How much is a home worth in ZIP code 46240?

The typical home in 46240 is worth $368,897, based on the Zillow Home Value Index.

Are home values rising in 46240?

Home values in 46240 are up 2.6% over the past year, and up 4.8% a year over five years.

What is the typical rent in 46240?

A typical home in 46240 rents for about $1,463 a month, a gross rental yield of 4.8%.

What is the property tax rate in 46240?

The effective property tax rate in 46240 is 1.0% — roughly $3,725 a year on a typical home.

ZIP code 46240 has a population of 19,595 and a median household income of $75,156.

HousingHandbookReference data

…

U.S. ZIP Code · IN46240

Marion County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$368,897^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +2.6%
5-year / yr: +4.8%
10-year / yr: +6.4%

Relative price

vs U.S.: +29.9%
vs metro: +27.8%
vs state: +59.4%

Price history

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

The typical home in 46240 is worth $368,897 — 27.8% above the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have risen 2.6%. Homes here rent for a typical $1,463 a month — a 4.8% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

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

Monthly rent: $1,463^[2]
Gross yield: 4.8%^[2]
Cap rate: 2.9%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $3,725^[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: 19,595^[3]
Median household income: $75,156^[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: 8
Elementary: 2
Middle: 1
High: 2

North Central High School
High · Grades 9–12 · MSD Washington Township
3,616 students
Northview Middle School
Middle · Grades 6–8 · MSD Washington Township
828 students
Clearwater Elementary School
Elementary · Grades K–5 · MSD Washington Township
720 students
IN Math & Science Academy - North
Other · Grades K–12 · IN Math & Science Academy - North
600 students
Nora Elementary School
Elementary · Grades PK–5 · MSD Washington Township
486 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 yield4.8%

Net yield (after ~40% expenses)2.9%

Annual rent$17,552

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$1,865

Loan principal$295,118

Down payment$73,779

Total interest paid$376,407

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 ratio1.70

Monthly cost to own$2,483

Monthly rent$1,463

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: 12th percentile^[1]
Rental yield: 11th percentile^[2]
Property tax: 95th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46240?: The typical home in 46240 is worth $368,897, based on the Zillow Home Value Index.
Are home values rising in 46240?: Home values in 46240 are up 2.6% over the past year, and up 4.8% a year over five years.
What is the typical rent in 46240?: A typical home in 46240 rents for about $1,463 a month, a gross rental yield of 4.8%.
What is the property tax rate in 46240?: The effective property tax rate in 46240 is 1.0% — roughly $3,725 a year on a typical home.
Who lives in 46240?: ZIP code 46240 has a population of 19,595 and a median household income of $75,156.

#Comparable ZIPs

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

46075 vs 46240 →
Whitestown, IN
Typical home
$369,000
Gross yield
6.7%
46167 vs 46240 →
Pittsboro, IN
Typical home
$369,395
Gross yield
—
46181
Trafalgar, IN
Typical home
$374,220
Gross yield
—
46164
Cordry Sweetwater Lakes CDP, IN
Typical home
$362,912
Gross yield
—
46259
Indianapolis city (balance), IN
Typical home
$375,112
Gross yield
6.8%
46112
Brownsburg, IN
Typical home
$361,711
Gross yield
6.5%

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

Compare ZIPs

Pit ZIP 46240 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · IN46240

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