ZIP Code · IN

ZIP 47150

Part of New Albany, IN

Pop. 49,144·Floyd County·98th most expensive ZIP in Indiana

Median rent (all units)

$1,194/mo

Year-over-Year

+3.2%

Month-over-Month

+0.8%

vs US Median

-$738

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 47150 · $1,194

More affordable than 92% 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

$950

1 BR

$1,030

2 BR

$1,250

3 BR

$1,600

4 BR+

$1,860

Research median

$1,250/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 47150 is at its highest level since Zillow's records here began in August 2022.

Past year vs. the rest of Indiana

Rent in ZIP 47150 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 has risen 3 months in a row, and rose in 7 of the last 12 months.

What a typical income covers

30% of the median household income ($62,820) is $1,571 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,250); a 3-bedroom is $1,600.

Cheaper nearby

ZIP 40203, 5 miles away, rents for 16% less ($1,006/mo), about $2,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 47150. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,328/yr

At $1,194/mo median

Location

CityNew Albany

StateIN

CountyFloyd 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, +0.8% MoM), not inventory.

Demographics

Who lives here

ZIP 47150 (New Albany, IN) is majority owner-occupied, has a median income below the national average, 27.7% of residents hold a bachelor's degree or higher.

Population

49,144

Median income

$62,820

Median age

40.1

Renters

37.7%

Age distribution

20%

24.1%

24.8%

12.5%

18.6%

Under 1820%

18–3424.1%

35–5424.8%

55–6412.5%

65+18.6%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

82.2%

White82.2%

Black7.2%

Hispanic4.8%

Asian1.5%

Other4.4%

Education (25+)

33.4%

29.5%

27.7%

No HS diploma9.4%

HS diploma33.4%

Some college29.5%

Bachelor's+27.7%

Housing tenure

62.3%

37.7%

Owner62.3%

Renter37.7%

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

2023 vs 2026

How ZIP 47150 in New Albany, IN has changed in 5 years

Rent

$1,024 → $1,194

up 16.6%

Income

$57,843 → $62,820

up 8.6%

Population

49,332 → 49,144

down 0.4%

Renter share

36% → 37.7%

+1.7 pts

Bachelor's+

25.9% → 27.7%

+1.8 pts

Median age

38.6 → 40.1

+1.5 yrs

Across the past five years, the going rent in ZIP 47150 in New Albany, IN has shifted from $1,024 to $1,194, up 16.6% since 2023. Local incomes tracked alongside that move, going from a median of $57,843 in 2021 to $62,820 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. The renter share has risen from 36% to 37.7%, with owner-occupied housing accounting for the remainder. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 47150 in New Albany, IN market of 2023.

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About renting in ZIP 47150

Last updated: October 17, 2026

ZIP code 47150 covers New Albany, IN. The median rent here is $1,194/mo as of October 2026. A 1-bedroom rents for a median of $1,030/mo. A 2-bedroom rents for a median of $1,250/mo.

At 23% of local median household income ($62,820/yr), ZIP 47150 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 47150?

To keep rent at or below 30% of gross income, you would need to earn at least $48,000/year (about $23/hour full-time) to afford the median rent of $1,194/mo in ZIP 47150. The local median household income is $62,820/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 47150?

Rent in ZIP 47150 has risen 3.2% over the past year as of September 2026. That is the highest level since Zillow's records here began in August 2022.

How does ZIP 47150 compare to other ZIPs in Indiana?

ZIP 47150 is one of the more affordable among Indiana ZIP codes for rent, ranking #98 of 139 at $1,194/mo. Over the year to September 2026, rent in ZIP 47150 changed +3.2%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.