How much is a home worth in ZIP code 46516?

The typical home in 46516 is worth $185,568, based on the Zillow Home Value Index.

Are home values rising in 46516?

Home values in 46516 are up 3.6% over the past year, and up 6.1% a year over five years.

What is the typical rent in 46516?

A typical home in 46516 rents for about $1,076 a month, a gross rental yield of 7.0%.

What is the property tax rate in 46516?

The effective property tax rate in 46516 is 0.9% — roughly $1,578 a year on a typical home.

ZIP code 46516 has a population of 31,871 and a median household income of $56,492.

HousingHandbookReference data

…

U.S. ZIP Code · IN46516

Elkhart County · Elkhart-Goshen, IN

Typical home value

$185,568^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.6%
5-year / yr: +6.1%
10-year / yr: +8.2%

Relative price

vs U.S.: -34.7%
vs metro: -39.2%
vs state: -19.8%

Price history

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

The typical home in 46516 is worth $185,568 — 39.2% below the Elkhart-Goshen, IN median. Over the past year, values have risen 3.6%. Homes here rent for a typical $1,076 a month — a 7.0% gross rental yield. The effective property tax rate is 0.9%.

#Rent & investment

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

Monthly rent: $1,076^[2]
Gross yield: 7.0%^[2]
Cap rate: 4.2%^[2]

#Property tax

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

Effective tax rate: 0.9%^[3]
Typical annual tax: $1,578^[3]

#Climate risk

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

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: Relatively Low
Heat wave: Relatively Low
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Low
Winter weather: Relatively Moderate

#Who lives here

Population: 31,871^[3]
Median household income: $56,492^[3]

#Migration

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

Net migration: -711^[5]
Moved in: 3,879
Moved out: 4,590

Schools

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

Public schools: 7
Elementary: 5
Middle: 0
High: 1

Concord East Side Elementary Sch
Elementary · Grades K–4 · Concord Community Schools
546 students
Roosevelt STEAM Academy
Elementary · Grades PK–6 · Elkhart Community Schools
529 students
Concord Ox Bow Elementary School
Elementary · Grades K–4 · Concord Community Schools
445 students
Riverview Elementary School
Elementary · Grades PK–6 · Elkhart Community Schools
436 students
Mary Beck Elementary School
Elementary · Grades PK–6 · Elkhart Community Schools
355 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 yield7.0%

Net yield (after ~40% expenses)4.2%

Annual rent$12,911

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$938

Loan principal$148,454

Down payment$37,114

Total interest paid$189,345

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 ratio1.14

Monthly cost to own$1,224

Monthly rent$1,076

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: 10th percentile^[1]
Rental yield: 100th percentile^[2]
Property tax: 70th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 46516?: The typical home in 46516 is worth $185,568, based on the Zillow Home Value Index.
Are home values rising in 46516?: Home values in 46516 are up 3.6% over the past year, and up 6.1% a year over five years.
What is the typical rent in 46516?: A typical home in 46516 rents for about $1,076 a month, a gross rental yield of 7.0%.
What is the property tax rate in 46516?: The effective property tax rate in 46516 is 0.9% — roughly $1,578 a year on a typical home.
Who lives in 46516?: ZIP code 46516 has a population of 31,871 and a median household income of $56,492.

#Comparable ZIPs

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

46517 vs 46516 →
Elkhart, IN
Typical home
$240,690
Gross yield
5.5%
46514 vs 46516 →
Elkhart, IN
Typical home
$246,766
Gross yield
6.2%
46526
Goshen, IN
Typical home
$263,916
Gross yield
4.7%
46550
Nappanee, IN
Typical home
$295,859
Gross yield
—
46528
Goshen, IN
Typical home
$305,433
Gross yield
—
46553
New Paris CDP, IN
Typical home
$306,469
Gross yield
—

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#Jump to section

U.S. ZIP Code · IN46516

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