Indianapolis-Carmel-Anderson, IN · Indiana
Johnson County
ZIP 46181
163,983 residents1,313 permits TTM$87,227 median HHI7 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$260,400
ACS 5-Year
Cap rate proxy
6.8%
FMR × 0.65 ÷ Home Value
Rent-to-income
16.6%
HUD FMR ÷ ACS HHI
Net migration
+2.86%
IRS SOI
Permits (TTM)
1,313
Census BPS
Climate risk
74.7
FEMA NRI (0–100)
ZIP 46181
Median home value
$362,749
Gross yield
4.8%
Cap rate
4.0%
Rent gap
17.3%
Affordability
P/I: 4.2R/I: —
Section 8 detail
SAFMR: $1,460Rent: $1,208Gap: 20.9%
ZIP code breakdown7 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 46184 | $264,617 | $2,200 | 10.0% | 7.8% | 21.7% |
| 46162 | $260,400county est. | $1,480 | 6.8% | 5.6% | 18.4% |
| 46131 | $275,583 | $1,430 | 6.2% | 7.3% | -17.6% |
| 46106 | $444,989 | $2,030 | 5.5% | 3.3% | 40.5% |
| 46143 | $327,131 | $1,770 | 6.5% | 5.8% | 10.5% |
Ranked by composite score
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Demographics
Owner-occupied
73.9%
Census ACS
Vacancy rate
5.1%
Census ACS
Bachelor's degree +
33.3%
Census ACS
Rent burdened
40.5%
Census ACS (>30% income)
Median age
38.1
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