How much is a home worth in ZIP code 46203?

The typical home in 46203 is worth $171,756, based on the Zillow Home Value Index.

Are home values rising in 46203?

Home values in 46203 are down 0.8% over the past year, and up 3.5% a year over five years.

What is the typical rent in 46203?

A typical home in 46203 rents for about $1,487 a month, a gross rental yield of 10.4%.

What is the property tax rate in 46203?

The effective property tax rate in 46203 is 0.8% — roughly $1,336 a year on a typical home.

ZIP code 46203 has a population of 37,758 and a median household income of $57,393.

HousingHandbookReference data

…

U.S. ZIP Code · IN46203

Marion County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$171,756^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -0.8%
5-year / yr: +3.5%
10-year / yr: +10.9%

Relative price

vs U.S.: -39.5%
vs metro: -40.5%
vs state: -25.8%

Price history

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

The typical home in 46203 is worth $171,756 — 40.5% below the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have fallen 0.8%. Homes here rent for a typical $1,487 a month — a 10.4% 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: $1,487^[2]
Gross yield: 10.4%^[2]
Cap rate: 6.2%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $1,336^[3]

#Climate risk

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

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

#Who lives here

Population: 37,758^[3]
Median household income: $57,393^[3]

#Migration

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

Net migration: -2,799^[5]
Moved in: 26,514
Moved out: 29,313

Schools

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

Public schools: 10
Elementary: 7
Middle: 2
High: 0

Victory College Prep
Other · Grades K–12 · Victory College Prep
1,024 students
SE Neighborhood Sch of Excellence
Elementary · Grades K–8 · SE Neighborhood Sch of Excellence
583 students
Frederick Douglass School 19
Elementary · Grades PK–8 · Indianapolis Public Schools
492 students
HW Longfellow Med/STEM Magnet Midl
Middle · Grades 7–8 · Indianapolis Public Schools
463 students
Emma Donnan Elementary and Middle
Elementary · Grades K–8 · Adelante Schools
442 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 yield10.4%

Net yield (after ~40% expenses)6.2%

Annual rent$17,843

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$868

Loan principal$137,405

Down payment$34,351

Total interest paid$175,252

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 ratio0.76

Monthly cost to own$1,123

Monthly rent$1,487

Owning 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: 5th percentile^[1]
Rental yield: 95th percentile^[2]
Property tax: 52nd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46203?: The typical home in 46203 is worth $171,756, based on the Zillow Home Value Index.
Are home values rising in 46203?: Home values in 46203 are down 0.8% over the past year, and up 3.5% a year over five years.
What is the typical rent in 46203?: A typical home in 46203 rents for about $1,487 a month, a gross rental yield of 10.4%.
What is the property tax rate in 46203?: The effective property tax rate in 46203 is 0.8% — roughly $1,336 a year on a typical home.
Who lives in 46203?: ZIP code 46203 has a population of 37,758 and a median household income of $57,393.

#Comparable ZIPs

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

46225 vs 46203 →
Indianapolis city (balance), IN
Typical home
$175,833
Gross yield
9.9%
46226 vs 46203 →
Indianapolis city (balance), IN
Typical home
$165,086
Gross yield
8.2%
46013
Anderson, IN
Typical home
$178,946
Gross yield
7.3%
46208
Indianapolis city (balance), IN
Typical home
$180,246
Gross yield
9.0%
46001
Alexandria, IN
Typical home
$181,438
Gross yield
6.4%
46241
Indianapolis city (balance), IN
Typical home
$159,549
Gross yield
9.6%

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

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Pit ZIP 46203 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46203

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