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City · 101,651 residents · Hamilton County, Indiana

Carmel , Indiana

In Carmel, a typical home is worth $486,800 and typical rent is $1,712 a month. Compared with all of Hamilton County, the typical home value is 20% higher and typical household income is 16% higher.

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  • Typical home value

    $486,800

    20% above the county

    123% above Indiana

    • Carmel
    • Hamilton
    • Indiana

  • Typical rent

    $1,712a month

    9% above the county

    61% above Indiana

    • Carmel
    • Hamilton
    • Indiana

  • Typical household income

    $141,505a year

    16% above the county

    97% above Indiana

    • Carmel
    • Hamilton
    • Indiana

  • Households that own their home

    74%

    2 points below the county

    4 points above Indiana

    • Carmel
    • Hamilton
    • Indiana

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$575,492
4.5% more than 12 months ago
Typical rent
$1,864 a month
9.5% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Carmel is in Hamilton County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Hamilton County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Carmel apart

What this place has that others do not, from public data, most unusual first.

  1. Carmel has the 2nd highest typical household income of the 134 cities in Indiana with more than 5,000 people ($141,505).

  2. Carmel has the 2nd highest typical home value of the 134 cities in Indiana with more than 5,000 people ($486,800).

  3. Carmel has the 3rd highest typical rent of the 132 cities in Indiana with more than 5,000 people ($1,712).

  4. Nearby, in Lawrence, the typical home value is $230,100: 53% less than in Carmel ($486,800).

  5. Nearby, in Lawrence, the typical rent is $1,178: 31% less than in Carmel ($1,712).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Carmel

What homes there are in Carmel, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Carmel, 7 in 10 homes are single-family detached houses; in Hamilton County, 7.

Year built

By age, homes in Carmel look like those in Hamilton County: the typical year built is 1998.

In Carmel, 74% of homes have 3 bedrooms or more, about the same as in Hamilton County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 58% of owner-occupied homes in Carmel are worth less than the FHA loan limit for Hamilton County ($541,287); the rest are worth more.

Monthly rent with utilities

With a mortgage

$2,431 a month

Hamilton County: $2,133 a month

Without a mortgage

$816 a month

Hamilton County: $749 a month

Owners with a mortgage

68%

Hamilton County: 73%

In Carmel, 68% of owners have a mortgage, and their typical cost is $2,431 a month, against $2,133 in Hamilton County. Without one it drops to $816.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Carmel rose 46%; in Hamilton County, it rose 54%.

Rents in Carmel rose faster than in Hamilton County: 42% since 2015–2019, against 34%.

Housing prices ran ahead of income in Carmel: typical income rose 26%, against +46% for home values and +42% for rent.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureCarmelHamilton CountyIndianaUnited States
Rental vacancy 8.2%6.6%5.6%5.5%
Homeowner vacancy Unreliable estimate1.0%0.8%0.9%
More than one person per room Unreliable estimate1.0%1.8%3.4%
People per household 2.632.642.462.53
Drive alone 67%69%76%69%
Carpool 4%6%9%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 1%1%2%3%
Work from home 27%23%11%15%
Other means 1%1%1%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

The rental vacancy rate in Carmel is 8.2%, higher than in Hamilton County (6.6%).

Much as in Hamilton County, a household in Carmel has 2.63 people on average.

In Carmel, 27% of workers work from home, more than in Hamilton County (23%).

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Carmel?

A typical home is tight for the typical income

We start with a typical home in Carmel, worth $486,800, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 34% of the typical household income in Carmel, which is $141,505 a year. For that payment to be 28% of income, a household would need to earn about $171,123 a year.

The calculator's FHA and conventional loan limits are those of all of Hamilton County.

Your numbers

Local data
$

Starts at the typical home value in Carmel. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $17,038 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,993

at 7.18% · 30 years

Loan amount
$477,983
Total interest
$687,705
Paid off in
November 2056

Includes $8,221 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $3,302 a month

  • Tight

    $3,302 to $4,245 a month

    Your payment · 34%

  • Hard

    more than $4,245 a month

Compared with the typical household income in Carmel ($141,505 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,993
Principal & interest$3,238
Property tax$337
Home insurance$203
FHA mortgage insurance (MIP)$215

You need at least $17,038 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Carmel and Hamilton County

Carmel is in Hamilton County, Indiana. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Carmel's own numbers

Typical home value
$486,800
Typical monthly rent
$1,712
Typical yearly household income
$141,505
Households that own their home
74%
Effective property tax rate
0.83%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Hamilton County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,536
Price change over 5 years (FHFA)
+60%
Homes in a high flood-risk zone
1.1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Hamilton County.

Everything about Hamilton County

Buying

Buying a home in Carmel

A typical home in Carmel is worth $486,800: 20% above the county and 123% above Indiana. With the typical household income in Carmel ($141,505 a year), a typical home costs 3.4 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Carmel 3.4 years
  • Hamilton 3.3 years
  • Indiana 3.0 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Hamilton County

According to FHFA’s house price index, home prices in Hamilton County rose 103% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Hamilton County.

Period County Indiana U.S.
Last year (2025) +4.8% +4.3% +2.9%
5 years (2020–2025) +60% +53% +47%
10 years (2015–2025) +103% +95% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Carmel next to Hamilton County, Indiana and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Carmel $486,800
  • Hamilton $405,500
  • Indiana $218,200
  • United States $332,700
Typical monthly rent
  • Carmel $1,712
  • Hamilton $1,574
  • Indiana $1,062
  • United States $1,413
Typical yearly household income
  • Carmel $141,505
  • Hamilton $121,530
  • Indiana $71,957
  • United States $80,734
See the full table
Carmel next to Hamilton County and Indiana
Measure Carmel Hamilton County Indiana U.S.
Typical home value $486,800 $405,500 $218,200 $332,700
Typical monthly rent $1,712 $1,574 $1,062 $1,413
Typical yearly household income $141,505 $121,530 $71,957 $80,734
Households that own their home 74% 76% 71% 65%
Typical yearly property tax $4,056 $3,549 $1,614 $3,119
Effective property tax rate 0.83% 0.88% 0.74% 0.94%
Renters with high rent for their income 44% 42% 48% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Hamilton County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Carmel

For a typical $486,800 home in Carmel, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Carmel's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,993a month

    Least cash to close
    Down payment
    $17,038
    Cash to close
    $31,642
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $215

  • Conventional, 5% down $3,904a month

    Down payment
    $24,340
    Cash to close
    $38,944
    Rate
    7.18%
    Mortgage insurance
    PMI · $231

  • Conventional, 20% down, no PMI $3,178a month

    Down payment
    $97,360
    Cash to close
    $111,964
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,628a month

    Down payment
    $73,020
    Cash to close
    $87,624
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Carmel and for Hamilton County.

Property tax

Effective rate in Carmel

0.83%of the home’s value each year

$4,056 a year for the typical owner in Carmel.

  • Carmel 0.83%
  • Hamilton 0.88%
  • Indiana 0.74%

What Indiana publishes Homestead standard deduction: the amount drops each year (Indiana Department of Local Government Finance (DLGF), Form HC10)

Exemptions and deadlines in Indiana

Flood risk in Hamilton County

FEMA does not publish these numbers by city: they are for all of Hamilton County.

Homes in the high-risk zone
1.1%
1,320
Of those, with NFIP insurance
16%
County Indiana U.S.
Homes in the high-risk zone 1.1% 2.3% 3.5%
Of those, with NFIP insurance 16% 17% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Carmel

Typical rent in Carmel is $1,712 a month: 9% above the county. In Carmel, 44% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Hamilton County, by unit size. To pay the 2-bedroom one ($1,536 a month) without spending more than 30% of your income, you would need to earn $29.54 an hour working full time.

HUD fair market rent for all of Hamilton County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,187 $22.83 $47,480
1 bedroom $1,336 $25.69 $53,440
2 bedrooms $1,536 $29.54 $61,440
3 bedrooms $1,991 $38.29 $79,640
4 bedrooms $2,425 $46.63 $97,000

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Carmel

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Carmel has 4 ZIP codes with their own.

For 2 bedrooms it runs from $1,940 in 46290 to $2,180 in 46280.

4 of the 4 are above the fair market rent for Hamilton County ($1,536).

  • 46032 $2,140$2,770
  • 46033 $2,160$2,800
  • 46280 $2,180$2,830
  • 46290 $1,940$2,510

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Carmel when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Carmel

HUD lists one building with rents for lower incomes in Carmel.

  • D & R Assoc 10355 Central Ave, Carmel 46280 4 low-income homes · 2 bd: 4 · In service since 1994

See all 17 buildings in Hamilton County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Carmel

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Hamilton County. The nearest ones are below; many serve by phone or online.

A young woman and a young man point to a line in their notes beside a laptop in a library.

HUD counseling is free or low-cost

Assistance programs in Carmel

No down payment, repair or rent-help program on our list is for Carmel or Hamilton County. The ones below are statewide in Indiana: they work in Carmel the same as in the rest of the state.

Which programs do I qualify for? All programs in Indiana

  • Next Home

    Statewide in Indiana

    Indiana state agency program with down payment assistance of 2.5% or 3.5% of the price, alongside a 30-year FHA or conventional mortgage. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Type not stated

    See the program Official page

  • First Step

    Statewide in Indiana

    Indiana state agency 30-year FHA or conventional mortgage for first-time buyers (or homes in designated areas), with down payment assistance as a second mortgage with no interest or payments, repaid when the first mortgage ends. Offered by Indiana Housing and Community Development Authority (IHCDA).

    Deferred

    See the program Official page

Housing counselors near Carmel

The HUD-approved agencies closest to the center of Carmel, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Habitat for Humanity of Greater Indianapolis

    3135 N Meridian St, Indianapolis · 11 miles away

    • Budget and financial counseling
    • Budget and credit workshops
    • and 2 more
    (317) 777-6084

  • Indianapolis Neighborhood Housing Partnership Homeownership Center at Glendale

    2960 N Meridian St, Indianapolis · 11 miles away

    • Pre-purchase counseling
    • Homebuyer education workshops
    (317) 610-4663

  • Indianapolis Neighborhood Housing Partnership

    2690 N Meridian St, Indianapolis · 11 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 2 more
    (317) 610-4663

All counseling agencies in Indiana

Help in Spanish near Carmel

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Carmel

In HUD’s record, no housing authority with an office in Hamilton County is named for Carmel or Hamilton County.

One other authority has an office in Hamilton County: see the list Source: HUD

Cities

Other cities in Hamilton County

These cities are also in Hamilton County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Hamilton County Housing in Indiana

Nearby cities

The cities closest to Carmel, with the typical home value.

Neighboring counties

If Hamilton County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Carmel.

All guides
A mother holds her laughing daughter on a grey sofa.

Questions

Housing questions about Carmel

Short answers with the numbers for Carmel and all of Hamilton County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Carmel?

The typical home value in Carmel is $486,800, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Hamilton County it is $405,500.

How much does it cost to rent in Carmel?

Typical rent in Carmel is $1,712 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Hamilton County is $1,536.

What is the FHA loan limit in Carmel?

Carmel uses the FHA limit for all of Hamilton County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Carmel?

The typical homeowner in Carmel pays $4,056 a year, according to the U.S. Census Bureau. That is 0.83% of the home’s value; in Hamilton County, the rate is 0.88%.

Where can I find free help to buy or rent in Carmel?

We found no HUD-approved counseling agencies with an office in Hamilton County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).