The typical owner-occupied home in Carmel is worth about $486,800, 2.2 times the Indiana median of $218,200 and 46% above the national median of $332,700. Owners pay a median $4,056 a year in property taxes, about 0.83% of their home's value, higher than the Indiana rate of 0.74%. The median household earns $141,505 a year, so the median home costs 3.4 times the median income (3.0 times for Indiana). 74% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Carmel at a glance
| Carmel | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $486,800 | $218,200 | $332,700 |
| Median property tax paid per year | $4,056 | $1,614 | $3,119 |
| Property tax as a share of value | 0.83% | 0.74% | 0.94% |
| Median household income | $141,505 | $71,957 | $80,734 |
| Homes lived in by their owners | 74% | 71% | 65% |
| Owner homes with a mortgage | 68% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,431 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 15.8% | 18.1% | 21.0% |
| Median rent | $1,712 | $1,062 | $1,413 |
| Rent as a share of renters' income | 26.7% | 29.1% | 30.6% |
| Median year homes were built | 1998 | 1976 | 1980 |
| Vacant homes | 6.0% | 8.8% | 10.1% |
| Population | 101,651 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Carmel
At this week's average 30-year rate of 7.11%, buying the median Carmel home of $486,800 with 20% down costs about $3,159 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,970, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $135,400 for the 20%-down payment. That payment is 27% of the median Carmel household income of $141,505; at that income and 20% down, the 28% guideline points to a home of about $509,000.
The median rent here is $1,712 a month, so owning the median home costs about $1,447 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $97,360 |
|---|---|
| Loan amount | $389,440 |
| Principal and interest | $2,620 |
| Property taxes (0.83% a year) | $337 |
| Homeowners insurance (our estimate, 0.5% a year) | $203 |
| PMI | $0 |
| Total per month | $3,159 |
Change the numbers in the calculator
| Down payment | $17,038 |
|---|---|
| Loan amount | $477,983 |
| Principal and interest | $3,215 |
| Property taxes (0.83% a year) | $337 |
| Homeowners insurance (our estimate, 0.5% a year) | $203 |
| FHA mortgage insurance | $215 |
| Total per month | $3,970 |
Change the numbers in the calculator
Questions about home buying in Carmel
What is the median home value in Carmel?
About $486,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Carmel?
Homeowners pay a median $4,056 a year, which is about 0.83% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Carmel?
For the median home with 20% down at 7.11%, the payment is about $3,159 a month. Keeping that under 28% of gross income takes about $135,400 a year.
More about Carmel
- Mortgage Refinance in Carmel
- Debt Relief in Carmel
- Home Equity Loans in Carmel
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data