46220, Indianapolis, IN

The Indianapolis zip code 46220 has a population of over 1 million people and is one of the most populous areas in the state of Indiana. The median household income in this zip code is $75,000, which is above the statewide median household income of $60,000. The home equity and home prices in this area are both very high compared to other parts of the state.

As of September 2017, the median home value in Indianapolis was $269,900. This represents a growth rate of 10.5% over the past year and a growth rate of 17% over the past three years. The average home value in Indianapolis has increased by more than 60% since 2007, when it was just $158,500. In addition to high home values, there is also a high level of home equity in this area. As of September 2017, 44%of all households in Indianapolis had at least 50% equity in their homes. This is far higher than the statewide average percentage of 33%. One reason for this high level of equity may be that many homes in Indianapolis were purchased relatively recently – between 2007 and 2016 – which may have led to higher prices than older homes nearby.

Despite these high levels of both home values and home equity, there have been some concerns about housing affordability in Indianapolis over recent years. For example, according to Zillow’s 2018 Home Value Report for Indiana (ZHVI), the cost Of A Typical Home In Indy Is Now More Than 100 Percent Of Average Income For Area Households! This means that even if someone makes an average wage throughout their entire working life they would not be able to afford to buy a typical house or apartment in Indy without taking on significant debt or selling their own personal assets (such as their car). Additionally, according to Zillow’s report: “While incomes have grown modestly across most Hoosier metros since 2013-14…the cost burden from housing has become much greater for many families earning below mid-range incomes” (ZHVI). These reports suggest that while there are many people who can afford to live in Indy – thanks largely to high levels of home values and equity – there are also many people who are struggling financially due to rising housing costs.