Carmel, Indiana Cost Of Living

Buy Rent

F

12%

Overall NAT. AVG.

4%

Goods & Services NAT. AVG.

52%

Housing NAT. AVG.

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Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Carmel	Indiana	National
Cost of living	112	89	100
Goods & Services	96	96	100
Groceries	95	94	100
Health care	86	96	100
Housing	152	72	100
Transportation	91	99	100
Utilities	104	99	100

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Key findings

The cost of living in Carmel is 26% higher than the Indiana average
The cost of living in Carmel is 12% higher than the national average
Carmel housing is 52% higher than the national average
Indiana general sales tax is 37% higher than the national average
Indiana state income tax is 31% higher than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$122,600	$10,217	$2,860	$3,678
Renters	$58,500	$4,875	$1,365	$1,755

A good indicator of the general affordability of housing in Carmel, IN, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Carmel, the median monthly income is $122,600 for those who own their own homes. Under the standard rule, that income level would allow for $2,860 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $58,500, per the median income in the area. That would allow for renters to spend up to $1,365 on monthly rental expenses.

Indiana Sales Tax

State	General Sales Tax	With Max Surtax
Indiana	7%	7%

Indiana Income Tax

State	Income Tax (Low)	Income Tax (High)
Indiana	3.23%	3.23%

Goods & Services

Item	Carmel	National avg.	Difference
Haircut	$17.40	$20.27	14.2%
Beauty Salon	$38.57	$40.39	4.5%
Toothpaste	$2.01	$2.36	14.7%
Shampoo	$1.02	$1.08	5.2%
Movie	$11.34	$10.99	3.2%
Bowling	$18.23	$15.49	17.7%

Groceries

Item	Carmel	National avg.	Difference
Ground Beef	$3.97	$4.30	7.5%
Fried Chicken	$1.34	$1.40	4.5%
Milk	$1.73	$2.20	21.5%
Potatoes	$2.88	$3.22	10.5%
Pizza	$10.49	$10.74	2.3%
Beer	$9.06	$9.60	5.6%

Health Care

Item	Carmel	National avg.	Difference
Optometrist	$67.23	$109.73	38.7%
Doctor	$91.73	$118.34	22.5%
Dentist	$89.83	$100.94	11.0%
Ibuprofen	$9.06	$9.93	8.8%
Lipitor	$479.39	$469.53	2.1%

Housing

Item	Carmel	National avg.	Difference
Home Price	$306,500.00	$184,700.00	65.9%
Avg. Mortgage Payment	$931.48	$1,229.62	24.2%
Apartment Rent	$1,132.00	$949.00	19.3%

Transportation

Item	Carmel	National avg.	Difference
Gasoline	$2.66	$2.71	2.0%
Tire Balancing	$42.03	$51.86	18.9%

Utilities

Item	Carmel	National avg.	Difference
All Electricity	$182.33	$170.84	6.7%
Phone	$187.80	$187.18	0.3%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Arcadia, IN	1,257	80	19.9%
Sheridan, IN	2,735	82	17.9%
Speedway, IN	12,145	87	13.0%
Warren Park, IN	1,704	88	11.8%
Indianapolis, IN	846,674	88	11.7%
Carmel, IN	86,940	112	12.5%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Hawthorne, CA	86,938	138	38.1%
Alafaya, FL	86,868	106	6.3%
Suffolk, VA	87,061	107	6.6%
Newport Beach, CA	86,813	277	176.6%
Whittier, CA	86,630	141	40.6%
Carmel, IN	86,940	112	12.5%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.