ZIP Code · IN

ZIP 47362

Part of New Castle, IN

Pop. 29,337·Henry County·134th most expensive ZIP in Indiana

Median rent (all units)

$854/mo

Year-over-Year

-5.2%

Month-over-Month

+1.4%

vs US Median

-$1,078

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 47362 · $854

More affordable than 100% 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

$770

1 BR

$780

2 BR

$960

3 BR

$1,150

4 BR+

$1,270

Research median

$960/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 47362 changed -5.2% 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 ($60,258) is $1,506 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,270).

From Zillow's monthly rent index (ZORI) for ZIP 47362. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,248/yr

At $854/mo median

Location

CityNew Castle

StateIN

CountyHenry County

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 5.2% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-5.2% YoY, +1.4% MoM), not inventory.

Demographics

Who lives here

ZIP 47362 (New Castle, IN) is majority owner-occupied, has a median income below the national average, 14.8% of residents hold a bachelor's degree or higher.

Population

29,337

Median income

$60,258

Median age

42.3

Renters

27.6%

Age distribution

19%

22.5%

26.5%

13.5%

18.6%

Under 1819%

18–3422.5%

35–5426.5%

55–6413.5%

65+18.6%

Gender

53.6%

46.4%

Male53.6%

Female46.4%

Race & ethnicity

90.9%

White90.9%

Black3.4%

Hispanic2.1%

Asian0.6%

Other3%

Education (25+)

42.5%

31.8%

14.8%

No HS diploma10.8%

HS diploma42.5%

Some college31.8%

Bachelor's+14.8%

Housing tenure

72.4%

27.6%

Owner72.4%

Renter27.6%

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

2021 vs 2026

How ZIP 47362 in New Castle, IN has changed in 5 years

Income

$51,628 → $60,258

up 16.7%

Population

29,463 → 29,337

down 0.4%

Renter share

26.5% → 27.6%

+1.1 pts

Bachelor's+

16% → 14.8%

-1.2 pts

Median household income climbed from $51,628 to $60,258 between 2021 and 2024, a 16.7% shift.

Community

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Local insights

Tips for renters in ZIP 47362

About renting in ZIP 47362

Last updated: October 17, 2026

ZIP code 47362 covers New Castle, IN. The median rent here is $854/mo as of October 2026. A 1-bedroom rents for a median of $780/mo. A 2-bedroom rents for a median of $960/mo.

At 17% of local median household income ($60,258/yr), ZIP 47362 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 5.2% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 47362?

To keep rent at or below 30% of gross income, you would need to earn at least $34,000/year (about $16/hour full-time) to afford the median rent of $854/mo in ZIP 47362. The local median household income is $60,258/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 47362?

Rent in ZIP 47362 has fallen 5.2% over the past year.

How does ZIP 47362 compare to other ZIPs in Indiana?

ZIP 47362 is one of the more affordable among Indiana ZIP codes for rent, ranking #134 of 139 at $854/mo. Over the year to September 2026, rent in ZIP 47362 changed -5.2%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.