How much is a home worth in ZIP code 46040?

The typical home in 46040 is worth $503,931, based on the Zillow Home Value Index.

Are home values rising in 46040?

Home values in 46040 are up 1.6% over the past year, and up 6.0% a year over five years.

What is the typical rent in 46040?

A typical home in 46040 rents for about $1,450 a month, a gross rental yield of 3.5%.

What is the property tax rate in 46040?

The effective property tax rate in 46040 is 0.8% — roughly $3,965 a year on a typical home.

ZIP code 46040 has a population of 15,943 and a median household income of $147,500.

HousingHandbookReference data

…

U.S. ZIP Code · IN46040

Hancock County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$503,931^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.6%
5-year / yr: +6.0%
10-year / yr: +6.2%

Relative price

vs U.S.: +77.4%
vs metro: +74.6%
vs state: +117.8%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 46040 is worth $503,931 — 74.6% above the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have risen 1.6%. Homes here rent for a typical $1,450 a month — a 3.5% gross rental yield. The effective property tax rate is 0.8%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,450^[2]
Gross yield: 3.5%^[2]
Cap rate: 2.1%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.8%^[3]
Typical annual tax: $3,965^[3]

#Climate risk

FEMA National Risk Index ratings for Hancock County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Low
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: Relatively Low
Heat wave: Relatively Low
Hurricane: Very Low
Tornado: Relatively Moderate
Earthquake: Relatively Low
Winter weather: Relatively Low

#Who lives here

Population: 15,943^[3]
Median household income: $147,500^[3]

#Migration

Household moves in and out of Hancock County over a year, from IRS tax-return data.

Net migration: +1,124^[5]
Moved in: 3,759
Moved out: 2,635

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 5
Elementary: 2
Middle: 1
High: 1

Mt Vernon High School
High · Grades 9–12 · Mt Vernon Community School Corp
1,455 students
Mt Vernon Middle School
Middle · Grades 6–8 · Mt Vernon Community School Corp
1,105 students
Fortville Elementary School
Elementary · Grades K–5 · Mt Vernon Community School Corp
718 students
Geist Elementary School
Elementary · Grades PK–4 · Hamilton Southeastern Schools
654 students
Mt Vernon Early Learning Academy
Prekindergarten · Grades PK · Mt Vernon Community School Corp
142 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield3.5%

Net yield (after ~40% expenses)2.1%

Annual rent$17,397

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,548

Loan principal$403,145

Down payment$100,786

Total interest paid$514,189

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.28

Monthly cost to own$3,300

Monthly rent$1,450

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 52nd percentile^[1]
Rental yield: 2nd percentile^[2]
Property tax: 59th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

1st for fastest-growing in INView list →

Frequently asked

How much is a home worth in ZIP code 46040?: The typical home in 46040 is worth $503,931, based on the Zillow Home Value Index.
Are home values rising in 46040?: Home values in 46040 are up 1.6% over the past year, and up 6.0% a year over five years.
What is the typical rent in 46040?: A typical home in 46040 rents for about $1,450 a month, a gross rental yield of 3.5%.
What is the property tax rate in 46040?: The effective property tax rate in 46040 is 0.8% — roughly $3,965 a year on a typical home.
Who lives in 46040?: ZIP code 46040 has a population of 15,943 and a median household income of $147,500.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

46074 vs 46040 →
Westfield, IN
Typical home
$503,750
Gross yield
4.9%
46037 vs 46040 →
Fishers, IN
Typical home
$474,278
Gross yield
4.9%
46106
Bargersville, IN
Typical home
$454,912
Gross yield
4.2%
46062
Noblesville, IN
Typical home
$439,034
Gross yield
4.8%
46278
Indianapolis city (balance), IN
Typical home
$429,186
Gross yield
—
46032
Carmel, IN
Typical home
$578,680
Gross yield
3.7%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

Compare ZIPs

Pit ZIP 46040 against any other ZIP — full side-by-side table.

Compare 46040 →

#Jump to section

U.S. ZIP Code · IN46040

Get more data on ZIPs like this

Get more data on ZIPs like this