Is Carmel, Indiana an Affordable Place to Live?

Carmel Indiana is a successful suburb with high-quality schools and plenty of amenities. However, living costs are higher than other Hamilton County communities. Learn more about the cost of living & amenities here.

Is Carmel, Indiana an Affordable Place to Live?

Carmel, Indiana is a successful suburb with high-quality schools and plenty of amenities. However, living costs in Carmel are higher than in other Hamilton County communities, and many residents struggle to afford the cost of housing. Renting is more affordable than buying, and there are plenty of restaurants and stores to explore. Despite the higher cost of living, Carmel is still a great place to live.When it comes to buying or renting a home in Carmel, you'll get less for your money than in other nearby communities.

The only area where Carmel has managed to keep costs in line with other Hamilton County towns is in rental properties. If all of Hamilton County's affordable and subsidized units were distributed evenly by population, Carmel would gain nearly 600 units.When it comes to dining options, there are plenty of restaurants to choose from. Eggshell Bistro specializes in brunch, while Divvy was voted one of the 25 best restaurants in Indianapolis by Indianapolis Monthly. The Woodys Library restaurant is located in a Carnegie-style library built in 1913 and converted into a restaurant in 1998.Every Tuesday and Friday night there is live music at one of the trendiest nightspots in Carmel.The Monon Railroad arrived in the city in 1882 and Carmel quickly grew from there as an industrial and corporate center.

Every year in September, the Carmel International Art Festival invites more than 130 artisans to exhibit their products in the Art and Design District. To escape the hot Indiana summers, you can visit The Waterpark at the Monon Community Center or play a round of golf on one of the city's many courses.Living costs more in Carmel compared to downtown Indianapolis, mainly because of expenses related to housing. Indianaans in the food preparation industry, educators, police officers, janitors and social workers are among those who risk becoming a cost burden if they bought a home from average price in Carmel.Carmel City Center has a variety of stores, from Briades of Carmel, a bridal boutique, to Bath Junkie, which sells bubble bath products, moisturizers and salt scrubs. The regional chain Market District has one store on North Illinois Street, while Marsh Supermarkets has three branches in Carmel to serve it.

If you like standard ethnic cuisine, Carmel has a lot of such restaurants with Mexican, Italian, American and Asian establishments.At least 55 percent of Carmel residents age 65 and older earn less than the median income in the central Indiana area, compared to 32 percent of all Carmel residents. Even if you can afford to buy or rent here, you'll certainly get less for your money in Carmel.

Lorene Batteiger
Lorene Batteiger

Unapologetic web scholar. Lifelong zombie ninja. Certified travel evangelist. General pizza aficionado. Devoted beer ninja. Unapologetic travel advocate.

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