How much is a home worth in ZIP code 46224?

The typical home in 46224 is worth $202,807, based on the Zillow Home Value Index.

Are home values rising in 46224?

Home values in 46224 are up 1.3% over the past year, and up 6.9% a year over five years.

What is the typical rent in 46224?

A typical home in 46224 rents for about $1,148 a month, a gross rental yield of 6.8%.

What is the property tax rate in 46224?

The effective property tax rate in 46224 is 0.9% — roughly $1,791 a year on a typical home.

ZIP code 46224 has a population of 40,228 and a median household income of $55,986.

HousingHandbookReference data

…

U.S. ZIP Code · IN46224

Marion County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$202,807^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.3%
5-year / yr: +6.9%
10-year / yr: +9.9%

Relative price

vs U.S.: -28.6%
vs metro: -29.7%
vs state: -12.3%

Price history

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

The typical home in 46224 is worth $202,807 — 29.7% below the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have risen 1.3%. Homes here rent for a typical $1,148 a month — a 6.8% 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: $1,148^[2]
Gross yield: 6.8%^[2]
Cap rate: 4.1%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $1,791^[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: 40,228^[3]
Median household income: $55,986^[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: 14
Elementary: 9
Middle: 2
High: 3

Garden City Elementary School
Elementary · Grades PK–6 · MSD Wayne Township
782 students
Enlace Academy
Elementary · Grades K–8 · Enlace Academy
676 students
Speedway Senior High School
High · Grades 9–12 · School Town of Speedway
572 students
Carl Wilde School 79
Elementary · Grades PK–6 · Indianapolis Public Schools
547 students
Lew Wallace School 107
Elementary · Grades PK–6 · Indianapolis Public Schools
496 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 yield6.8%

Net yield (after ~40% expenses)4.1%

Annual rent$13,774

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$1,026

Loan principal$162,246

Down payment$40,561

Total interest paid$206,935

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 ratio1.17

Monthly cost to own$1,343

Monthly rent$1,148

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: 80th percentile^[1]
Rental yield: 52nd percentile^[2]
Property tax: 76th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46224?: The typical home in 46224 is worth $202,807, based on the Zillow Home Value Index.
Are home values rising in 46224?: Home values in 46224 are up 1.3% over the past year, and up 6.9% a year over five years.
What is the typical rent in 46224?: A typical home in 46224 rents for about $1,148 a month, a gross rental yield of 6.8%.
What is the property tax rate in 46224?: The effective property tax rate in 46224 is 0.9% — roughly $1,791 a year on a typical home.
Who lives in 46224?: ZIP code 46224 has a population of 40,228 and a median household income of $55,986.

#Comparable ZIPs

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

46076 vs 46224 →
Windfall City, IN
Typical home
$202,234
Gross yield
—
46044 vs 46224 →
Frankton, IN
Typical home
$203,485
Gross yield
—
46049
Kempton, IN
Typical home
$208,811
Gross yield
—
46103
Amo, IN
Typical home
$196,182
Gross yield
—
46011
Anderson, IN
Typical home
$211,443
Gross yield
6.6%
46221
Indianapolis city (balance), IN
Typical home
$211,625
Gross yield
8.5%

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Pit ZIP 46224 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46224

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