Quick facts: Carmel, IN

Quick Facts

115.1
Cost of Living
above US average
101,964
Population
8.7
Crime Rate per 1000
below US average
$132,859
Median Income
above US average
$520,000
Median House Price
above US average
$2758.06
Average Rent
above US average
4%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $132,859.

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Income Needed to Buy

βœ— Stretch
$163k/year
Based on $520,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $163k vs median $132,859
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Income Needed to Rent

βœ“ Affordable
$118k/year
Based on $2758.06/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($132,859) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Carmel, IN

Carmel, Indiana, is a vibrant suburban city located just north of Indianapolis. Known for its picturesque scenery and thriving community, Carmel boasts a population of approximately 100,000 residents. The city is celebrated for its well-planned neighborhoods, top-rated schools, and an array of parks and recreational facilities. One of Carmel's standout features is its Arts & Design District, which showcases local art galleries, shops, and dining options, reflecting the city's commitment to culture and creativity. The city also hosts a variety of annual events, including the Carmel International Arts Festival and the Carmel Farmers Market, promoting community engagement. Carmel's infrastructure includes an extensive network of bike paths and trails, making it an ideal place for outdoor enthusiasts. Additionally, the city has made significant investments in public spaces, with attractions like the Palladium at the Center for the Performing Arts, which hosts concerts and events. With its combination of suburban charm, cultural offerings, and family-friendly environment, Carmel has consistently ranked as one of the best places to live in Indiana.

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