How much is a home worth in ZIP code 46254?

The typical home in 46254 is worth $222,327, based on the Zillow Home Value Index.

Are home values rising in 46254?

Home values in 46254 are up 1.1% over the past year, and up 6.0% a year over five years.

What is the typical rent in 46254?

A typical home in 46254 rents for about $1,354 a month, a gross rental yield of 7.3%.

What is the property tax rate in 46254?

The effective property tax rate in 46254 is 0.8% — roughly $1,872 a year on a typical home.

ZIP code 46254 has a population of 40,674 and a median household income of $60,287.

HousingHandbookReference data

…

U.S. ZIP Code · IN46254

Marion County · Indianapolis-Carmel-Greenwood, IN

Typical home value

$222,327^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.1%
5-year / yr: +6.0%
10-year / yr: +8.3%

Relative price

vs U.S.: -21.7%
vs metro: -23.0%
vs state: -3.9%

Price history

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

The typical home in 46254 is worth $222,327 — 23.0% below the Indianapolis-Carmel-Greenwood, IN median. Over the past year, values have risen 1.1%. Homes here rent for a typical $1,354 a month — a 7.3% 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: $1,354^[2]
Gross yield: 7.3%^[2]
Cap rate: 4.4%^[2]

#Property tax

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

Effective tax rate: 0.8%^[3]
Typical annual tax: $1,872^[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: 40,674^[3]
Median household income: $60,287^[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: 7
Elementary: 6
Middle: 1
High: 0

Guion Creek Middle School
Middle · Grades 6–8 · MSD Pike Township
872 students
Snacks Crossing Elementary School
Elementary · Grades PK–5 · MSD Pike Township
806 students
Guion Creek Elementary School
Elementary · Grades K–5 · MSD Pike Township
579 students
Deer Run Elementary
Elementary · Grades K–5 · MSD Pike Township
578 students
IN Math & Science Academy
Elementary · Grades K–8 · IN Math & Science Academy
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 yield7.3%

Net yield (after ~40% expenses)4.4%

Annual rent$16,251

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$1,124

Loan principal$177,862

Down payment$44,465

Total interest paid$226,853

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 ratio1.08

Monthly cost to own$1,465

Monthly rent$1,354

Owning and renting are roughly even.

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: 56th percentile^[1]
Rental yield: 67th percentile^[2]
Property tax: 68th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46254?: The typical home in 46254 is worth $222,327, based on the Zillow Home Value Index.
Are home values rising in 46254?: Home values in 46254 are up 1.1% over the past year, and up 6.0% a year over five years.
What is the typical rent in 46254?: A typical home in 46254 rents for about $1,354 a month, a gross rental yield of 7.3%.
What is the property tax rate in 46254?: The effective property tax rate in 46254 is 0.8% — roughly $1,872 a year on a typical home.
Who lives in 46254?: ZIP code 46254 has a population of 40,674 and a median household income of $60,287.

#Comparable ZIPs

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

46102 vs 46254 →
Advance, IN
Typical home
$221,453
Gross yield
—
46048 vs 46254 →
Ingalls, IN
Typical home
$223,442
Gross yield
—
46176
Shelbyville, IN
Typical home
$224,202
Gross yield
6.9%
46229
Indianapolis city (balance), IN
Typical home
$219,579
Gross yield
8.8%
46235
Indianapolis city (balance), IN
Typical home
$218,316
Gross yield
9.4%
46051
Lapel, IN
Typical home
$227,642
Gross yield
—

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#Jump to section

U.S. ZIP Code · IN46254

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