Median rent is 1% lower in Carmel ($1,712/mo vs $1,729/mo). Buying is cheaper in Carmel, where the median home runs $486,800 versus $555,300. Households earn more in Carmel ($141,505 vs $93,658 a year). Taken together, Carmel is the more affordable choice with a cost index of 94.7 against 98.3 — about 4% lower overall prices. After adjusting income for local prices, a typical paycheck stretches further in Carmel, IN.
Cost of living verdict
Carmel is 4% cheaper overall
Cost of Living Index: 94.7 in Carmel vs 98.3 in Austin (US national average = 100)
City A
Austin, TX
City B
Carmel, IN
How much would you need to earn in Carmel, IN to maintain your standard of living from Austin, TX?
Equivalent salary in Carmel, IN
$72,233
You could earn $2,767 less (4% lower) and break even.
Based on BEA Regional Price Parity (cost index) for each metro area. This estimates overall purchasing power; it does not account for taxes or take-home pay differences.
Metric
Austin
Texas
Carmel
Indiana
Population
Median Household Income
Annual
Median Gross Rent
Per month
Median Home Value
Cost of Living Index
US avg = 100
1BR Fair Market Rent
HUD FMR
2BR Fair Market Rent
HUD FMR
3BR Fair Market Rent
HUD FMR
Air Quality Index
Lower = cleaner
Top State Income Tax
Top marginal rate
State Sales Tax
Statewide base rate
Median Age
Years
✓ = better value · Sources: Census ACS, BEA, HUD Fair Market Rents, EPA AirNow, Tax Foundation
Median rents are similar in both cities: $1,729/mo in Austin and $1,712/mo in Carmel. Median home values are within 12% of each other: $555,300 in Austin and $486,800 in Carmel.
Metric
Austin
Carmel
Software Developer
Registered Nurse
Elementary Teacher
Electrician
Accountant
Higher wage highlighted · BLS OEWS 2023 (metro-level data)
State tax data is not yet available for these cities.
Austin
Income tax: N/A
Sales tax: N/A
Carmel
Income tax: N/A
Sales tax: N/A
Air quality data is available for Austin (avg AQI 65.0) but not yet for Carmel.
Pick Carmel if you prioritize lower overall cost of living (index 94.7 vs 98.3).
Pick Carmel if you prioritize higher median household income ($141,505/yr).
Carmel is cheaper overall, with a cost of living index of 94.7 versus 98.3 (US average = 100). That means prices run about 4% lower in Carmel.
Median rent is $1,729/mo in Austin, TX and $1,712/mo in Carmel, IN. Carmel, IN has the lower rent by about 1%.
Median household income is $93,658 in Austin, TX and $141,505 in Carmel, IN. Carmel, IN has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Air quality data is not yet available for one or both cities.
State tax data is not yet available for one or both cities.
To maintain the same purchasing power, a salary of $100,000 in Austin, TX is equivalent to roughly $96,310 in Carmel, IN (using the BEA Regional Price Parity ratio). Use the salary calculator above for any income amount.
Data last updated: June 1, 2026 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology
