Living here
Cost of living in Carmel
Housing is more expensive than the US average. Rents, home prices, taxes and how far a paycheck goes.
Median rent
$1,607/mo
19% above US
Median home value
$455,500
50% above US
Median household income
$134,602
71% above US
Rent as share of income
14%
US 21%
Home price to income
3.4×
US 3.9×
Sales tax
7%
Rent by number of bedrooms
HUD 2027 fair market rents for Indianapolis-Carmel, IN HUD Metro FMR Area (gross rent including utilities, near the 40th percentile of local rents). Source: HUD USER.
How Carmel compares
- Carmel$1,607
- Indiana$1,020
- United States$1,348
- Fishers$1,491
- Evansville$949
- Carmel$455,500
- Indiana$201,600
- United States$303,400
- Fishers$370,200
- Evansville$129,100
Taxes
Compare with nearby cities
Life in Carmel
Questions
Is Carmel expensive to live in?
Housing in Carmel is more expensive than the national average: median rent is $1,607 (19% above US) and the median home value is $455,500 (50% above US).
How much is rent in Carmel?
The median gross rent is $1,607 a month. HUD’s 2027 fair market rents for the area are studio $1,187, 1 bedroom $1,336, 2 bedrooms $1,536, 3 bedrooms $1,991, 4 bedrooms $2,425.
How much of their income do renters spend in Carmel?
At the median, a year’s rent ($19,284) equals about 14% of the median household income ($134,602); nationally it’s about 21%.
What are taxes like in Carmel?
Sales tax is 7% and property taxes run about 0.84% of home value a year.
Sources: U.S. Census Bureau, American Community Survey 2019–2023 5-year estimates; HUD fair market rents; Indiana Department of Revenue - Sales Tax.