Rent in Milan, IN
A 2-bedroom in Milan, IN (ZIP 47031) typically rents for about $1,062 a month, with a range of $943–$1,180. Owner-occupied homes in Ripley County pay about 0.56% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.32% in the week of Oct 22, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $880 | $788–$880 | 1 |
| 1 bed | $754 | $607–$900 | 1 |
| 2 beds | $1,062 | $943–$1,180 | 1 |
| 3 beds | $1,530 | $1,363–$1,530 | 1 |
| 4 beds | $1,570 | $1,384–$1,570 | 1 |
Typical = median of each ZIP's best guess. Gross rent (rent plus tenant-paid utilities). Sources: HUD Small Area Fair Market Rents (Oct 1, 2026), Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).
Milan ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Milan, IN?
- About $1,062 a month: the median of the typical rents in 1 ZIP code, which range from $943–$1,180. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Milan, IN?
- About $754 a month: the median of the typical rents in 1 ZIP code, which range from $607–$900. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Milan, IN?
- About $1,530 a month: the median of the typical rents in 1 ZIP code, which range from $1,363–$1,530. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Milan, IN?
- About $880 a month: the median of the typical rents in 1 ZIP code, which range from $788–$880. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Milan, IN?
- About $1,570 a month: the median of the typical rents in 1 ZIP code, which range from $1,384–$1,570. Figures are gross rent (rent plus tenant-paid utilities).
- What is the property tax rate in Milan, IN?
- Owner-occupied homes in Ripley County pay a typical 0.56% of their value a year (Census ACS, median taxes paid ÷ median home value, Dec 31, 2024). Investors often pay more after a purchase: the home is reassessed at the sale price and there is no homestead exemption.
- What is the current 30-year mortgage rate?
- The 30-year fixed rate averaged 7.32% in the week of Oct 22, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Milan rent figures come from?
- HUD Small Area Fair Market Rents (Oct 1, 2026), Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).