PlainZIP

Milan, IN · standard

ZIP Code 47031

Ripley County, Indiana - Census ACS demographics, housing tenure, and business patterns, benchmarked against every US ZIP.

5,368
34/sq mi
$70,575
Median income
$195,600
Median home value
17.5%
Bachelor's or higher

The verdict

Milan pairs a below-median household income with below-median home values, in a rural, homeowner-dominated area.

48th pct
household income, US ZIPs
42th pct
home value, US ZIPs
34
people per sq mi
80%
owner-occupied homes

Source: U.S. Census Bureau ACS 5-Year Estimates (2019–2023). Percentiles rank ZIP 47031 against every reporting US ZIP.

ZIP code 47031 is a mid-sized community (a standard USPS delivery area) in Milan, Ripley County, Indiana, home to 5,368 residents across 159.8 square miles, a density of 34 people per square mile, in the Indiana/Indianapolis time zone.

ZIP 47031 lands in the middle-income range, with a median household income of $70,575 (4% below the Indiana average), while per-capita income is $40,953. The poverty rate stands at 10.8% and the unemployment rate at 5.3%. On housing, the median home value is $195,600 (1% above the state average) with median rent at $755 per month, and 80.0% of occupied units are owner-occupied.

Educational attainment sits below the national norm: 17.5% of adults hold a bachelor's degree or higher, the median age is 43.2, and the average commute is 28 minutes. A geography-based comparison follows: 4 ZIP codes within about 10 miles of 47031, plus 6 more within Ripley County, give a clearer read than the national average alone.

Every figure on this page is sourced from the U.S. Census Bureau American Community Survey 5-Year Estimates (including median rent) and the FHFA House Price Index, no estimates, no proprietary scoring. Verify with Census →

Top industries in ZIP 47031

Top 5 sectors by establishment count in Milan, IN

Which industries have the most business establishments in ZIP 47031.

establishments

What this shows Establishment counts come from the Census ZIP Code Business Patterns program, which counts physical business locations rather than employees or revenue.

Source U.S. Census Bureau · ZIP Code Business Patterns (ZBP) As of 2023

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates + ZIP Code Business Patterns + FHFA HPI ACS demographics and median rent, ZBP business establishments, FHFA HPI for ZIP 47031, Milan, IN · 2023 Census ACS 5-Year Estimates use a rolling 60-month sample for stable small-geography estimates; ZBP updated annually; FHFA HPI updated quarterly/annually.

Quick Facts

5,368

Population

159.8

Area (sq mi)

34

People / sq mi

Indiana/Indianapolis

Time Zone

standard

ZIP Type

Neighborhood Scorecard
Get an A-F grade across income, safety, housing, rent, education, commute, and childcare for this ZIP code.
View Scorecard →

Who lives in ZIP 47031?

43.2

Median Age

54.3%

Male

45.7%

Female

0.4%

Foreign-Born

White 95.0%
African American 1.4%
Asian 0.2%
American Indian or Alaska Native 0.7%
Native Hawaiian or Pacific Islander 0.0%
Two or More Ethnicities 2.7%
Hispanic or Latino 2.0%

Hispanic or Latino is an ethnicity category from the Census Bureau and may overlap with other categories above.

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

How much do residents earn?

$70,575

Median Household Income

-4% vs state

$40,953

Per Capita Income

10.8%

Poverty Rate

5.3%

Unemployment Rate

27.8 min

Mean Commute Time

How ZIP 47031 ranks nationally

Milan, IN household income vs. every US ZIP code

Median household income, the full national distribution, with this ZIP marked

$70,575 48th percentile higher than 48% of 30,318 US ZIPs

$0–$20,000: 118 US ZIPs (0%). Below this entry. $20,000–$40,000: 1,573 US ZIPs (5%). Below this entry. $40,000–$60,000: 7,092 US ZIPs (23%). Below this entry. $60,000–$80,000: 9,980 US ZIPs (33%). This entry sits in this band. $80,000–$100,000: 5,778 US ZIPs (19%). Above this entry. $100,000–$120,000: 2,855 US ZIPs (9%). Above this entry. $120,000–$140,000: 1,362 US ZIPs (4%). Above this entry. $140,000–$160,000: 686 US ZIPs (2%). Above this entry. $160,000–$180,000: 364 US ZIPs (1%). Above this entry. $180,000–$200,000: 186 US ZIPs (1%). Above this entry. $200,000–$220,000: 324 US ZIPs (1%). Above this entry. This ZIP $0 $200K+ every reporting US ZIP, bucketed by value

Each bar is a $20K-wide band; taller bars hold more US ZIPs. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.

Source U.S. Census Bureau, ACS 5-Year Estimates · 2019–2023

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

What is the education profile here?

High School Graduate or Higher 61.1%
Bachelor's Degree or Higher 17.5%

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

What does housing look like?

2,291

Total Housing Units

2,189

Occupied Units

102

Vacant Units

2.53

Avg Household Size

Occupancy Type

Owner 80.0%
Renter 20.0%

$195,600

Median Home Value

+1% vs state

$755

Median Rent

1978

Median Year Built

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

How have home values changed over time?

FHFA House Price Index, annual appreciation data based on repeat sales and appraisals

+15.9%

YoY Change (2024)

212

HPI Index (2000 = 100)

+112%

Total Change Since 2000

Home values in ZIP 47031 have increased 15.9% over the past year (2024). Since 2000, this ZIP has seen +112% cumulative appreciation.

Year Annual Change HPI Index
2020 +1.7% 141
2021 +12.0% 158
2022 +12.8% 178
2023 +3.0% 183
2024 +15.9% 212

Source: Federal Housing Finance Agency (FHFA) House Price Index, All-Transactions, Five-Digit ZIP Codes (Developmental Index). Index base = 100 in year 2000. Data through 2024. ZIP codes with few transactions may show missing values.

What businesses operate in this ZIP?

Census Bureau data shows 89 business establishments in ZIP 47031, employing approximately 995 people with a combined annual payroll of $43,172,000.

89

Businesses

995

Employees

$43.2M

Annual Payroll

8

Industry Sectors

Industry Establishments % of Total
Construction 18 20.2%
Retail trade 15 16.9%
Other services (except public administration) 14 15.7%
Transportation and warehousing 9 10.1%
Health care and social assistance 8 9.0%
Accommodation and food services 7 7.9%
Finance and insurance 6 6.7%
Professional, scientific, and technical services 3 3.4%

Source: U.S. Census Bureau, ZIP Code Business Patterns (ZBP), 2023. Employment figures may include noise for disclosure avoidance.

Nearby ZIP Codes

Want a side-by-side? Compare 47031 vs 47032 →

ZIP 47031 vs its nearest neighbors, by population

Resident population of this ZIP and the closest reporting ZIP codes within ~10 miles.

residents

What this shows Among its immediate neighbors, ZIP 47031 ranks #2 by population - useful context the national average alone can't give.

Source U.S. Census Bureau · ACS 5-Year Estimates As of 2019–2023

ZIP 47031 vs its nearest neighbors, by median income

Median household income of this ZIP and the closest reporting ZIP codes within ~10 miles.

median income

What this shows By household income, ZIP 47031 ranks #3 of 5 neighboring ZIPs, local affluence varies block to block, not just metro to metro.

Source U.S. Census Bureau · ACS 5-Year Estimates As of 2019–2023
ZIP Code City Population Distance
47032 Moores Hill, IN 3,289 6.4 mi
47041 Sunman, IN 6,125 8.8 mi
47018 Dillsboro, IN 4,275 10.0 mi
47042 Versailles, IN 4,504 9.2 mi

More ZIP Codes in Ripley County

47006 standard
Batesville, IN
Pop: 11,727
47041 standard
Sunman, IN
Pop: 6,125
47042 standard
Versailles, IN
Pop: 4,504
47037 standard
Osgood, IN
Pop: 4,333
47023 standard
Holton, IN
Pop: 1,636
47017 standard
Cross Plains, IN
Pop: 507

Related Areas

Ripley County Milan, IN Indiana

Frequently Asked Questions

What county is ZIP code 47031 in? ▼
ZIP code 47031 (Milan) is located in Ripley County, Indiana. Ripley County contains multiple ZIP codes, see the full list at /counties/ripley-in.
What is the population of ZIP code 47031? ▼
ZIP code 47031 in Milan, IN has a population of 5,368 according to the Census Bureau ACS 2023 estimates.
What is the median household income in ZIP 47031? ▼
The median household income in ZIP 47031 is $70,575, which is 7% below the national average of $76,288.
What is the average home value in ZIP 47031? ▼
The median home value in ZIP 47031 is $195,600, which is 30% below the national average of $278,155.
What is the demographic makeup of ZIP 47031? ▼
The largest racial group in ZIP 47031 is White at 95.0%. Hispanic or Latino residents make up 2.0% of the population.
How many businesses are in ZIP code 47031? ▼
ZIP code 47031 has 89 business establishments employing approximately 995 people, according to Census Bureau ZIP Code Business Patterns (ZBP) 2023 data.
What are the main industries in ZIP code 47031? ▼
The top industries by establishment count in ZIP 47031 are: Construction (18), Retail trade (15), Other services (except public administration) (14). There are 8 industry sectors represented in total.
How have home values changed in ZIP code 47031? ▼
According to the FHFA House Price Index, home values in ZIP 47031 increased by 15.9% in 2024. Since 2000, home values in this ZIP have appreciated by approximately 112%. This is a developmental index based on repeat sales and appraisal data from Fannie Mae and Freddie Mac.
What is the education level in ZIP code 47031? ▼
In ZIP code 47031, 61.1% of residents aged 25+ have a high school diploma or higher, and 17.5% hold a bachelor's degree or higher. These figures come from the Census Bureau ACS 5-Year Estimates (2023).
What is the average commute time in ZIP 47031? ▼
The mean commute time for workers in ZIP code 47031 is 27.8 minutes according to Census ACS data. The national average is roughly 26 minutes, so commuters here spend more time traveling to work than typical.
What percentage of residents own vs. rent in ZIP 47031? ▼
In ZIP code 47031, approximately 80.0% of occupied housing units are owner-occupied and 20.0% are renter-occupied, based on Census ACS 2023 data.
What is the poverty rate in ZIP code 47031? ▼
The poverty rate in ZIP code 47031 is 10.8% according to Census Bureau ACS 2023 estimates. This measures the percentage of the population living below the federal poverty threshold.

Read our methodology to see how this data is sourced, computed, and verified.