Indianapolis-Carmel-Anderson, IN · Indiana
Hendricks County
ZIP 46165
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 46165
Median home value
$334,012
Gross yield
6.5%
Cap rate
4.9%
Rent gap
24.6%
Affordability
P/I: 3.3R/I: —
Section 8 detail
SAFMR: $1,810Rent: $1,364Gap: 32.7%
ZIP code breakdown12 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 46231 | $255,353 | $2,040 | 9.6% | 9.6% | -0.4% |
| 46234 | $275,936 | $1,780 | 7.7% | 9.1% | -17.2% |
| 46103 | $281,500county est. | $1,430 | 6.1% | 5.8% | 4.6% |
| 46165 | $334,012 | $1,810 | 6.5% | 4.9% | 24.6% |
| 46168 | $325,590 | $1,610 | 5.9% | 6.2% | -5.0% |
Ranked by composite score
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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