ZIP Code · IN

ZIP 46240

Part of Indianapolis, IN

Pop. 19,595·Marion County·49th most expensive ZIP in Indiana

Median rent (all units)

$1,504/mo

Year-over-Year

Stable

Month-over-Month

-0.3%

vs US Median

-$428

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 46240 · $1,504

More affordable than 73% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,320

1 BR

$1,500

2 BR

$1,740

3 BR

$2,250

4 BR+

$2,760

Research median

$1,740/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

April. Asking rents in ZIP 46240 usually run 0.6% below trend in April and 0.7% above it in July, about $20 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 46240 is 0.6% below its high of $1,513 in March 2025, at $1,504 as of September 2026.

Past year vs. the rest of Indiana

Rent in ZIP 46240 changed -0.1% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

Recent direction

Rent has fallen 2 months in a row, and rose in 4 of the last 12 months.

What a typical income covers

30% of the median household income ($75,156) is $1,879 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,740); a 3-bedroom is $2,250.

Rank in Indianapolis

21st cheapest of 30 ZIP codes in Indianapolis.

Cheaper nearby

ZIP 46260, 3 miles away, rents for 18% less ($1,229/mo), about $3,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 46240. 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

$18,048/yr

At $1,504/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 (-0.1% YoY, -0.3% MoM), not inventory.

Demographics

Who lives here

ZIP 46240 (Indianapolis, IN) is roughly split between renters and owners, skews toward younger working-age adults, 62.1% of residents hold a bachelor's degree or higher.

Population

19,595

Median income

$75,156

Median age

37.3

Renters

54%

Age distribution

16.9%

31.1%

20.9%

13%

18.1%

Under 1816.9%

18–3431.1%

35–5420.9%

55–6413%

65+18.1%

Gender

48.8%

51.2%

Male48.8%

Female51.2%

Race & ethnicity

77.2%

White77.2%

Black8%

Hispanic5.8%

Asian4.8%

Other4.2%

Education (25+)

22.3%

62.1%

No HS diploma4.6%

HS diploma11%

Some college22.3%

Bachelor's+62.1%

Housing tenure

46%

54%

Owner46%

Renter54%

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

2021 vs 2026

How ZIP 46240 in Indianapolis, IN has changed in 5 years

Rent

$1,155 → $1,504

up 30.2%

Income

$57,885 → $75,156

up 29.8%

Population

19,682 → 19,595

down 0.4%

Renter share

54.5% → 54%

-0.5 pts

Bachelor's+

55.9% → 62.1%

+6.2 pts

Median age

40.7 → 37.3

-3.4 yrs

Five years ago, renters in ZIP 46240 in Indianapolis, IN paid around $1,155 a month. That figure now sits near $1,504, up 30.2% from the 2021 baseline. On the earnings side, the typical household in ZIP 46240 in Indianapolis, IN now reports about $75,156, up from $57,885 in 2021. Bachelor's-degree-or-higher attainment moved from 55.9% to 62.1% across the same window. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 46240 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 46240

Last updated: October 17, 2026

ZIP code 46240 covers Indianapolis, IN. The median rent here is $1,504/mo as of October 2026. A 1-bedroom rents for a median of $1,500/mo. A 2-bedroom rents for a median of $1,740/mo.

At 24% of local median household income ($75,156/yr), ZIP 46240 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46240?

To keep rent at or below 30% of gross income, you would need to earn at least $60,000/year (about $29/hour full-time) to afford the median rent of $1,504/mo in ZIP 46240. The local median household income is $75,156/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46240?

Rent in ZIP 46240 has been roughly flat over the past year as of September 2026, a -0.1% change. It sits 0.6% below its high of $1,513 in March 2025.

When is the cheapest time to rent in ZIP 46240?

Asking rents in ZIP 46240 are usually lowest in April, about 0.6% below their yearly trend, and highest in July, about 0.7% above it. At today's median that is a gap of roughly $20 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 46240 compare to other ZIPs in Indiana?

ZIP 46240 is in the middle among Indiana ZIP codes for rent, ranking #49 of 139 at $1,504/mo. Over the year to September 2026, rent in ZIP 46240 changed -0.1%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.