Carmel, IN Cost Of Living
Cost Of Living In Carmel, IN Summary
Cost of living in Carmel research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Carmel is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Indiana, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Carmel is 114, with 100 being the average.
The cost of living index in Carmel is 1.1x higher than the national average.
Carmel ranks as the #122 cheapest in Indiana out of 124.
Carmel ranks as the #4,427 cheapest out of 6,412 in the US.
The median home value in Carmel is $372,100.
The median income in Carmel is $119,772.
Table Of Contents
Carmel's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Carmel, IN?
According to the most recent data on the cost of living, Carmel has an overall cost of living index of 114, which is 1.1x higher than the national index of 100.
Compared to Indiana, Carmel has a cost of living index that's 1.3x higher than Indiana's index of 91.
The standard of living in Carmel ranks as #122 most affordable out of the 124 places we measured in Indiana. By definition, that implies Carmel ranks as the #2 most expensive place in the Hoosier State.
For more reading on life in Carmel, check out:
- Living In Carmel
- Carmel Crime Report
- Search Homes For Sale In Carmel, IN
In Indiana
In America
Carmel Cost Of Living Vs. Indiana
Six factors go into calculating the cost of living index in Carmel. Here is how it fairs on each of the criteria:
The Services index in Carmel is 96.
The Groceries index in Carmel is 95.
The Health index in Carmel is 85.
The Housing index in Carmel is 152.
The Transportation index in Carmel is 91.
The Utilities index in Carmel is 103.
| Living Expense | Carmel | Indiana | National Average | |
|---|---|---|---|---|
| Overall | 114 | 91 | 100 | |
| Services | 96 | 94 | 100 | |
| Groceries | 95 | 96 | 100 | |
| Health | 85 | 101 | 100 | |
| Housing | 152 | 77 | 100 | |
| Transportation | 91 | 95 | 100 | |
| Utilities | 103 | 106 | 100 | |
Carmel, IN Housing Cost Breakdown
Housing swings affordability the most between places in Indiana, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Carmel is $372,100.
The Median Rent in Carmel is $1,348.
The Median Income in Carmel is $119,772.
The Home Value To Income in Carmel is 3.1x.
The Rent To Monthly Income in Carmel is 0.14x.
| Statistic | Carmel | Indiana | United States |
|---|---|---|---|
| Median Home Value | $372,100 | $158,500 | $244,900 |
| Median Rent | $1,348 | $891 | $1,163 |
| Median Income | $119,772 | $61,944 | $69,021 |
| Home Value To Income | 3.1x | 2.6x | 3.5x |
| Rent To Monthly Income | 0.14x | 0.17x | 0.2x |
Median Home Value
Median Rent
Median Income
Carmel, IN Costs By Category
Detailed Carmel Services Costs Vs. Indiana
Detailed Carmel Groceries Costs Vs. Indiana
Detailed Carmel Health Costs Vs. Indiana
Detailed Carmel Transportation Costs Vs. Indiana
Detailed Carmel Utilities Costs Vs. Indiana
Carmel SnackAbility
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Cost Of Living In Cities Around Carmel
The cost of living varies in the cities and towns around Carmel. Here's a quick look at the cost of living in the most populous nearby places:
Indianapolis, IN has a cost of living index of 88, 0.8x Carmel.
Noblesville, IN has a cost of living index of 98, 0.9x Carmel.
Lawrence, IN has a cost of living index of 87, 0.8x Carmel.
| City | Population | Cost Of Living | Vs. Carmel |
|---|---|---|---|
| Indianapolis, IN | 880,104 | 88 | 0.8x |
| Noblesville, IN | 68,885 | 98 | 0.9x |
| Lawrence, IN | 49,048 | 87 | 0.8x |
| Westfield, IN | 45,695 | 103 | 0.9x |
| Zionsville, IN | 30,258 | 118 | 1.0x |
| Brownsburg, IN | 28,420 | 95 | 0.8x |
| Avon, IN | 20,848 | 99 | 0.9x |
| Beech Grove, IN | 15,202 | 86 | 0.8x |
| Cumberland, IN | 5,860 | 93 | 0.8x |
