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ZIP Code · IN

ZIP 46240

Pop. 19,595·Marion County·53rd most expensive ZIP in Indiana
Median rent (all units)
$1,515/mo
Year-over-Year
-1.9%
Month-over-Month
-0.5%
vs US Median
-$450
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 46240 · $1,515
More affordable than 72% of US ZIP codes · National median $1,965/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: July 20, 2026

Annual cost
$18,180/yr
At $1,515/mo median
Location
StateIN
CountyMarion County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 1.9% YoY), so renters have negotiating leverage.
Based on rent-price momentum (-1.9% YoY, -0.5% 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
$1,255 → $1,515
up 20.7%
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 $1,255 a month. That figure now sits near $1,515, up 20.7% 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. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. 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.

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Local insights

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About renting in ZIP 46240

Last updated: July 20, 2026

ZIP code 46240 covers Indianapolis, IN. The median rent here is $1,515/mo as of July 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 1.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 46240?

As of July 20, 2026, the median monthly rent in ZIP 46240 (Indianapolis, IN) is $1,515. This is based on aggregated data from public sources and community submissions.

How does ZIP 46240 rent compare to the US average?

ZIP 46240's median rent of $1,515/mo is $450 (23%) below the US national median of $1,965/mo.

How does ZIP 46240 compare to other ZIPs in Indiana?

ZIP 46240 falls in the middle range for Indiana, ranking #53 out of 144 ZIPs at $1,515/mo.

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 $61,000/year (~$29/hour full-time) to afford the median rent of $1,515/mo in ZIP 46240. The local median household income is $75,156/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 46240?

Rent in ZIP 46240 has decreased 1.9% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 46240 an affordable place to rent?

ZIP 46240 is considered very affordable for renters. At $1,515/mo, rent takes approximately 24% of the local median household income ($75,156/yr). The standard benchmark is 30%. ZIP 46240 falls comfortably within that range.

What percentage of ZIP 46240 residents rent vs. own?

According to Census data, approximately 54% of ZIP 46240 households are renters, while 46% are owner-occupied. With a majority renter population, ZIP 46240 has a strong rental market.

How does ZIP 46240 compare to the rest of Indianapolis?

ZIP 46240 is pricier than Indianapolis as a whole. At $1,515/mo, it's $104 above the Indianapolis citywide median of $1,411/mo.

When was rent data for ZIP 46240 last updated?

Rent data for ZIP 46240 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
24%
VERY AFFORDABLE

At $1,515/mo, rent takes ~24% of ZIP 46240's median household income ($75,156/yr). The standard benchmark is 30%.

ZIP 46240 24%Benchmark 30%
State income tax3.05%
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Schools nearby

Public schools near ZIP 46240 (Indianapolis, IN)

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