ZIP Code · IN

ZIP 46516

Part of Elkhart, IN

Pop. 31,871·Elkhart County·101st most expensive ZIP in Indiana

Median rent (all units)

$1,171/mo

Year-over-Year

+3.2%

Month-over-Month

-0.6%

vs US Median

-$761

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 46516 · $1,171

More affordable than 92% of US ZIP codes · National median $1,932/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: October 17, 2026

From the history

What the numbers show

Past year vs. the rest of Indiana

Rent in ZIP 46516 changed +3.2% over the year to September 2026. Across the 114 Indiana ZIP codes Zillow tracks, the typical change was +3.9%.

Recent direction

Rent rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($56,492) is $1,412 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,150); a 3-bedroom is $1,510.

From Zillow's monthly rent index (ZORI) for ZIP 46516. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,052/yr

At $1,171/mo median

Location

CityElkhart

StateIN

CountyElkhart County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.2% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.2% YoY, -0.6% 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: October 17, 2026

ZIP code 46516 covers Elkhart, IN. The median rent here is $1,171/mo as of October 2026. A 1-bedroom rents for a median of $960/mo. A 2-bedroom rents for a median of $1,150/mo.

At 25% of local median household income ($56,492/yr), ZIP 46516 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.2% over the past year.

FAQ

Frequently asked questions

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 $47,000/year (about $23/hour full-time) to afford the median rent of $1,171/mo in ZIP 46516. The local median household income is $56,492/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 46516?

Rent in ZIP 46516 has risen 3.2% over the past year.

How does ZIP 46516 compare to other ZIPs in Indiana?

ZIP 46516 is one of the more affordable among Indiana ZIP codes for rent, ranking #101 of 139 at $1,171/mo. Over the year to September 2026, rent in ZIP 46516 changed +3.2%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.