Carmel, Indiana has an overall cost of living index of 93.8, which is 6.2 points below the US average of 100 — making it more affordable than most American cities. Renters pay a median of $1,607 per month, while the typical home is valued around $455,500. Households earn a median of $134,602 per year, leaving rent at a manageable share of income for many residents. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$134,602
Annual · Census ACS
Median Gross Rent
$1,607
Per month · Census ACS
Median Home Value
$455,500
Census ACS
Cost of Living Index
93.8
BEA RPP · US avg = 100
Studio FMR
$1,118
HUD Fair Market Rent
1BR Fair Market Rent
$1,267
HUD FMR
2BR Fair Market Rent
$1,473
HUD FMR
3BR Fair Market Rent
$1,907
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
Each category is indexed to the US average of 100. Below 100 = cheaper than average.
Overall
93.8
Goods
93.1
Rents / Housing
84.6
Services
87.6
Source: BEA Regional Price Parities (metro-level)
State Income Tax
3.05%
Top marginal rate
State Sales Tax
7.00%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $114,070 |
| 🏥Registered Nurse | $85,580 |
| 📚Elementary Teacher | $61,050 |
| ⚡Electrician | $68,200 |
| 📊Accountant | $81,570 |
Source: BLS OEWS 2023 (metro-level data)
Population
100,501
Latest estimate
Median Age
40.5 yrs
Census ACS
🌬️
AQI data not available
Source: EPA AirNow
What is the cost of living index for Carmel?
Carmel has a Regional Price Parity (RPP) index of 93.8. The US national average is 100, so Carmel is 6.2 points below the national average.
What is the median rent in Carmel?
The median gross rent in Carmel is $1,607 per month according to US Census ACS data.
What is the median household income in Carmel?
The median household income in Carmel is $134,602 per year.
What is the median home value in Carmel?
The median home value in Carmel is $455,500 based on the latest Census ACS survey.
How is the air quality in Carmel?
Air quality data for Carmel is not yet available.
What are the taxes like in Carmel?
Indiana has a top state income tax rate of 3.05% and a statewide sales tax of 7.00% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology