How much is a home worth in ZIP code 46123?

The typical home in 46123 is worth $353,239, based on the Zillow Home Value Index.

Are home values rising in 46123?

Home values in 46123 are up 0.4% over the past year, and up 4.9% a year over five years.

What is the typical rent in 46123?

A typical home in 46123 rents for about $1,901 a month, a gross rental yield of 6.5%.

What is the property tax rate in 46123?

The effective property tax rate in 46123 is 0.9% — roughly $3,159 a year on a typical home.

ZIP code 46123 has a population of 43,353 and a median household income of $103,485.

HousingHandbookReference data

…

U.S. ZIP Code · IN46123

Hendricks County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$353,239^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.4%
5-year / yr: +4.9%
10-year / yr: +6.2%

Relative price

vs U.S.: +24.4%
vs metro: +22.4%
vs state: +52.7%

Price history

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

The typical home in 46123 is worth $353,239 — 22.4% above the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have risen 0.4%. Homes here rent for a typical $1,901 a month — a 6.5% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

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

Monthly rent: $1,901^[2]
Gross yield: 6.5%^[2]
Cap rate: 3.9%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $3,159^[3]

#Climate risk

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

Overall risk: Relatively Low^[4]
Riverine flood: Relatively Moderate
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 High

#Who lives here

Population: 43,353^[3]
Median household income: $103,485^[3]

#Migration

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

Net migration: +338^[5]
Moved in: 6,693
Moved out: 6,355

Schools

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

Public schools: 12
Elementary: 6
Middle: 4
High: 1

Avon High School
High · Grades 9–12 · Avon Community School Corp
3,480 students
Avon Middle School North
Middle · Grades 7–8 · Avon Community School Corp
878 students
Avon Middle School South
Middle · Grades 7–8 · Avon Community School Corp
845 students
Avon Intermediate School East
Middle · Grades 5–6 · Avon Community School Corp
815 students
Maple Elementary School
Elementary · Grades K–4 · Avon Community School Corp
775 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 yield6.5%

Net yield (after ~40% expenses)3.9%

Annual rent$22,816

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$1,786

Loan principal$282,591

Down payment$70,648

Total interest paid$360,430

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 ratio1.23

Monthly cost to own$2,343

Monthly rent$1,901

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: 14th percentile^[1]
Rental yield: 38th percentile^[2]
Property tax: 79th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46123?: The typical home in 46123 is worth $353,239, based on the Zillow Home Value Index.
Are home values rising in 46123?: Home values in 46123 are up 0.4% over the past year, and up 4.9% a year over five years.
What is the typical rent in 46123?: A typical home in 46123 rents for about $1,901 a month, a gross rental yield of 6.5%.
What is the property tax rate in 46123?: The effective property tax rate in 46123 is 0.9% — roughly $3,159 a year on a typical home.
Who lives in 46123?: ZIP code 46123 has a population of 43,353 and a median household income of $103,485.

#Comparable ZIPs

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

46149 vs 46123 →
Lizton, IN
Typical home
$353,323
Gross yield
—
46202 vs 46123 →
Indianapolis city (balance), IN
Typical home
$351,449
Gross yield
4.9%
46165
North Salem, IN
Typical home
$351,258
Gross yield
—
46122
Danville, IN
Typical home
$348,821
Gross yield
—
46147
Jamestown, IN
Typical home
$348,665
Gross yield
—
46060
Noblesville, IN
Typical home
$358,654
Gross yield
5.9%

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

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Pit ZIP 46123 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46123

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