State rental market analysis · IN
Indiana rental markets
126 tracked cities over 5,000 population, 125 ranked and summarized by their median Overall; 3 of 125 evaluable cities pass the modeled Buy & Hold screen. Every number traces to Census, Zillow and BLS. Compare state coverage and results →
Browse every Indiana ZIP Code area → · the full server-rendered index for this state.
Part of the East North Central Census division (Midwest region).
The honest read
Indiana ranks #4 of 37 coverage-eligible states for rental investing, with a median Overall of 56/100 across its ranked cities, above the national median. 125 ranked cities roll up into this grade. Its strongest factor is rent growth: 4.8%, 6th of 51, backed by gross rental yield (11th).
The biggest drag is job growth: 0.8%, 23rd of 51. A state grade is the median of its ranked cities, a screen for where to look, not underwriting. Open any city below for its full shown-math breakdown, or run a specific deal through the cap rate and cash-flow calculators.
Where it ranks, factor by factor
Every value is the median across the 125 ranked cities in this state. The national rank compares all 51 states on that one factor; the engine already flips inverted factors (affordability, low unemployment) so a better rank always means a better market. Each factor sits in one of the model’s three categories (Cash Flow, Growth, or Stability); this is a representative summary, and the full thirteen-factor breakdown is on each city’s page. Full methodology.
| Factor | Category | State value | National rank |
|---|---|---|---|
| Gross rent yield | Cash Flow | 6.8% | #11 of 51 |
| Rent growth | Growth | 4.8% | #6 of 51 |
| Home value growth | Growth | 5.1% | #11 of 51 |
| Population growth | Growth | 0.7% | #20 of 51 |
| Job growth | Growth | 0.8% | #23 of 51 |
| Price-to-income | Cash Flow | 3.8× | #11 of 51 |
| Unemployment | Stability | 3.7% | #19 of 51 |
| Rental demand | Stability | 38% renters · 5.8% vacancy | two-part measure |
| Income growth | Growth | 5.1% | #23 of 51 |
Every city in Indiana, ranked
Led by Brownsburg at 84/100. Click any column to re-sort; every city links to its full shown-math breakdown.
| IN rank | City | Grade | Cash Flow | Growth | Stability | Typical home value | Gross yield | National rank |
|---|---|---|---|---|---|---|---|---|
| 1 | Brownsburg | 84 | A | A | A | $358,683 | 6.6% | #2 |
| 2 | Greenfield | 79 | B | A | B | $289,335 | 6.9% | #8 |
| 3 | Whitestown | 79 | A | A | B | $359,047 | 7.0% | #9 |
| 4 med | Seymour | 79 | A | B | A | $233,074 | 7.5% | #11 |
| 5 med | Whiteland | 78 | A | A | B | $298,190 | 8.6% | #16 |
| 6 | Danville | 77 | B | A | A | $343,236 | 5.8% | #20 |
| 7 | Franklin | 77 | A | B | B | $284,320 | 7.3% | #23 |
| 8 | Speedway | 75 | A | B | B | $236,311 | 8.5% | #38 |
| 9 med | Huntertown | 75 | A | A | B | $353,237 | 6.2% | #41 |
| 10 | Lebanon | 74 | B | B | A | $303,537 | 6.7% | #49 |
| 11 | Avon | 73 | B | B | B | $355,319 | 6.2% | #69 |
| 12 | Plainfield | 72 | B | A | B | $334,756 | 6.2% | #86 |
| 13 med | Connersville | 71 | A | C | B | $160,016 | 8.9% | #122 |
| 14 | Noblesville | 71 | B | A | B | $392,593 | 5.3% | #128 |
| 15 | New Whiteland | 70 | A | B | C | $229,868 | 10.4% | #134 |
| 16 med | New Haven | 70 | B | B | C | $245,987 | 7.2% | #139 |
| 17 | Westfield | 69 | C | B | B | $473,286 | 4.9% | #155 |
| 18 med | Cumberland | 69 | B | A | C | $292,575 | 5.8% | #172 |
| 19 | Fishers | 69 | B | B | B | $444,527 | 5.2% | #185 |
| 20 | McCordsville | 68 | B | B | C | $380,673 | 6.4% | #192 |
| 21 med | Huntington | 68 | A | C | A | $201,996 | 8.8% | #208 |
| 22 med | Columbia City | 68 | B | B | B | $288,365 | 6.1% | #214 |
| 23 med | Plymouth | 67 | B | C | B | $254,135 | 8.7% | #238 |
| 24 med | Washington | 67 | A | C | B | $149,420 | 6.8% | #240 |
| 25 | Greenwood | 67 | B | B | C | $327,893 | 5.8% | #249 |
| 26 med | Elwood | 67 | A | C | C | $157,223 | 10.6% | #285 |
| 27 med | Boonville | 66 | B | C | B | $235,002 | 6.5% | #296 |
| 28 | Pendleton | 66 | B | B | C | $336,016 | 7.0% | #314 |
| 29 | Munster | 65 | A | C | B | $356,538 | 7.1% | #370 |
| 30 | Crown Point | 65 | B | B | C | $361,710 | 5.9% | #375 |
| 31 med | Bluffton | 64 | B | C | B | $189,676 | 5.9% | #392 |
| 32 med | Frankfort | 64 | B | C | B | $217,779 | 7.8% | #419 |
| 33 | Merrillville | 64 | A | C | B | $245,189 | 7.6% | #425 |
| 34 med | Lake Station | 64 | A | C | C | $161,490 | 9.8% | #435 |
| 35 | Lawrence | 63 | B | B | C | $268,242 | 6.9% | #455 |
| 36 | Lowell | 62 | B | B | C | $335,770 | 6.8% | #521 |
| 37 | Bargersville | 62 | C | A | B | $456,860 | 4.3% | #541 |
| 38 med | Mooresville | 62 | B | B | B | $312,998 | 6.3% | #545 |
| 39 med | Kendallville | 62 | B | D | A | $230,210 | 7.4% | #548 |
| 40 | Anderson | 62 | A | B | D | $135,767 | 9.5% | #571 |
| 41 | Cedar Lake | 61 | B | B | C | $336,613 | 6.6% | #595 |
| 42 med | North Vernon | 61 | B | D | B | $216,337 | 8.8% | #600 |
| 43 | Clarksville | 61 | B | B | C | $207,787 | 6.8% | #609 |
| 44 | Beech Grove | 61 | B | C | B | $193,393 | 7.7% | #639 |
| 45 | Charlestown | 61 | B | A | C | $307,237 | 6.4% | #653 |
| 46 med | Linton | 60 | A | C | C | $175,759 | 11.3% | #671 |
| 47 | Portage | 60 | B | C | C | $269,771 | 6.6% | #714 |
| 48 med | Ellettsville | 60 | C | B | B | $274,470 | 4.2% | #727 |
| 49 | Fort Wayne | 60 | B | B | C | $248,442 | 6.1% | #736 |
| 50 | Columbus | 59 | B | C | B | $280,503 | 5.9% | #767 |
| 51 med | Princeton | 59 | A | D | B | $193,233 | 9.5% | #777 |
| 52 | Jeffersonville | 59 | B | B | C | $253,784 | 6.1% | #787 |
| 53 med | Salem | 58 | B | C | B | $211,198 | 5.7% | #878 |
| 54 | Indianapolis | 58 | B | B | D | $230,020 | 7.2% | #929 |
| 55 med | Garrett | 58 | B | C | C | $193,817 | 6.7% | #952 |
| 56 med | Schererville | 58 | C | C | B | $359,643 | 5.0% | #959 |
| 57 med | Winchester | 57 | A | D | B | $162,926 | 9.3% | #970 |
| 58 | Zionsville | 57 | D | A | A | $704,148 | 3.1% | #977 |
| 59 | Carmel | 57 | D | B | B | $574,220 | 3.8% | #1007 |
| 60 med | Brazil | 57 | A | D | C | $196,138 | 9.2% | #1015 |
| 61 | Gas City | 57 | A | D | C | $161,465 | 9.0% | #1033 |
| 62 | Alexandria | 57 | B | C | C | $187,874 | 6.2% | #1041 |
| 63 | Shelbyville | 56 | C | C | C | $227,832 | 5.8% | #1130 |
| 64 med | Decatur | 56 | B | D | B | $237,951 | 6.9% | #1175 |
| 65 | Chesterton | 55 | C | C | C | $348,708 | 5.6% | #1211 |
| 66 med | Logansport | 55 | A | D | C | $161,885 | 10.2% | #1220 |
| 67 med | Winona Lake | 55 | C | D | A | $309,211 | 4.9% | #1232 |
| 68 med | Yorktown | 55 | B | C | C | $252,404 | 6.0% | #1246 |
| 69 | East Chicago | 55 | A | C | C | $132,058 | 9.6% | #1255 |
| 70 med | Rensselaer | 55 | B | D | B | $254,102 | 7.3% | #1265 |
| 71 | Sellersburg | 55 | C | B | C | $299,280 | 5.1% | #1275 |
| 72 | Hobart | 55 | B | C | C | $246,240 | 6.5% | #1305 |
| 73 med | Lawrenceburg | 54 | D | B | A | $249,601 | 4.0% | #1341 |
| 74 | Marion | 54 | A | D | C | $141,454 | 7.8% | #1354 |
| 75 med | Huntingburg | 53 | B | C | C | $246,182 | 7.4% | #1499 |
| 76 med | Greencastle | 53 | B | D | A | $248,954 | 6.4% | #1548 |
| 77 med | Auburn | 52 | C | C | C | $283,970 | 5.4% | #1601 |
| 78 med | St. John | 52 | D | B | B | $460,752 | 2.9% | #1624 |
| 79 | Michigan City | 52 | B | C | C | $195,500 | 6.6% | #1630 |
| 80 | Highland town | 52 | B | C | C | $269,396 | 7.2% | #1646 |
| 81 | Martinsville | 52 | D | B | B | $298,764 | 4.8% | #1705 |
| 82 | New Castle | 52 | C | C | C | $171,984 | 5.6% | #1713 |
| 83 med | Vincennes | 52 | A | D | B | $172,411 | 8.5% | #1732 |
| 84 med | Scottsburg | 51 | B | C | C | $191,600 | 6.8% | #1750 |
| 85 | Lafayette | 51 | C | C | C | $269,022 | 5.8% | #1762 |
| 86 | West Lafayette | 51 | C | C | B | $368,090 | 6.1% | #1783 |
| 87 | South Bend | 51 | B | C | D | $201,639 | 7.7% | #1785 |
| 88 med | Portland | 51 | A | D | C | $172,030 | 9.5% | #1788 |
| 89 | Bedford | 51 | C | C | B | $209,320 | 5.2% | #1801 |
| 90 | Griffith | 51 | B | C | C | $252,443 | 6.7% | #1827 |
| 91 med | Monticello | 51 | B | D | B | $243,583 | 7.4% | #1848 |
| 92 | La Porte | 50 | D | C | C | $280,850 | 5.2% | #1913 |
| 93 med | Greensburg | 50 | C | D | A | $268,118 | 5.4% | #1928 |
| 94 med | Madison | 50 | C | C | C | $247,790 | 4.8% | #1940 |
| 95 | Hammond | 50 | A | C | D | $179,704 | 10.0% | #1982 |
| 96 med | Rochester | 50 | B | D | A | $224,025 | 7.6% | #2017 |
| 97 med | Hartford City | 49 | A | D | C | $146,463 | 10.5% | #2073 |
| 98 | Bloomington | 49 | C | C | C | $315,772 | 5.9% | #2126 |
| 99 | Mishawaka | 49 | B | D | C | $216,127 | 6.9% | #2154 |
| 100 | Crawfordsville | 49 | D | C | C | $231,178 | 4.7% | #2170 |
| 101 med | Westville | 49 | B | D | C | $368,171 | 8.8% | #2176 |
| 102 med | Peru | 48 | A | D | C | $154,910 | 10.7% | #2241 |
| 103 med | Wabash | 48 | A | D | C | $185,591 | 7.6% | #2277 |
| 104 med | Rushville | 48 | B | D | C | $210,364 | 8.6% | #2276 |
| 105 med | Dyer | 48 | C | C | C | $361,768 | 4.6% | #2287 |
| 106 med | Angola | 48 | C | D | C | $314,183 | 5.5% | #2319 |
| 107 med | Batesville | 47 | D | C | B | $328,189 | 4.5% | #2423 |
| 108 | Warsaw | 47 | C | D | C | $282,500 | 6.0% | #2498 |
| 109 med | Jasper | 46 | D | C | B | $271,759 | 4.1% | #2509 |
| 110 | Valparaiso | 46 | D | C | B | $362,139 | 4.8% | #2520 |
| 111 med | Porter | 46 | C | C | C | $303,926 | 4.6% | #2531 |
| 112 med | Tell City | 45 | B | D | B | $186,551 | 5.7% | #2704 |
| 113 | Muncie | 45 | B | D | D | $158,233 | 7.6% | #2772 |
| 114 | New Albany | 44 | C | C | D | $239,041 | 5.8% | #2826 |
| 115 | Terre Haute | 44 | B | D | D | $162,375 | 7.4% | #2830 |
| 116 | Evansville | 43 | B | D | D | $204,516 | 6.3% | #2947 |
| 117 | Gary | 43 | A | D | F | $92,352 | 17.7% | #2977 |
| 118 | Elkhart | 43 | C | D | C | $233,030 | 6.0% | #3013 |
| 119 | Kokomo | 43 | B | D | D | $185,658 | 7.0% | #3054 |
| 120 | Richmond | 42 | B | D | D | $164,715 | 6.5% | #3126 |
| 121 | Tipton | 39 | C | D | C | $246,411 | 5.3% | #3499 |
| 122 med | Mount Vernon | 38 | B | F | B | $222,509 | 5.8% | #3680 |
| 123 med | Cicero | 37 | F | B | B | $409,234 | 3.1% | #3727 |
| 124 | Goshen | 36 | D | D | C | $282,903 | 4.5% | #3815 |
| 125 | Nappanee | 34 | D | D | C | $301,403 | 3.6% | #3992 |
Data as of: Zillow ZHVI/ZORI through the latest monthly release · Census ACS 5-yr 2020–2024 · Census PEP July 2025 · BLS LAUS county 2025 annual (11-month average). Generated 2026-10-06. Methodology & limitations · underwrite any specific deal with the free calculators.
Limited-data cities in Indiana
These 1 cities lack enough measured factors to rank, so they are excluded from the state grade; their pages show exactly what could be measured.
ZIP markets in Indiana
807 Census ZIP Codes (ZCTAs) in Indiana · 505 data-eligible for subscores. These are sub-city government areas ranked separately from the Indiana city table. The overall Rental Investor ZIP Score leaderboard leads; the two component subscores (affordability, rental-market context) follow as independent percentiles. ZIP ranks are shown within the ZIP universe only, never mixed with, and not directly comparable to, city ranks. Vintage: the Key metric column is Census ACS 2020–2024 (5-year), the same release the city table above uses; the geographies differ, so the same measure can still disagree between the two.
Best overall ZIP Codes in Indiana
Ranked by the overall Rental Investor ZIP Score. The # is each ZIP Code's canonical IN state rank; the smaller figure is its national rank. Separate from the Indiana city table and not directly comparable to it.
| IN rank | ZIP Code | Overallgrade · national | Key metric |
|---|---|---|---|
| #1 | 46168Plainfield | A 77#13 nat | 6.0%Survey yield |
| #2 | 46038Fishers | A 77#19 nat | 5.7%Survey yield |
| #3 | 46140Greenfield | A 76#32 nat | 5.9%Survey yield |
| #4 | 46112Brownsburg | A 75#52 nat | 5.3%Survey yield |
| #5 | 46032Carmel | A 74#116 nat | 4.0%Survey yield |
| #5 | 46077Zionsville | A 74#116 nat | 3.7%Survey yield |
| #5 | 46143Greenwood | A 74#116 nat | 5.5%Survey yield |
| #8 | 46060Noblesville | A 73#161 nat | 4.9%Survey yield |
| #8 | 46062Noblesville | A 73#161 nat | 4.7%Survey yield |
| #10 | 46075Whitestown | A 73#173 nat | 6.9%Survey yield |
| #11 | 46131Franklin | A 73#222 nat | 5.7%Survey yield |
| #12 | 46074Westfield | A 72#305 nat | 4.6%Survey yield |
Top affordability ZIP Codes in Indiana
State-scoped leaders on the affordability subscore only (national rank shown is within that subscore’s data-eligible universe). Substantially an inverse housing-cost signal: a component of the overall score, not a predicted return.
| # | ZIP Code | Affordability | Key metric |
|---|---|---|---|
| 1 | 46991Landess | 94#163 nat | 10.0%Survey yield |
| 2 | 46039 | 93#187 nat | 10.6%Survey yield |
| 3 | 47990Waynetown | 92#234 nat | 11.2%Survey yield |
| 4 | 46166Paragon | 92#242 nat | 8.4%Survey yield |
| 5 | 47926Burnettsville | 91#277 nat | 7.8%Survey yield |
| 6 | 46940Somerset | 91#297 nat | 8.7%Survey yield |
| 7 | 47952Kingman | 91#320 nat | 9.8%Survey yield |
| 8 | 47841Clay City | 90#338 nat | 7.8%Survey yield |
| 9 | 46798 | 90#344 nat | 8.1%Survey yield |
| 10 | 47280Taylorsville | 89#413 nat | 9.1%Survey yield |
| 11 | 46951Macy | 88#478 nat | 8.3%Survey yield |
| 12 | 47260Medora | 88#478 nat | 11.1%Survey yield |
Deepest rental-market ZIP Codes in Indiana
State-scoped leaders on the rental-market-context subscore only (national rank shown is within that subscore’s data-eligible universe). Rental depth/tightness: a separate component, never combined here with affordability.
| # | ZIP Code | Rental market | Key metric |
|---|---|---|---|
| 1 | 47860Mecca | 80#200 nat | 14.7%Survey yield |
| 2 | 46254Indianapolis | 80#271 nat | 6.9%Survey yield |
| 3 | 46241Indianapolis | 79#299 nat | 11.1%Survey yield |
| 4 | 46409Gary | 79#311 nat | 18.2%Survey yield |
| 5 | 46613South Bend | 79#311 nat | 14.3%Survey yield |
| 6 | 46214Indianapolis | 79#368 nat | 7.1%Survey yield |
| 7 | 46224Indianapolis | 79#382 nat | 7.2%Survey yield |
| 8 | 46320Hammond | 79#394 nat | 8.8%Survey yield |
| 9 | 47708Evansville | 78#434 nat | 5.0%Survey yield |
| 10 | 46616South Bend | 78#462 nat | 8.5%Survey yield |
| 11 | 46216Lawrence | 77#680 nat | 5.7%Survey yield |
| 12 | 46260Indianapolis | 76#779 nat | 4.7%Survey yield |