How much is a home worth in ZIP code 46235?

The typical home in 46235 is worth $218,316, based on the Zillow Home Value Index.

Are home values rising in 46235?

Home values in 46235 are down 0.2% over the past year, and up 6.0% a year over five years.

What is the typical rent in 46235?

A typical home in 46235 rents for about $1,717 a month, a gross rental yield of 9.4%.

What is the property tax rate in 46235?

The effective property tax rate in 46235 is 0.8% — roughly $1,691 a year on a typical home.

ZIP code 46235 has a population of 36,317 and a median household income of $58,951.

HousingHandbookReference data

…

U.S. ZIP Code · IN46235

Marion County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$218,316^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -0.2%
5-year / yr: +6.0%
10-year / yr: +8.4%

Relative price

vs U.S.: -23.1%
vs metro: -24.4%
vs state: -5.6%

Price history

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

The typical home in 46235 is worth $218,316 — 24.4% below the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have fallen 0.2%. Homes here rent for a typical $1,717 a month — a 9.4% 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: $1,717^[2]
Gross yield: 9.4%^[2]
Cap rate: 5.7%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $1,691^[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: 36,317^[3]
Median household income: $58,951^[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: 4
Elementary: 1
Middle: 1
High: 1

James and Rosemary Phalen Leadership Academy High School
High · Grades 9–12 · James and Rosemary Phalen Leadership Academy High School
482 students
Phalen Virtual Leadership Academy
Other · Grades K–12 · Phalen Virtual Leadership Academy
289 students
James & Rosemary Phalen Leadership Academy Middle School
Middle · Grades 7–8 · James & Rosemary Phalen Leadership Academy Middle School
266 students
Phalen Leadership Academy - IN Inc
Elementary · Grades K–8 · Phalen Leadership Academy - IN Inc
181 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 yield9.4%

Net yield (after ~40% expenses)5.7%

Annual rent$20,601

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$1,104

Loan principal$174,652

Down payment$43,663

Total interest paid$222,760

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 ratio0.83

Monthly cost to own$1,426

Monthly rent$1,717

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: 59th percentile^[1]
Rental yield: 89th percentile^[2]
Property tax: 50th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46235?: The typical home in 46235 is worth $218,316, based on the Zillow Home Value Index.
Are home values rising in 46235?: Home values in 46235 are down 0.2% over the past year, and up 6.0% a year over five years.
What is the typical rent in 46235?: A typical home in 46235 rents for about $1,717 a month, a gross rental yield of 9.4%.
What is the property tax rate in 46235?: The effective property tax rate in 46235 is 0.8% — roughly $1,691 a year on a typical home.
Who lives in 46235?: ZIP code 46235 has a population of 36,317 and a median household income of $58,951.

#Comparable ZIPs

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

46229 vs 46235 →
Indianapolis city (balance), IN
Typical home
$219,579
Gross yield
8.8%
46102 vs 46235 →
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 46235 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46235

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