Indianapolis-Carmel-Anderson, IN · Indiana
Shelby County
ZIP 46182
45,104 residents189 permits TTM$71,301 median HHI9 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$188,300
ACS 5-Year
Cap rate proxy
9.4%
FMR × 0.65 ÷ Home Value
Rent-to-income
16.1%
HUD FMR ÷ ACS HHI
Net migration
+1.96%
IRS SOI
Permits (TTM)
189
Census BPS
Climate risk
43.4
FEMA NRI (0–100)
ZIP 46182
Median home value
$234,474
Gross yield
8.0%
Cap rate
4.9%
Rent gap
38.7%
Affordability
P/I: 3.3R/I: —
Section 8 detail
SAFMR: $1,560Rent: $956Gap: 63.2%
ZIP code breakdown9 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 46144 | $188,300county est. | $1,300 | 8.3% | 6.1% | 26.5% |
| 46182 | $234,474 | $1,560 | 8.0% | 4.9% | 38.7% |
| 46176 | $219,987 | $1,240 | 6.8% | 7.5% | -10.9% |
| 46124 | $222,362 | $1,100 | 5.9% | 5.2% | 13.1% |
| 47234 | $239,285 | $1,260 | 6.3% | 4.8% | 24.1% |
Ranked by composite score
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Demographics
Owner-occupied
73.8%
Census ACS
Vacancy rate
7.3%
Census ACS
Bachelor's degree +
19.4%
Census ACS
Rent burdened
35.8%
Census ACS (>30% income)
Median age
41.2
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