Rental market data · 2024 Census estimates

Indianapolis, IN rental yield and cash flow

In the Indianapolis-Carmel-Greenwood, IN metro, the median owner-occupied home was valued at $291,400 and the median gross rent was $1,273 a month in 2024. That is a gross rent yield of 5.24%, rank 35 of the 100 largest metros we track.

$291,400Median home value (±$3,894)

$1,273Median gross rent / mo (±$26)

5.24%Gross rent yield

19.1Price-to-rent ratio

0.83%Median taxes ÷ median value

33%Renter-occupied homes

0.44%Monthly rent ÷ price (1% rule)

2.17MMetro population

Does the median home cash flow at today's rate?

We priced a hypothetical rental at the metro medians: $291,400 purchase, $1,273 rent, 25% down, a 30-year loan at 7.28% (Freddie Mac's 30-year average for the week of October 1, 2026), $2,409 in annual property taxes, insurance at 0.5% of price, and 5% vacancy, 10% repairs and 8% management.

At these assumptions the median-priced home runs about $837 a month short of covering its costs (DSCR 0.44). Rent would need to reach about $2,360, 85% above the median, to break even, or the price would need to be near $114,104 for a 1.25 DSCR. Net operating income is about $7,897 a year, a 2.71% cap rate, against $17,944 of annual debt service.

Investment-property loans usually price above the owner-occupant average this survey reports, and your insurance quote, tax bill and rent will differ from a metro median. Change any input below.

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How Indianapolis compares

Metros with the nearest gross yields among the 100 we track. * Cash flow uses the same assumptions as above.

Rank	Metro	Median value	Median rent	Gross yield	Price-to-rent	Cash flow / mo*
32	Atlanta, GA	$402,100	$1,770	5.28%	18.9	-$1,139
33	Buffalo, NY	$253,200	$1,114	5.28%	18.9	-$923
34	Allentown, PA-NJ	$332,700	$1,458	5.26%	19.0	-$1,115
35	Indianapolis, IN	$291,400	$1,273	5.24%	19.1	-$837
36	Jacksonville, FL	$375,200	$1,625	5.20%	19.2	-$1,064
37	Chicago, IL-IN	$339,700	$1,469	5.19%	19.3	-$1,292
38	Greensboro, NC	$271,000	$1,171	5.19%	19.3	-$766

What these numbers leave out

Census gross rent includes utilities when the tenant pays them, so it can overstate what a landlord collects. Median value describes owner-occupied homes, not the rental stock, and a metro median hides wide neighborhood differences. Treat this page as a screen, then underwrite the specific property.

Sources

U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25064 (median gross rent)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25077 (median value, owner-occupied housing units)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25103 (median real estate taxes paid)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25003 (housing tenure)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B01003 (total population)
Freddie Mac Primary Mortgage Market Survey (30-year fixed average, week of October 1, 2026)

Data snapshot October 7, 2026. Methodology: all metros.