Housing
Home prices and rent in Carmel
Median home values, rents and incomes from the U.S. Census Bureau, compared with Indiana and the U.S.
Census geography: Carmel city, Indiana. These survey estimates are not current listing prices.
Carmel vs. Indiana and the U.S.
| Carmel | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $486,800 | $218,200 | $332,700 |
| Median rent (monthly) | $1,712 | $1,062 | $1,413 |
| Median household income | $141,505 | $71,957 | $80,734 |
| Homes owned by occupants | 74% | 71% | 65% |
| Median year built | 1998 | 1976 | 1980 |
Ten years of change
| 2014 | 2019 | 2024 | |
|---|---|---|---|
| Median home value | $297,600 | $333,200 | $486,800 |
| Median rent (monthly) | $1,118 | $1,207 | $1,712 |
| Median household income | $107,916 | $112,765 | $141,505 |
Fair Market Rents (HUD, fiscal year 2027)
Indianapolis-Carmel, IN HUD Metro FMR Area · Hamilton County. HUD's payment benchmarks for housing programs: typical gross rent (rent plus utilities) for a recent mover, not a listing or an asking rent.
Large figures are the metro-area Fair Market Rent; green figures are the range across 2 Carmel ZIP codes, where HUD sets Small Area Fair Market Rents.
Income limits (HUD, fiscal year 2026)
Area median family income: $110,300. Households at or under these incomes can qualify for many housing programs; check each program's own rules.
| Household size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
|---|---|---|---|---|---|---|---|---|
| Low income (80%) | $61,800 | $70,600 | $79,450 | $88,250 | $95,350 | $102,400 | $109,450 | $116,500 |
| Very low income (50%) | $38,650 | $44,150 | $49,650 | $55,150 | $59,600 | $64,000 | $68,400 | $72,800 |
| Extremely low income (30%) | $23,200 | $26,500 | $29,800 | $33,100 | $38,680 | $44,360 | $50,040 | $55,720 |
Source: U.S. Department of Housing and Urban Development, Fair Market Rents and Income Limits, checked October 11, 2026.
Questions
What is the median home value in Carmel?
$486,800, according to the Census Bureau’s 2024 American Community Survey (5-year estimates), compared with $218,200 in Indiana and $332,700 nationally.
How much is rent in Carmel?
Median gross rent (rent plus utilities) is $1,712 a month, versus $1,062 statewide.
How much have home values risen in Carmel?
The median home value went from $297,600 in 2014 to $486,800 in 2024 (+64%).
What is fair market rent in Carmel?
HUD's fiscal year 2027 Fair Market Rent for the Indianapolis-Carmel, IN HUD Metro FMR Area is $1,187 for a studio, $1,336 for one bedroom and $1,536 for two bedrooms; across Carmel's ZIP codes, two-bedroom values run $2,140 to $2,160. These are HUD program benchmarks, not asking rents.
Are these current market prices?
No. They are survey medians from the Census Bureau, based on a five-year survey period, so they lag today’s listings. They are the most consistent way to compare places and track change over time.
U.S. Census Bureau, American Community Survey 5-year estimates (2014, 2019, 2024), Carmel city, Indiana. Values are estimates with margins of error.