FIPS 18097 · population 975,809 · part of Indianapolis, IN
The latest county-level Zillow ZORI is $1,416 per month in 2026-06. It is a typical asking-rent index across rental types—not an arithmetic average, signed lease or quote for one property.
| Bedrooms | HUD monthly FMR | Geography | Measurement boundary |
|---|---|---|---|
| Studio | $1,118 | Marion County, IN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 1 bedroom | $1,267 | Marion County, IN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 2 bedrooms | $1,473 | Marion County, IN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 3 bedrooms | $1,907 | Marion County, IN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
| 4 bedrooms | $2,338 | Marion County, IN | HUD administrative benchmark; compare with same-bedroom listings, never treat it as observed asking rent. |
Zillow asking rent, ACS gross rent and HUD FMR describe different housing universes. They remain separate and no metro, city or neighboring-county value replaces missing county evidence.Zillow pulled 2026-07-26 · HUD pulled 2026-07-26
Everything here joins on the county FIPS code, so each figure comes from the agency that publishes it with no name matching in between.
Zillow estimates a current home value. FHFA tracks repeat mortgage transactions. Their growth rates should be read side by side, not averaged.
Survey source: Census ACS 5-year — county housing value, tenure and stock · ACS 2024 5-year · pulled 2026-07-30. These values describe different housing universes and are not combined into gross yield.
Workplace source: BLS QCEW — county employment and wages · annual county employment and wages 2021-2025; latest 2025 vs 2024 · pulled 2026-08-02. QCEW counts covered jobs located in the county, not employed residents or the metro score’s CES/LAUS series.
BEA per-capita personal income divides all personal income by the county population. It is broader than wages, but it is not household income or a measure of what renters can afford.
HUD CHAS separates renter households by income relative to local HAMFI. Moderate burden means housing costs above 30% through 50% of income; severe burden means more than 50%.
These Apartment List observations match the exact county Census code 18097. They are kept separate from Zillow asking rent, Census occupied-home rent and wider metro measures.
Monthly overall-rent index; missing observations are not filled from another geography.
Marion County presents a tension between a reported 7.26% gross yield before costs and softer visible resale conditions alongside out-migration. Cash-flow-focused investigators should test rental submarkets, while buyers dependent on quick resale or broad buyer depth should be cautious. Zillow’s 2026-06 median home value of $234,107 and median asking rent of $1,416 per month support the supplied gross-yield measure, but not a net-return conclusion.
At Zillow’s observation, median home value fell 0.50% year over year while asking rent rose 2.17%. That split warrants testing income coverage rather than assuming appreciation. FHFA’s repeat-transaction HPI rose 3.42% in 2025; it is an index rather than a home value, and its vintage and method differ from Zillow’s measure, so the rates are not combinable. Carrying costs matter: the effective property-tax rate is 0.91%. HUD’s two-bedroom Fair Market Rent is a payment standard, not an asking-rent estimate, and cannot replace the published market rent.
Realtor.com’s 2026-06 MLS evidence shows active listings up 23.47% and 28.07% of listings carrying price reductions: visible supply and seller concessions, not closed-sale prices or proof of buyer demand. QCEW annual covered jobs at county workplaces fell 0.10%; this is neither resident employment nor a forecast. Education and health services is the largest disclosed private supersector, not the whole economy. Tax-return movers produced net migration of negative 2,732, while outgoing movers’ average income exceeded incoming movers’ by $11,324. Nonoccupant mortgage purchases were 1,145 of 12,074, or 9.48%; that measures mortgage-financed investor participation, not every investor acquisition.
Inland flood is the named dominant hazard, and modeled expected annual building-value loss is 0.12%. That model does not identify a parcel’s flood zone, insurability, premium, or deductible. Property-level flood and insurance evidence is needed to underwrite hazard carrying costs. Lease comps, vacancy, turnover, and operating expenses are not published here, preventing a net-yield calculation; closed-sale comparables and financing terms are also absent, preventing an exit-liquidity conclusion. County-level labor, migration, and listing measures cannot resolve neighborhood demand.
This view uses 12 direct Zillow ZIP markets matched to Census ZCTAs. Each ZIP is assigned by its largest HUD residential county share; this is not an exhaustive county inventory.
Within the selected direct-evidence ZIPs, Zillow’s June 2026 ZORI—a typical observed asking-rent index—runs from $1,009 in 46219 to $1,801 in 46235, a $792 spread around a $1,290 median. The county Zillow reading is $1,416, with 2.17% year-over-year growth. That range, rather than one countywide figure, frames the immediate search question: whether the live ask for a needed unit is workable alongside the applicable administrative standard and the local survey evidence on housing costs.
The measures answer different questions and should not be blended into a single rent level. ACS five-year ZCTA median gross-rent estimates run from $941 to $1,288 in this selection, versus $1,153 for the county; they are survey estimates, not Zillow’s current asking-rent index. HUD two-bedroom FMRs run from $1,250 to $1,850, compared with a county $1,473 FMR; they are bedroom-specific administrative standards, not asking rents. As a descriptive comparison only, the direct Zillow-to-HUD ratio spans 75.3% at the low-ratio endpoint to 144.1% at the high-ratio endpoint. A gap can reflect the different indicators and bedroom basis, so it is not a market premium or discount.
ACS survey conditions also do not form a simple availability ranking. The share paying at least thirty percent of income toward rent ranges from 39.9% to 58.3%, against 50.9% countywide, while estimated vacancy ranges from 5.9% to 18.4%, against 9.2% countywide. The low-burden, low-vacancy endpoint and the high-vacancy endpoint demonstrate that these two measures can move differently within the selected set. A higher five-year vacancy estimate is not proof of current unit availability, and a lower rate does not establish the cause of rent pressure. At the high ZORI endpoint, the thirty-percent income screen is $72,040 annually, above the $58,951 ZCTA median household income. This is arithmetic for screening, not evidence that an individual household is or is not burdened.
Coverage and crosswalk rules narrow what can be concluded. The display contains 12 of 32 eligible direct-ZORI ZIP/ZCTA matches and covers 96,320 renter households, so it is not a complete county inventory. Marion County assignment follows the largest HUD residential-address county share; among shown ZIPs, that share is 96.2% to 100.0%, although a delivery ZIP can extend beyond the county. Here, an ACS ZCTA is a Census tabulation geography used to approximate a Marion County ZIP area, not a guarantee that it matches the USPS delivery ZIP. Before deciding on a property, confirm the address and county placement, bedroom count, live asking rent, lease term, utility treatment, availability, and any program eligibility; apply HUD FMR only when its two-bedroom standard is relevant.
32 ZIP profiles passed the county gate; the 12 with the most renter households are shown.
| ZIP / ZCTA | Zillow asking rent | ACS gross rent | HUD 2BR | Burden 30%+ | Vacancy | Income screen | HUD county share |
|---|---|---|---|---|---|---|---|
| 46227 | $1,298 | $1,035 | $1,320 | 55.4% | 9.2% | $52k | 100.0% |
| 46226 | $1,209 | $1,133 | $1,340 | 51.5% | 8.1% | $48k | 100.0% |
| 46224 | $1,075 | $1,095 | $1,370 | 44.8% | 7.9% | $43k | 100.0% |
| 46254 | $1,345 | $1,067 | $1,440 | 39.9% | 5.9% | $54k | 100.0% |
| 46202 | $1,527 | $1,288 | $1,850 | 44.1% | 13.7% | $61k | 100.0% |
| 46260 | $1,282 | $1,128 | $1,490 | 48.9% | 9.8% | $51k | 99.9% |
| 46222 | $1,214 | $1,069 | $1,370 | 50.0% | 14.4% | $49k | 100.0% |
| 46203 | $1,536 | $1,111 | $1,320 | 51.7% | 13.6% | $61k | 100.0% |
| 46201 | $1,240 | $941 | $1,280 | 47.5% | 18.4% | $50k | 100.0% |
| 46219 | $1,009 | $1,059 | $1,340 | 58.3% | 7.9% | $40k | 100.0% |
| 46235 | $1,801 | $973 | $1,250 | 54.5% | 7.6% | $72k | 99.9% |
| 46268 | $1,524 | $1,216 | $1,530 | 47.7% | 5.9% | $61k | 96.2% |
Census-recognized incorporated places and CDPs that intersect this county. The list does not pretend to include every neighborhood or informal community.
Population is the total place-wide ACS estimate, not an allocated county share. A place crossing a county line is labelled explicitly. Source: Census ACS 5-year — cities and communities · ACS 2024 5-year · pulled 2026-07-30.
0.118% of building value expected lost per year
$2,028 median annual bill
26,406 in · 29,138 out
$55,172 arriving · $66,496 leaving
1,145 of 12,074 mortgages
Listing price is an asking price, not a closed sale. Quality-flagged county rows are withheld instead of displayed.
A metro is an average of these. Which side of a county line a property sits on can change the tax bill, the hazard profile and the tenant pool.
| County | Population | Price | Rent | Yield | Hazard |
|---|---|---|---|---|---|
| Marion County | 975,809 | $234k | $1,416 | 7.3% | inland flooding |
| Hamilton County | 365,056 | $471k | $1,837 | 4.7% | inland flooding |
| Hendricks County | 183,344 | $349k | $1,869 | 6.4% | inland flooding |
| Johnson County | 166,315 | $318k | $1,641 | 6.2% | inland flooding |
| Madison County | 131,900 | $194k | $1,087 | 6.7% | inland flooding |
| Hancock County | 84,037 | $334k | $1,695 | 6.1% | inland flooding |
| Boone County | 74,718 | $425k | $1,930 | 5.5% | inland flooding |
| Morgan County | 72,659 | $304k | $1,652 | 6.5% | inland flooding |
| Shelby County | 45,265 | $249k | $1,143 | 5.5% | inland flooding |
Yes. The record publishes market rent and supplies a gross-yield measure before costs.
No. It is identified as a payment standard and not an estimate of asking rent.
No. It measures purchase mortgages to nonoccupants rather than all investor acquisitions.