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 117, which is 1.2x 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 90.
The standard of living in Carmel ranks as #128 most affordable out of the 129 places we measured in Indiana. By definition, that implies Carmel ranks as the #1 most expensive place in the Hoosier State.
For more reading on life in Carmel, check out:
Carmel Cost Of Living Vs. Indiana
Six factors go into calculating the cost of living index in Carmel. Here is how it fares on each of the criteria:
The Services index in Carmel is 94.
The Groceries index in Carmel is 100.
The Health index in Carmel is 175.
The Housing index in Carmel is 93.
The Transportation index in Carmel is 93.
The Utilities index in Carmel is 91.
| Living Expense | Carmel | Indiana | National Average |
|---|---|---|---|
| Overall | 117 | 90 | 100 |
| Services | 94 | 97 | 100 |
| Groceries | 100 | 95 | 100 |
| Health | 175 | 72 | 100 |
| Housing | 93 | 98 | 100 |
| Transportation | 93 | 94 | 100 |
| Utilities | 91 | 96 | 100 |
Carmel Cost Of Living Compared To Indiana Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Indiana, check out:
Protect your home budget Compare home warranties in Carmel Get matched →Source: Cost-of-living index 2026, normalized to US average = 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 2020-2024. The key points are:
The Median Home Value in Carmel is $563,457.
The Median Rent in Carmel is $1,712.
The Median Income in Carmel is $141,505.
The Home Value To Income in Carmel is 4.0x.
The Rent To Monthly Income in Carmel is 0.15x.
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
Carmel SnackAbility
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 94, 0.8x Carmel.
Noblesville, IN has a cost of living index of 103, 0.9x Carmel.
Westfield, IN has a cost of living index of 112, 1.0x Carmel.
| City | Population | Cost Of Living | Vs. Carmel |
|---|---|---|---|
| Indianapolis, IN | 885,860 | 94 | 0.8x |
| Noblesville, IN | 73,362 | 103 | 0.9x |
| Westfield, IN | 54,677 | 112 | 1.0x |
| Lawrence, IN | 49,517 | 95 | 0.8x |
| Zionsville, IN | 32,095 | 122 | 1.0x |
| Brownsburg, IN | 31,215 | 102 | 0.9x |
| Avon, IN | 23,437 | 103 | 0.9x |
| Beech Grove, IN | 14,913 | 86 | 0.7x |
| Cumberland, IN | 6,267 | 97 | 0.8x |
