Indianapolis-Carmel-Anderson, IN · Indiana
Morgan County
ZIP 46166
72,202 residents360 permits TTM$79,088 median HHI8 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$220,100
ACS 5-Year
Cap rate proxy
8.0%
FMR × 0.65 ÷ Home Value
Rent-to-income
15.0%
HUD FMR ÷ ACS HHI
Net migration
+2.45%
IRS SOI
Permits (TTM)
360
Census BPS
Climate risk
63.5
FEMA NRI (0–100)
ZIP 46166
Median home value
$262,082
Gross yield
5.4%
Cap rate
4.5%
Rent gap
17.0%
Affordability
P/I: 3.3R/I: —
Section 8 detail
SAFMR: $1,190Rent: $988Gap: 20.4%
ZIP code breakdown8 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 46111 | $220,100county est. | $1,360 | 7.4% | 5.4% | 27.4% |
| 46125 | $220,100county est. | $1,230 | 6.7% | 5.4% | 19.7% |
| 46180 | $220,100county est. | $1,230 | 6.7% | 5.4% | 19.7% |
| 46166 | $262,082 | $1,190 | 5.4% | 4.5% | 17.0% |
| 46158 | $308,736 | $1,370 | 5.3% | 3.8% | 27.9% |
Ranked by composite score
Compare all ZIPs in Morgan County
See all 8 ZIPs ranked by yield and cap rate
Compare yields, cap rates, rent gaps, and affordability across every ZIP. Free account.
- Sortable table — sort by yield, rent gap, affordability
- Drill into any ZIP for full detail
- Save markets and weekly market digest
Free · No credit card · No spam
3
ZIP comparison table. Showing 5 of 8 ZIPs. Sign up to see all.
Demographics
Owner-occupied
82.9%
Census ACS
Vacancy rate
6.8%
Census ACS
Bachelor's degree +
20.6%
Census ACS
Rent burdened
42.1%
Census ACS (>30% income)
Median age
41.6
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