ZIP Code · IN

ZIP 47374

Part of Richmond, IN

Pop. 44,615·Wayne County·133rd most expensive ZIP in Indiana

Median rent (all units)

$889/mo

Year-over-Year

+4.8%

Month-over-Month

-1.7%

vs US Median

-$1,043

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 47374 · $889

More affordable than 99% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$730

1 BR

$740

2 BR

$970

3 BR

$1,210

4 BR+

$1,480

Research median

$970/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 47374 changed +4.8% 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 10 of the last 12 months.

What a typical income covers

30% of the median household income ($50,766) is $1,269 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,210); a 4-bedroom is $1,480.

From Zillow's monthly rent index (ZORI) for ZIP 47374. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,668/yr

At $889/mo median

Location

CityRichmond

StateIN

CountyWayne County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+4.8% YoY, -1.7% MoM), not inventory.

Demographics

Who lives here

ZIP 47374 (Richmond, IN) is majority owner-occupied, has a large retiree population, has a median income below the national average, 21.4% of residents hold a bachelor's degree or higher.

Population

44,615

Median income

$50,766

Median age

40.8

Renters

36%

Age distribution

21.7%

22.7%

13%

20.9%

Under 1821.7%

18–3421.7%

35–5422.7%

55–6413%

65+20.9%

Gender

48%

52%

Male48%

Female52%

Race & ethnicity

82.3%

White82.3%

Black5.6%

Hispanic4.6%

Asian1.3%

Other6.2%

Education (25+)

12.7%

34.4%

31.5%

21.4%

No HS diploma12.7%

HS diploma34.4%

Some college31.5%

Bachelor's+21.4%

Housing tenure

64%

36%

Owner64%

Renter36%

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

2021 vs 2026

How ZIP 47374 in Richmond, IN has changed in 5 years

Income

$45,517 → $50,766

up 11.5%

Population

45,433 → 44,615

down 1.8%

Renter share

37.7% → 36%

-1.7 pts

Bachelor's+

20.4% → 21.4%

+1.0 pts

On the earnings side, the typical household in ZIP 47374 in Richmond, IN now reports about $50,766, up from $45,517 in 2021. The population has contracted by 1.8% since 2021, moving from about 45,433 residents to roughly 44,615. Renters now make up 36% of households, compared with 37.7% five years ago.

Community

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Local insights

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About renting in ZIP 47374

Last updated: October 17, 2026

ZIP code 47374 covers Richmond, IN. The median rent here is $889/mo as of October 2026. A 1-bedroom rents for a median of $740/mo. A 2-bedroom rents for a median of $970/mo.

At 21% of local median household income ($50,766/yr), ZIP 47374 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.8% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 47374?

To keep rent at or below 30% of gross income, you would need to earn at least $36,000/year (about $17/hour full-time) to afford the median rent of $889/mo in ZIP 47374. The local median household income is $50,766/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 47374?

Rent in ZIP 47374 has risen 4.8% over the past year.

How does ZIP 47374 compare to other ZIPs in Indiana?

ZIP 47374 is one of the more affordable among Indiana ZIP codes for rent, ranking #133 of 139 at $889/mo. Over the year to September 2026, rent in ZIP 47374 changed +4.8%, against a typical +3.9% across the 114 Indiana ZIP codes Zillow tracks.