Carmel, Indiana.
Typical home $575,492 (+4.5% in a year), asking rent $1,864 (+9.5%). Indianapolis-Carmel-Anderson, IN metro.
to buy the typical home at today's mortgage rate — +$1,715 (+131%) since Jan 2020.
- 1 year
- Up $24,762 +4%
- $550,730$575,492 since Sep 2025
- 5 years
- Up $144,589 +34%
- $430,904$575,492 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Carmel$3,021
- Indiana$1,350
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 12 years.
Typical home values in Carmel, IN rose 4.5% over the past year — faster than the nation's +1.2%.
Asking rents in Carmel, IN rose 9.5% over the past year — faster than the nation's +2.7%.
Owning the typical home in Carmel runs $2,192/mo more than renting one — the widest that gap has been in this data.
That is $4,056 a month against $1,864 rent: a $3,021 mortgage payment, plus $420 property tax and $616 insurance & upkeep.
Owning vs renting — Carmel
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$4,056
- Renting$1,864
- Mortgage only$3,021
Property tax · $420/mo 0.88% of value a year — the ACS 2020-2024 median bill over the median home value for Hamilton County, IN
Insurance & upkeep · $616/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Carmel, Hamilton County, Indiana
Carmel is a city of 99,757 people in Hamilton County. Half its households earn more than $141,505 a year and half less, against $121,530 across Hamilton County; 4% of its people live below the poverty line. 74% of its homes are lived in by their owners and 26% are rented. Unemployment in Carmel was 3.0% in August 2026, and Hamilton County had 2.4% more jobs in 2025 than the year before. The most residents work in schools and health care, then professional services.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Carmel is a city in Hamilton County, north of Indianapolis, and it is a place where most homes are lived in by their owners. Household incomes run well above the county's, which is itself a comfortable one, and few residents live below the poverty line. Homes and rents both cost a good deal, and the population skews toward people in their middle years, with a large share holding a four-year degree. Winters are cold and snowy, with January the chilliest month, and summers turn warm in July, with a fair amount of rain and melted snow across the year.
Work. Many residents work in schools, hospitals and social care, in professional and business services, in manufacturing, or in banks, insurance and property. Among the largest workplaces in Carmel are Carmel Clay Schools, IU Health North Hospital and Midcontinent Independent System Operators. Unemployment is low and slightly lower than a year ago, and Hamilton County added jobs last year. Commutes are of moderate length, and a good number of people work from home.
Things to do. For a day out, the Indianapolis Motor Speedway, the famous race track, is a longer drive away. So is The Children's Museum of Indianapolis, one of the better known museums of its kind. Eagle Creek Park, a large garden and green space, is also a longer drive away and suits a quieter outing.
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- 38,426households
- 74%of adults have a degree
- 4%below the poverty line
- 25 mintypical commute
- 27%work from home
What residents work in
Employed residents by industry, from the Census survey. Hamilton County had 167,841 jobs in 2025, 2.4% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 34° and lows near 19°; warmest in July, with highs near 84° and lows near 64°. About 44 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Carmel East weather station, 5 miles away (NOAA).
Largest employers in Carmel
- Carmel Clay Schools2,754
- Geico2,534
- Allegion1,300
- CNO Financial Group988
- IU Health North Hospital (formerly Clarian North Medical Center)975
- Midcontinent Independent System Operator, Inc. (MISO)700
- NextGear Capital694
- American Funds/Capital Group500
From the City of Carmel’s annual financial report for 2025, its schedule of principal employers (its source: “Hamilton County Economic Development Corporation City and Company Officials Carmel Clay School Corporation”), as Indiana’s State Board of Accounts publishes it: the report. Employees as the report counts them.
Natural hazards
- TornadoesRelatively high
- HailRelatively moderate
- Winter weatherrelatively high in parts of CarmelRelatively moderate
- Cold wavesRelatively moderate
- Inland floodingrelatively high in parts of CarmelRelatively moderate
- LightningRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Carmel’s census tracts, against the rest of the country; all of them together, relatively low. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Hamilton County and the Indianapolis-Carmel-Anderson, IN metro.
Carmel home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Carmel$575,492
- Indiana$257,165
- United States$366,157
Levy by levy, and a check of one home’s own bill, the site covers Ohio’s property tax.
Sellers are cutting prices on about 1 in 3 Carmel listings, and the typical home goes pending in 10 days — the market is roughly in balance.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Carmel34.05%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Carmel10
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Carmel320
New listings per month
Sellers arriving at the market.
- Carmel132
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Carmel$560,053
- United States$371,407
Sale-to-list ratio
Above 100%, homes sell over asking; below, buyers negotiate wins.
- Carmel100.18%
Zip codes with a Carmel address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Carmel — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.
Zip codes in Carmel
| Zip activate to sort by Zip | Place activate to sort by Place | Population sorted descending, activate to sort ascending | Rent activate to sort by Rent | Home value activate to sort by Home value |
|---|---|---|---|---|
| 46032 | Carmel | 51,515 | $1,773 | $586,980 |
| 46033 | Carmel | 40,881 | $2,189 | $590,390 |
| 46280 | Indianapolis | 7,514 | $1,886 | $346,264 |