salaryRent is higher than in 69% of U.S. cities. Household incomes are higher than in 90% of U.S. cities. A typical house costs about 3.2 years of household income. It is a highly educated city: 74.4% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $80,160 a year. That is $39 an hour at a full-time job.
Is rent cheaper than other Indiana cities?
No. Rent here is more expensive than in most of Indiana. It is number 130 of 132 cities from cheapest to most expensive.
How much do households earn in Carmel?
Share of households by yearly income. 55.3% of households earn $100,000 or more.
Rent by apartment size in Carmel
| Size | Carmel | U.S. average |
|---|---|---|
| Studio | $1,887 | $1,338 |
| 1 bedroom | $1,659 | $1,324 |
| 2 bedrooms | $1,901 | $1,509 |
| 3 bedrooms | $2,176 | $1,698 |
| 4 bedrooms | $2,541 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Carmel overall?
Everyday prices in the Indianapolis-Carmel-Greenwood metro area are 4% below the U.S. average (index 95.7, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024.
Taxes and bills in Carmel
Life in Carmel
What jobs pay in Carmel
| Job | Median pay | Rent / pay |
|---|---|---|
| Pharmacist | $151,050 | 15.9% |
| Physician Assistant | $131,950 | 18.2% |
| Nurse Practitioner | $130,460 | 18.4% |
| Operations Manager | $120,480 | 20.0% |
| Software Developer | $106,870 | 22.5% |
| Computer Systems Analyst | $101,890 | 23.6% |
| Civil Engineer | $101,830 | 23.6% |
| Dental Hygienist | $97,470 | 24.7% |
| Registered Nurse | $84,230 | 28.6% |
| Police Officer | $83,110 | 28.9% |
| Accountant | $79,290 | 30.3% |
| Plumber | $76,980 | 31.2% |
| Firefighter | $68,480 | 35.1% |
| Licensed Practical Nurse | $67,200 | 35.8% |
| Market Research Analyst | $65,200 | 36.9% |
| Electrician | $65,130 | 36.9% |
| Carpenter | $65,070 | 37.0% |
| HVAC Technician | $62,160 | 38.7% |
| Truck Driver | $61,980 | 38.8% |
| Elementary School Teacher | $60,510 | 39.7% |
| Medical Assistant | $46,900 | 51.3% |
| Warehouse Worker | $44,180 | 54.4% |
| Customer Service Representative | $43,460 | 55.3% |
| Nursing Assistant | $38,880 | 61.9% |
| Restaurant Cook | $36,610 | 65.7% |
| Retail Salesperson | $31,530 | 76.3% |
| Cashier | $29,890 | 80.5% |
| Server (Waiter/Waitress) | $29,050 | 82.8% |
Is it cheaper to rent or buy in Carmel?
Renting is cheaper right now: about $1,374 a month less.
Owning assumes a typical $486,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $48,680 for the down payment.
Frequently asked questions
What is the average rent in Carmel, IN?
Renting in Carmel costs a median of about $2,004 a month in 2026, including utilities. The Indiana median is $1,219.
How much do I need to make to live in Carmel?
To keep rent under 30% of income, you need about $80,160 a year, or $39 an hour at a full-time job.
Is Carmel cheap or expensive?
Carmel is rated Cheap: rent takes 15.8% of the typical household income of $152,613. It ranks 130th cheapest of 132 Indiana cities we track.
How much are property taxes in Carmel?
The median homeowner in Carmel pays $4,056 a year in property taxes, about 0.83% of the median home value.
Is Carmel more expensive than the national average?
Overall prices in the metro area are 4% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Carmel?
The median home value in Carmel is $486,800, about 3.2 times the typical yearly household income.
101,651 people live in Carmel. Numbers are typical (middle) values.