How much is a home worth in ZIP code 46229?

The typical home in 46229 is worth $219,579, based on the Zillow Home Value Index.

Are home values rising in 46229?

Home values in 46229 are down 1.2% over the past year, and up 5.4% a year over five years.

What is the typical rent in 46229?

A typical home in 46229 rents for about $1,607 a month, a gross rental yield of 8.8%.

What is the property tax rate in 46229?

The effective property tax rate in 46229 is 0.8% — roughly $1,782 a year on a typical home.

ZIP code 46229 has a population of 28,457 and a median household income of $61,388.

HousingHandbookReference data

…

U.S. ZIP Code · IN46229

Marion County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$219,579^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -1.2%
5-year / yr: +5.4%
10-year / yr: +7.9%

Relative price

vs U.S.: -22.7%
vs metro: -23.9%
vs state: -5.1%

Price history

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

The typical home in 46229 is worth $219,579 — 23.9% below the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have fallen 1.2%. Homes here rent for a typical $1,607 a month — a 8.8% 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: $1,607^[2]
Gross yield: 8.8%^[2]
Cap rate: 5.3%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $1,782^[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: 28,457^[3]
Median household income: $61,388^[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: 9
Elementary: 4
Middle: 1
High: 2

Warren Central High School
High · Grades 9–12 · MSD Warren Township
3,398 students
Stonybrook Intermediate & Middle
Middle · Grades 5–8 · MSD Warren Township
1,074 students
Warren Online Academy
Other · Grades K–12 · MSD Warren Township
558 students
Lakeside Elementary School
Elementary · Grades K–4 · MSD Warren Township
546 students
Brookview Elementary School
Elementary · Grades K–4 · MSD Warren Township
535 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 yield8.8%

Net yield (after ~40% expenses)5.3%

Annual rent$19,280

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$1,110

Loan principal$175,663

Down payment$43,916

Total interest paid$224,049

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 ratio0.90

Monthly cost to own$1,442

Monthly rent$1,607

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: 29th percentile^[1]
Rental yield: 83rd percentile^[2]
Property tax: 63rd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46229?: The typical home in 46229 is worth $219,579, based on the Zillow Home Value Index.
Are home values rising in 46229?: Home values in 46229 are down 1.2% over the past year, and up 5.4% a year over five years.
What is the typical rent in 46229?: A typical home in 46229 rents for about $1,607 a month, a gross rental yield of 8.8%.
What is the property tax rate in 46229?: The effective property tax rate in 46229 is 0.8% — roughly $1,782 a year on a typical home.
Who lives in 46229?: ZIP code 46229 has a population of 28,457 and a median household income of $61,388.

#Comparable ZIPs

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

46235 vs 46229 →
Indianapolis city (balance), IN
Typical home
$218,316
Gross yield
9.4%
46102 vs 46229 →
Advance, IN
Typical home
$221,453
Gross yield
—
46254
Indianapolis city (balance), IN
Typical home
$222,327
Gross yield
7.3%
46048
Ingalls, IN
Typical home
$223,442
Gross yield
—
46176
Shelbyville, IN
Typical home
$224,202
Gross yield
6.9%
46221
Indianapolis city (balance), IN
Typical home
$211,625
Gross yield
8.5%

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

Compare ZIPs

Pit ZIP 46229 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46229

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