How much is a home worth in ZIP code 46131?

The typical home in 46131 is worth $280,908, based on the Zillow Home Value Index.

Are home values rising in 46131?

Home values in 46131 are up 2.0% over the past year, and up 6.3% a year over five years.

What is the typical rent in 46131?

A typical home in 46131 rents for about $1,786 a month, a gross rental yield of 7.6%.

What is the property tax rate in 46131?

The effective property tax rate in 46131 is 0.7% — roughly $2,070 a year on a typical home.

ZIP code 46131 has a population of 34,647 and a median household income of $85,076.

HousingHandbookReference data

…

U.S. ZIP Code · IN46131

Johnson County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$280,908^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +2.0%
5-year / yr: +6.3%
10-year / yr: +7.7%

Relative price

vs U.S.: -1.1%
vs metro: -2.7%
vs state: +21.4%

Price history

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

The typical home in 46131 is worth $280,908 — 2.7% below the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have risen 2.0%. Homes here rent for a typical $1,786 a month — a 7.6% gross rental yield. The effective property tax rate is 0.7%.

#Rent & investment

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

Monthly rent: $1,786^[2]
Gross yield: 7.6%^[2]
Cap rate: 4.6%^[2]

#Property tax

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

Effective tax rate: 0.7%^[3]
Typical annual tax: $2,070^[3]

#Climate risk

FEMA National Risk Index ratings for Johnson 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: 34,647^[3]
Median household income: $85,076^[3]

#Migration

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

Net migration: +577^[5]
Moved in: 6,265
Moved out: 5,688

Schools

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

Public schools: 8
Elementary: 5
Middle: 2
High: 1

Franklin Community High School
High · Grades 9–12 · Franklin Community School Corp
1,590 students
Franklin Community Middle School
Middle · Grades 7–8 · Franklin Community School Corp
741 students
Custer Baker Intermediate School
Middle · Grades 5–6 · Franklin Community School Corp
736 students
Creekside Elementary School
Elementary · Grades PK–4 · Franklin Community School Corp
528 students
Northwood Elementary School
Elementary · Grades PK–4 · Franklin Community School Corp
506 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 yield7.6%

Net yield (after ~40% expenses)4.6%

Annual rent$21,433

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$1,420

Loan principal$224,726

Down payment$56,182

Total interest paid$286,626

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 ratio1.02

Monthly cost to own$1,828

Monthly rent$1,786

Owning and renting are roughly even.

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: 66th percentile^[1]
Rental yield: 68th percentile^[2]
Property tax: 46th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46131?: The typical home in 46131 is worth $280,908, based on the Zillow Home Value Index.
Are home values rising in 46131?: Home values in 46131 are up 2.0% over the past year, and up 6.3% a year over five years.
What is the typical rent in 46131?: A typical home in 46131 rents for about $1,786 a month, a gross rental yield of 7.6%.
What is the property tax rate in 46131?: The effective property tax rate in 46131 is 0.7% — roughly $2,070 a year on a typical home.
Who lives in 46131?: ZIP code 46131 has a population of 34,647 and a median household income of $85,076.

#Comparable ZIPs

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

46234 vs 46131 →
Indianapolis city (balance), IN
Typical home
$280,703
Gross yield
9.1%
46056 vs 46131 →
Markleville, IN
Typical home
$280,579
Gross yield
—
46186
Wilkinson, IN
Typical home
$280,037
Gross yield
—
46113
Indianapolis city (balance), IN
Typical home
$279,103
Gross yield
8.6%
46180
Stilesville, IN
Typical home
$288,689
Gross yield
—
46228
Indianapolis city (balance), IN
Typical home
$272,675
Gross yield
6.9%

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Pit ZIP 46131 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46131

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