Indianapolis-Carmel-Anderson, IN · Indiana
Madison County
ZIP 46044
130,949 residents190 permits TTM$62,632 median HHI14 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$147,700
ACS 5-Year
Cap rate proxy
12.0%
FMR × 0.65 ÷ Home Value
Rent-to-income
17.7%
HUD FMR ÷ ACS HHI
Net migration
+1.85%
IRS SOI
Permits (TTM)
190
Census BPS
Climate risk
77.3
FEMA NRI (0–100)
ZIP 46044
Median home value
—
Gross yield
—
Cap rate
5.5%
Rent gap
37.1%
Affordability
P/I: 3.2R/I: —
Section 8 detail
SAFMR: $1,473Rent: $926Gap: 59.1%
ZIP code breakdown14 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 46016 | — | — | — | 13.7% | 37.1% |
| 46063 | — | — | — | 7.5% | 37.1% |
| 46013 | — | — | — | 8.1% | 20.2% |
| 46012 | — | — | — | 7.0% | 27.9% |
| 46036 | $145,203 | $1,100 | 9.1% | 7.7% | 15.8% |
Ranked by composite score
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Demographics
Owner-occupied
70.0%
Census ACS
Vacancy rate
10.5%
Census ACS
Bachelor's degree +
20.1%
Census ACS
Rent burdened
42.1%
Census ACS (>30% income)
Median age
40.8
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