Franklin Township, Indianapolis, IN—46254
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin Township, Indianapolis, IN
As of Oct '25, the median home price in Franklin Township, Indianapolis, IN is $219,000, with a year-over-year change of 1.8%. This indicates that home prices in Franklin Township, Indianapolis, IN are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $219,000 | 1.8% |
| Single Family | $233,000 | 2.2% |
| Condos | $151,000 | 0.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $175,000 | 0.6% |
3 Bed | $226,000 | 1.8% |
4 Bed | $273,000 | 1.5% |
| 5 Bed | $411,000 | 1.2% |
% of Housing Stock
Rental Trends — Franklin Township, Indianapolis, IN
As of July '25, Rentcast reports the average rent in Franklin Township, Indianapolis, IN is $1,730, with a year-over-year rent change of 6.8%. Per bedroom, the median rent as of July '25 in Franklin Township, Indianapolis, IN is studios: $675, 1-bedrooms: $986, 2-bedrooms: $1,570, 3-bedrooms: $1,780, 4-bedrooms: $2,300. The most common rental property sizes in Franklin Township, Indianapolis, IN are 2-bedroom and 1-bedroom, accounting for 37.9% and 36.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,730 |
| Studio Rent | $675 | $675 |
| 1 Bed Rent | $980 | $986 |
| 2 Bed Rent | $1,420 | $1,570 |
| 3 Bed Rent | $1,820 | $1,780 |
| 4 Bed Rent | $2,060 | $2,300 |
% of Rental Stock
Property Listings — Franklin Township, Indianapolis, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin Township, Indianapolis, IN is 38. This is a decrease of -15.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $242,000 | 0.0% |
Listing Count | 113 | 19.0% |
| Listings as % of Homes | 0.2% | 19.0% |
Days on Market | 38 | -15.0% |
Demographics — Franklin Township, Indianapolis, IN
As of the latest ACS Survey released in 2023, Franklin Township, Indianapolis, IN has a population of 40,300, which has remained stable by -0.8% over the past 5 years. Franklin Township, Indianapolis, IN is a popular place for families, as children make up 25.9% of the population. The area has a moderately educated workforce, with 31.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,300 | -0.8% |
% Under 18 | 25.9% | -7.2% |
% Seniors | 11.3% | 41.3% |
% WFH | 9.1% | 435.3% |
% w/ College Degree | 31.9% | 5.6% |
As of the latest ACS Survey released in 2023, Franklin Township, Indianapolis, IN is a predominantly black area, with 58.5% of the population identifying as black. The black population has grown by 4.3% in the last 5 years. The second most common race or ethnicity in Franklin Township, Indianapolis, IN is white, making up 19.8% of the population. Foreign-born residents account for 22.5% of the population in Franklin Township, Indianapolis, IN, and this percentage has increased by 34.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 19.8% | -2.5% |
% Black | 58.5% | 4.3% |
% Hispanic | 18.1% | 11.7% |
% Asian | 2.2% | -29.0% |
% Foreign Born | 22.5% | 34.7% |
Mortgage and Risk — Franklin Township, Indianapolis, IN
According to HUD data as of 2023, there were 429 mortgage originations in Franklin Township, Indianapolis, IN, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 38.0% above 90% LTV (very high). This implies large mortgage risk in Franklin Township, Indianapolis, IN. Investor activity is low, as 1.0% of loans were by investors. 25.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 429 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 25.0% |
Loan Activity
Rentals and Section 8 — Franklin Township, Indianapolis, IN
As of 2024, the percent of homes in Franklin Township, Indianapolis, IN under the Section 8 program is 4.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Franklin Township, Indianapolis, IN, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 532 |
Total Units Section 8 | 419 |
% Rentals under Section 8 | 4.8% |
% Occupied Section 8 | 81.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $60 | $980 | $1,040 |
| 2 Bedroom | -$200 | $1,420 | $1,220 |
| 3 Bedroom | -$230 | $1,820 | $1,590 |
| 4 Bedroom | -$130 | $2,060 | $1,930 |
Affordability — Franklin Township, Indianapolis, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $219,000 |
| Median Household Income | $57,800 |