Zip lookup · IN

46131
Franklin, Indiana.

Franklin, Johnson County, IN · Indianapolis-Carmel-Anderson, IN metro · population 34,647

What it costs per month · 46131 $1,483/mo

to buy the typical home at today's mortgage rate — +$850 (+134%) since Jan 2020.

What the home itself did
1 year
Up $5,757 +2%
$276,881$282,638 since Sep 2025
5 years
Up $60,397 +27%
$222,241$282,638 since Sep 2021

Monthly payment to buy the typical home

Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.

$500 $1,000 $1,500 $2,000 2002 2006 2010 2014 2018 2022 2026 46131 $1,483 United States $1,922
$500 $1,000 $1,500 $2,000 2002 2010 2018 2026
  • 46131$1,483
  • United States$1,922

At the last five years' pace, a typical home here doubles in price every 14 years.

Typical home values in zip 46131 rose 2.1% over the past year — faster than the nation's +1.2%.

Asking rents in zip 46131 rose 4.6% over the past year — faster than the nation's +2.7%.

Owning the typical home in zip 46131 runs $259/mo more than renting one. The gap peaked at $446 in Oct 2023.

That is $1,953 a month against $1,694 rent: a $1,483 mortgage payment, plus $167 property tax and $303 insurance & upkeep.

Owning vs renting — zip 46131

The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.

$500 $1,000 $1,500 $2,000 2018 2019 2020 2021 2022 2023 2024 2025 2026 Owning all in $1,953 Renting $1,694 Mortgage only $1,483
$500 $1,000 $1,500 $2,000 2018 2022 2026
  • Owning all in$1,953
  • Renting$1,694
  • Mortgage only$1,483

Property tax · $167/mo 0.71% of value a year — the ACS 2020-2024 median bill over the median home value for 2 counties

Insurance & upkeep · $303/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.

Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.

This zip spans 2 counties: Johnson County, IN 93% · Shelby County, IN 7%

Zillow also publishes an index for the city itself: Franklin, IN — measured over the city limits, which is a different area from this zip.

Asking rent $1,694 as of Sep 2026
+4.6%year on year
Typical home value $282,638 as of Sep 2026
+2.1%year on year

Asking rent — 46131

Against the Indianapolis-Carmel-Anderson, IN metro and the national benchmark.

$1,000 $1,250 $1,500 $1,750 2018 2019 2020 2021 2022 2023 2024 2025 2026 46131 $1,694 Indianapolis $1,528 United States $1,932
$1,000 $1,250 $1,500 $1,750 2018 2022 2026
  • 46131$1,694
  • Indianapolis$1,528
  • United States$1,932

Typical home value — 46131

Mid-tier homes, smoothed and seasonally adjusted.

$150,000 $200,000 $250,000 $300,000 $350,000 2018 2020 2022 2024 2026 46131 $282,638 Indianapolis $291,634 United States $366,157
$150,000 $200,000 $250,000 $300,000 $350,000 2018 2022 2026
  • 46131$282,638
  • Indianapolis$291,634
  • United States$366,157

Within 20 miles

10 mi 20 mi 50 mi
Miles Zip City Population Rent Home value
6.3 46184 Whiteland 13,304 $2,118 $267,186
7.2 46162 Needham 227 — $343,904
8.8 46124 Edinburgh 7,304 — $230,034
9.0 46181 Trafalgar 4,964 — $372,021
9.2 46110 Boggstown 917 — $318,000
9.2 46106 Bargersville 10,159 $1,641 $458,286
9.3 46143 Greenwood 61,803 $1,601 $332,325
12.4 46164 Nineveh 3,840 — $365,507
12.5 46142 Greenwood 34,348 $1,435 $315,557
12.7 46259 Indianapolis 15,169 $2,175 $374,902
13.1 47280 Taylorsville 1,248 — $202,110
13.2 46126 Fairland 3,902 — $271,221
14.0 46237 Indianapolis 43,473 $1,728 $256,945
14.5 46160 Morgantown 6,514 — $343,924
14.9 46176 Shelbyville 28,782 $1,083 $224,569
14.9 46227 Indianapolis 57,587 $1,296 $223,613
16.0 46217 Indianapolis 36,917 $1,613 $254,781
16.1 47234 Flat Rock 1,617 — $244,908
17.1 46107 Beech Grove 13,020 $1,291 $188,302
17.5 46239 Indianapolis 33,931 $1,985 $292,364
17.8 46130 Fountaintown 2,455 — $323,264
18.0 46113 Camby 17,192 $1,935 $276,013
18.0 46111 Brooklyn 448 — $192,482
18.4 46221 Indianapolis 27,027 $1,389 $204,818
18.5 46203 Indianapolis 37,758 $1,458 $164,406
19.0 47246 Hope 4,326 — $260,091
19.2 46163 New Palestine 14,498 $1,198 $384,221
19.3 46158 Mooresville 24,878 — $315,262
19.6 46225 Indianapolis 6,037 $1,392 $168,812
19.9 46182 Waldron 1,803 — $240,091

Coordinates and population from SimpleMaps US Zips (Basic). Rent and home values from Zillow Research.