How much is a home worth in ZIP code 46342?

The typical home in 46342 is worth $238,639, based on the Zillow Home Value Index.

Are home values rising in 46342?

Home values in 46342 are up 0.7% over the past year, and up 5.6% a year over five years.

What is the typical rent in 46342?

A typical home in 46342 rents for about $1,288 a month, a gross rental yield of 6.5%.

What is the property tax rate in 46342?

The effective property tax rate in 46342 is 1.0% — roughly $2,390 a year on a typical home.

ZIP code 46342 has a population of 32,224 and a median household income of $75,521.

HousingHandbookReference data

…

U.S. ZIP Code · IN46342

Lake County · Chicago-Naperville-Elgin, IL-IN

Typical home value

$238,639^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.7%
5-year / yr: +5.6%
10-year / yr: +6.3%

Relative price

vs U.S.: -16.0%
vs metro: -29.2%
vs state: +3.1%

Price history

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

The typical home in 46342 is worth $238,639 — 29.2% below the Chicago-Naperville-Elgin, IL-IN median. Over the past year, values have risen 0.7%. Homes here rent for a typical $1,288 a month — a 6.5% 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: $1,288^[2]
Gross yield: 6.5%^[2]
Cap rate: 3.9%^[2]

#Property tax

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

Effective tax rate: 1.0%^[3]
Typical annual tax: $2,390^[3]

#Climate risk

FEMA National Risk Index ratings for Lake County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively High
Coastal flood: Very Low
Wildfire: Relatively Low
Drought: No Rating
Heat wave: Relatively Moderate
Hurricane: Very Low
Tornado: Very High
Earthquake: Relatively Low
Winter weather: Relatively High

#Who lives here

Population: 32,224^[3]
Median household income: $75,521^[3]

#Migration

Household moves in and out of Lake County over a year, from IRS tax-return data.

Net migration: -162^[5]
Moved in: 10,188
Moved out: 10,350

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 9
Elementary: 5
Middle: 2
High: 2

Hobart High School
High · Grades 9–12 · School City of Hobart
1,343 students
Hobart Middle School
Middle · Grades 6–8 · School City of Hobart
916 students
Veterans Elementary School at Mundell
Elementary · Grades 1–5 · School City of Hobart
588 students
River Forest High School
High · Grades 9–12 · River Forest Community Sch Corp
567 students
Joan Martin Elementary School
Elementary · Grades 1–5 · School City of Hobart
499 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 yield6.5%

Net yield (after ~40% expenses)3.9%

Annual rent$15,452

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$1,207

Loan principal$190,911

Down payment$47,728

Total interest paid$243,496

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 ratio1.25

Monthly cost to own$1,604

Monthly rent$1,288

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: 42nd percentile^[1]
Rental yield: 40th percentile^[2]
Property tax: 11th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46342?: The typical home in 46342 is worth $238,639, based on the Zillow Home Value Index.
Are home values rising in 46342?: Home values in 46342 are up 0.7% over the past year, and up 5.6% a year over five years.
What is the typical rent in 46342?: A typical home in 46342 rents for about $1,288 a month, a gross rental yield of 6.5%.
What is the property tax rate in 46342?: The effective property tax rate in 46342 is 1.0% — roughly $2,390 a year on a typical home.
Who lives in 46342?: ZIP code 46342 has a population of 32,224 and a median household income of $75,521.

#Comparable ZIPs

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

60424 vs 46342 →
Gardner, IL
Typical home
$239,891
Gross yield
—
46410 vs 46342 →
Merrillville, IN
Typical home
$242,094
Gross yield
7.7%
47978
Rensselaer, IN
Typical home
$244,779
Gross yield
—
60085
Waukegan, IL
Typical home
$231,476
Gross yield
8.4%
60505
Aurora, IL
Typical home
$247,724
Gross yield
8.5%
60609
Chicago, IL
Typical home
$247,911
Gross yield
7.8%

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#Jump to section

U.S. ZIP Code · IN46342

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