ZIP Code · IN

ZIP 46256

Part of Indianapolis, IN

Pop. 20,990·Marion County·102nd most expensive ZIP in Indiana

Median rent (all units)

$1,168/mo

Year-over-Year

-6.2%

Month-over-Month

-2.3%

vs US Median

-$764

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 46256 · $1,168

More affordable than 93% 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

$1,090

1 BR

$1,230

2 BR

$1,430

3 BR

$1,850

4 BR+

$2,270

Research median

$1,430/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

Compared with the peak

Rent in ZIP 46256 is 8.2% below its high of $1,272 in April 2026, at $1,168 as of September 2026.

Past year vs. the rest of Indiana

Rent in ZIP 46256 changed -6.2% 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 5 months in a row, and rose in 5 of the last 12 months.

What a typical income covers

30% of the median household income ($93,847) is $2,346 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,270).

Rank in Indianapolis

2nd cheapest of 30 ZIP codes in Indianapolis.

From Zillow's monthly rent index (ZORI) for ZIP 46256. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,016/yr

At $1,168/mo median

Location

CityIndianapolis

StateIN

CountyMarion County

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 6.2% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (-6.2% YoY, -2.3% MoM), not inventory.

Demographics

Who lives here

ZIP 46256 (Indianapolis, IN) is majority owner-occupied, has a median income above the national average, 57.3% of residents hold a bachelor's degree or higher.

Population

20,990

Median income

$93,847

Median age

38.3

Renters

27%

Age distribution

22.3%

22.4%

23.3%

12.6%

19.3%

Under 1822.3%

18–3422.4%

35–5423.3%

55–6412.6%

65+19.3%

Gender

48.3%

51.7%

Male48.3%

Female51.7%

Race & ethnicity

70.3%

13.3%

White70.3%

Black13.3%

Hispanic7.6%

Asian5.1%

Other3.7%

Education (25+)

15%

23.5%

57.3%

No HS diploma4.2%

HS diploma15%

Some college23.5%

Bachelor's+57.3%

Housing tenure

73%

27%

Owner73%

Renter27%

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

2023 vs 2026

How ZIP 46256 in Indianapolis, IN has changed in 5 years

Rent

$1,151 → $1,168

up 1.5%

Income

$75,905 → $93,847

up 23.6%

Population

21,916 → 20,990

down 4.2%

Renter share

29% → 27%

-2.0 pts

Bachelor's+

57.3% → 57.3%

+0.0 pts

Median age

39.5 → 38.3

-1.2 yrs

The median rent in ZIP 46256 in Indianapolis, IN stood at $1,151 in 2023 and currently runs about $1,168, reflecting a 1.5% increase over the period. Household income in the area moved from $75,905 to $93,847 across the same window, up 23.6% versus 2021. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has contracted by 4.2% since 2021, moving from about 21,916 residents to roughly 20,990. Renters now make up 27% of households, compared with 29% five years ago. Reading these numbers side by side helps frame whether current listings in ZIP 46256 in Indianapolis, IN look reasonable against where the market sat half a decade ago.

Community

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About renting in ZIP 46256

Last updated: October 17, 2026

ZIP code 46256 covers Indianapolis, IN. The median rent here is $1,168/mo as of October 2026. A 1-bedroom rents for a median of $1,230/mo. A 2-bedroom rents for a median of $1,430/mo.

At 15% of local median household income ($93,847/yr), ZIP 46256 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 6.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 46256?

To keep rent at or below 30% of gross income, you would need to earn at least $47,000/year (about $23/hour full-time) to afford the median rent of $1,168/mo in ZIP 46256. The local median household income is $93,847/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46256?

Rent in ZIP 46256 has fallen 6.2% over the past year as of September 2026. It sits 8.2% below its high of $1,272 in April 2026.

How does ZIP 46256 compare to other ZIPs in Indiana?

ZIP 46256 is one of the more affordable among Indiana ZIP codes for rent, ranking #102 of 139 at $1,168/mo. Over the year to September 2026, rent in ZIP 46256 changed -6.2%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.