Franklin Area, Indianapolis, IN—46221
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin Area, Indianapolis, IN
As of Oct '25, the median home price in Franklin Area, Indianapolis, IN is $206,000, with a year-over-year change of 2.7%. This indicates that home prices in Franklin Area, Indianapolis, IN are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $206,000 | 2.7% |
| Single Family | $206,000 | 2.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $81,000 | -4.7% |
2 Bed | $113,000 | -5.0% |
3 Bed | $215,000 | 2.4% |
4 Bed | $255,000 | 2.0% |
| 5 Bed | $275,000 | 1.5% |
% of Housing Stock
Rental Trends — Franklin Area, Indianapolis, IN
As of July '25, Rentcast reports the average rent in Franklin Area, Indianapolis, IN is $1,540, with a year-over-year rent change of 2.0%. Per bedroom, the median rent as of July '25 in Franklin Area, Indianapolis, IN is studios: $1,650, 1-bedrooms: $978, 2-bedrooms: $994, 3-bedrooms: $1,640, 4-bedrooms: $1,860. The most common rental property sizes in Franklin Area, Indianapolis, IN are 3-bedroom and 1-bedroom, accounting for 35.4% and 27.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,610 | $1,540 |
| Studio Rent | $1,650 | $1,650 |
| 1 Bed Rent | $950 | $978 |
| 2 Bed Rent | $975 | $994 |
| 3 Bed Rent | $1,680 | $1,640 |
| 4 Bed Rent | $1,900 | $1,860 |
% of Rental Stock
Property Listings — Franklin Area, Indianapolis, IN
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin Area, Indianapolis, IN is 53. This is a increase of 9.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $229,000 | 0.0% |
Listing Count | 104 | -4.0% |
| Listings as % of Homes | 0.6% | -4.0% |
Days on Market | 53 | 9.0% |
Demographics — Franklin Area, Indianapolis, IN
As of the latest ACS Survey released in 2023, Franklin Area, Indianapolis, IN has a population of 26,300, which has decreased by -2.7% over the past 5 years. Franklin Area, Indianapolis, IN is a popular place for families, as children make up 26.5% of the population. The area has a poorly educated workforce, with 16.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 26,300 | -2.7% |
% Under 18 | 26.5% | -0.4% |
% Seniors | 11.5% | 1.8% |
% WFH | 5.2% | 188.9% |
% w/ College Degree | 16.2% | 20.9% |
As of the latest ACS Survey released in 2023, Franklin Area, Indianapolis, IN is a predominantly white area, with 69.3% of the population identifying as white. The white population has shrunk by 13.0% in the last 5 years. The second most common race or ethnicity in Franklin Area, Indianapolis, IN is black, making up 13.9% of the population. Foreign-born residents account for 9.0% of the population in Franklin Area, Indianapolis, IN, and this percentage has increased by 95.7% 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 | 69.3% | -13.0% |
% Black | 13.9% | 61.6% |
% Hispanic | 13.0% | 64.6% |
% Asian | 0.5% | 25.0% |
% Foreign Born | 9.0% | 95.7% |
Mortgage and Risk — Franklin Area, Indianapolis, IN
According to HUD data as of 2023, there were 525 mortgage originations in Franklin Area, Indianapolis, IN, of which 62.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 46.0% above 90% LTV (very high). This implies large mortgage risk in Franklin Area, Indianapolis, IN. Investor activity is low, as 1.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 525 |
% Conventional Loans | 62.0% |
% Government Loans | 38.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Franklin Area, Indianapolis, IN
As of 2024, the percent of homes in Franklin Area, Indianapolis, IN under the Section 8 program is 2.5%. 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 and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Franklin Area, Indianapolis, IN, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 149 |
Total Units Section 8 | 100 |
% Rentals under Section 8 | 2.5% |
% Occupied Section 8 | 76.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $950 | $1,090 |
| 2 Bedroom | $295 | $975 | $1,270 |
| 3 Bedroom | -$30 | $1,680 | $1,650 |
| 4 Bedroom | $110 | $1,900 | $2,010 |
Affordability — Franklin Area, Indianapolis, IN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $206,000 |
| Median Household Income | $58,300 |