 30 ZIP codes in Indianapolis.

Cheaper nearby

ZIP 46227, 3 miles away, rents for 25% less ($1,296/mo), about $5,200 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46237. 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

$20,736/yr

At $1,728/mo median

Location

CityIndianapolis

StateIN

CountyMarion County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.5% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.5% YoY, +0.5% MoM), not inventory.

Demographics

Who lives here

ZIP 46237 (Indianapolis, IN) is majority owner-occupied, 34.2% of residents hold a bachelor's degree or higher.

Population

43,473

Median income

$79,078

Median age

37.6

Renters

31.1%

Age distribution

23.8%

21.5%

24.8%

14.3%

15.6%

Under 1823.8%

18–3421.5%

35–5424.8%

55–6414.3%

65+15.6%

Gender

46.7%

53.3%

Male46.7%

Female53.3%

Race & ethnicity

70.6%

14.6%

White70.6%

Black5.4%

Hispanic6.4%

Asian14.6%

Other3%

Education (25+)

26.9%

27.3%

34.2%

No HS diploma11.6%

HS diploma26.9%

Some college27.3%

Bachelor's+34.2%

Housing tenure

68.9%

31.1%

Owner68.9%

Renter31.1%

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

2021 vs 2026

How ZIP 46237 in Indianapolis, IN has changed in 5 years

Rent

$1,275 → $1,728

up 35.5%

Income

$71,469 → $79,078

up 10.6%

Population

40,725 → 43,473

up 6.7%

Renter share

28.7% → 31.1%

+2.4 pts

Bachelor's+

35.7% → 34.2%

-1.5 pts

Median age

36.8 → 37.6

+0.8 yrs

Compared with 2021, rent in ZIP 46237 in Indianapolis, IN has climbed by $453 per month, settling near $1,728 after starting the period at $1,275. Household income in the area moved from $71,469 to $79,078 across the same window, up 10.6% versus 2021. Rent outpaced income growth by roughly 24.9 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 40,725 to 43,473 between 2021 and 2024, a 6.7% change. About 31.1% of households rent today, against 28.7% in 2021. Reading these numbers side by side helps frame whether current listings in ZIP 46237 in Indianapolis, IN look reasonable against where the market sat half a decade ago.

Community

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Local insights

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About renting in ZIP 46237

Last updated: October 17, 2026

ZIP code 46237 covers Indianapolis, IN. The median rent here is $1,728/mo as of October 2026. A 1-bedroom rents for a median of $1,390/mo. A 2-bedroom rents for a median of $1,620/mo.

At 26% of local median household income ($79,078/yr), ZIP 46237 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46237?

To keep rent at or below 30% of gross income, you would need to earn at least $69,000/year (about $33/hour full-time) to afford the median rent of $1,728/mo in ZIP 46237. The local median household income is $79,078/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46237?

Rent in ZIP 46237 has risen 2.5% 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 46237?

Asking rents in ZIP 46237 are usually lowest in November, about 1.1% below their yearly trend, and highest in July, about 1.7% above it. At today's median that is a gap of roughly $48 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 46237 compare to other ZIPs in Indiana?

ZIP 46237 is one of the pricier among Indiana ZIP codes for rent, ranking #26 of 139 at $1,728/mo. Over the year to September 2026, rent in ZIP 46237 changed +2.6%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.