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ZIP Code · IN

ZIP 46516

Part of Elkhart, IN
Pop. 31,871·Elkhart County·121st most expensive ZIP in Indiana
Median rent (all units)
$1,037/mo
Year-over-Year
+11.2%
Month-over-Month
-3.8%
vs US Median
-$928
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 46516 · $1,037
More affordable than 97% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$940
1 BR
$960
2 BR
$1,150
3 BR
$1,510
4 BR+
$1,540
Research median
$1,150/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
$12,444/yr
At $1,037/mo median
Location
StateIN
CountyElkhart County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (11.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+11.2% YoY, -3.8% MoM), not inventory.
Demographics

Who lives here

ZIP 46516 (Elkhart, IN) is majority owner-occupied, has a large share of families with children, has a median income below the national average, 17.8% of residents hold a bachelor's degree or higher.

Population
31,871
Median income
$56,492
Median age
35.7
Renters
37.3%
Age distribution
26.2%
22.4%
26.3%
12%
13%
Under 1826.2%
18–3422.4%
35–5426.3%
55–6412%
65+13%
Gender
50.7%
49.3%
Male50.7%
Female49.3%
Race & ethnicity
66.5%
23.6%
White66.5%
Black10.2%
Hispanic23.6%
Asian1.3%
Education (25+)
17%
37.6%
27.6%
17.8%
No HS diploma17%
HS diploma37.6%
Some college27.6%
Bachelor's+17.8%
Housing tenure
62.7%
37.3%
Owner62.7%
Renter37.3%

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

2021 vs 2026

How ZIP 46516 in Elkhart, IN has changed in 5 years

Income
$50,080 → $56,492
up 12.8%
Population
31,544 → 31,871
up 1.0%
Renter share
38.1% → 37.3%
-0.8 pts
Bachelor's+
14.6% → 17.8%
+3.2 pts
Median age
34.9 → 35.7
+0.8 yrs

On the earnings side, the typical household in ZIP 46516 in Elkhart, IN now reports about $56,492, up from $50,080 in 2021. The population has grown by 1.0% since 2021, moving from about 31,544 residents to roughly 31,871. College-educated residents now make up 17.8% of adults here, versus 14.6% in 2021.

Community

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Local insights

Tips for renters in ZIP 46516

About renting in ZIP 46516

Last updated: July 20, 2026

ZIP code 46516 covers Elkhart, IN. The median rent here is $1,037/mo as of July 2026. A 1-bedroom rents for a median of $960/mo. A 2-bedroom rents for a median of $1,150/mo.

At 22% of local median household income ($56,492/yr), ZIP 46516 ranks as affordable compared to the national benchmark of 30%. Rents have increased 11.2% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 46516?

As of July 20, 2026, the median monthly rent in ZIP 46516 (Elkhart, IN) is $1,037. This is based on aggregated data from public sources and community submissions.

How does ZIP 46516 rent compare to the US average?

ZIP 46516's median rent of $1,037/mo is $928 (47%) below the US national median of $1,965/mo.

How does ZIP 46516 compare to other ZIPs in Indiana?

ZIP 46516 is among the more affordable ZIP codes in Indiana, ranking #121 out of 144 ZIPs at $1,037/mo.

How much income do you need to rent in ZIP 46516?

To keep rent at or below 30% of gross income, you would need to earn at least $41,000/year (~$20/hour full-time) to afford the median rent of $1,037/mo in ZIP 46516. The local median household income is $56,492/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 46516?

Rent in ZIP 46516 has increased 11.2% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 46516 an affordable place to rent?

ZIP 46516 is considered very affordable for renters. At $1,037/mo, rent takes approximately 22% of the local median household income ($56,492/yr). The standard benchmark is 30%. ZIP 46516 falls comfortably within that range.

What percentage of ZIP 46516 residents rent vs. own?

According to Census data, approximately 37.3% of ZIP 46516 households are renters, while 62.7% are owner-occupied. ZIP 46516 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 46516 compare to the rest of Elkhart?

ZIP 46516 is more affordable than Elkhart overall. At $1,037/mo, it's $137 below the Elkhart citywide median of $1,174/mo.

When was rent data for ZIP 46516 last updated?

Rent data for ZIP 46516 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
22%
VERY AFFORDABLE

At $1,037/mo, rent takes ~22% of ZIP 46516's median household income ($56,492/yr). The standard benchmark is 30%.

ZIP 46516 22%Benchmark 30%
State income tax3.05%
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Schools nearby

Public schools near ZIP 46516 (Elkhart, IN)

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