Indianapolis-Carmel-Anderson, IN · Indiana
Hendricks County
ZIP 46121
179,379 residents1,823 permits TTM$99,988 median HHI12 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$281,500
ACS 5-Year
Cap rate proxy
6.3%
FMR × 0.65 ÷ Home Value
Rent-to-income
16.4%
HUD FMR ÷ ACS HHI
Net migration
+2.75%
IRS SOI
Permits (TTM)
1,823
Census BPS
Climate risk
76.8
FEMA NRI (0–100)
ZIP 46121
Median home value
$281,500
Gross yield
6.1%
Buy Box score
0.9
Section 8 gap
4.1%
Affordability
P/I: 3.1R/I: —
Section 8 detail
SAFMR: $1,420Rent: $1,364Gap: 4.1%
ZIP code breakdown12 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Buy Box score ↓ | Section 8 gap |
|---|---|---|---|---|---|
| 46231 | $281,500 | $2,040 | 8.7% | 1.0 | 49.6% |
| 46234 | $281,500 | $1,780 | 7.6% | 1.0 | 30.5% |
| 46165 | $281,500 | $1,810 | 7.7% | 0.9 | 32.7% |
| 46123 | $281,500 | $1,850 | 7.9% | 0.9 | 35.6% |
| 46112 | $281,500 | $1,740 | 7.4% | 0.9 | 27.6% |
| 46149 | $281,500 | $1,500 | 6.4% | 0.9 | 10.0% |
| 46168 | $281,500 | $1,610 | 6.9% | 0.9 | 18.0% |
| 46121 | $281,500 | $1,420 | 6.1% | 0.9 | 4.1% |
| 46122 | $281,500 | $1,430 | 6.1% | 0.8 | 4.8% |
| 46167 | $281,500 | $1,430 | 6.1% | 0.8 | 4.8% |
| 46118 | $281,500 | $1,240 | 5.3% | 0.8 | -9.1% |
| 46103 | $281,500 | $1,430 | 6.1% | — | 4.8% |
Sort by any column. Click a ZIP for detail.
Demographics
Owner-occupied
77.8%
Census ACS
Vacancy rate
3.8%
Census ACS
Bachelor's degree +
39.6%
Census ACS
Rent burdened
43.3%
Census ACS (>30% income)
Median age
38.6
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 16, 2026