Is Carmel, Indiana a Rich Person's Paradise?

Carmel, Indiana is known for its wealth and great infrastructure. But what does it really cost to live there? Find out if living in Carmel is worth it.

Is Carmel, Indiana a Rich Person's Paradise?

Carmel, Indiana is a thriving area with great infrastructure and a reputation for being a wealthy city. A recent study of nearly 500 cities looked at household income, home values, the percentage of homes without a mortgage, and average credit limits. The results showed that Carmel ranked 22nd among the 475 richest cities in the study. The city is known for its immaculate highways, buildings, parks, and shopping malls.

It is also home to thousands of business and community leaders and Indiana residents who choose IBJ as their main source for local news. However, the cost of living in Carmel is comparable to that of most other cities in the Midwest, but relatively high housing prices make it an unviable option for many. For the same price as a one-story, two-bedroom house with almost no patio in Carmel, you might be able to buy a house with a patio, a nice back porch, and maybe even a pool in other Indiana cities. Carmelites have preconceptions about the city as soon as you tell them you live there because of the cost of living and the relatively high average income.

Fortunately, Indiana is an incredibly fortunate state when it comes to public education, with some of the country's best educational opportunities open to Indiana taxpayers. The food scene in Indianapolis has exploded with the force of an atomic bomb, but if you're looking for original food in Carmel, you're going to be looking for it for a while. There are many Carmelites who can barely afford to live there but want to live in a safe environment with excellent schools. Some nearby neighborhoods where you're much more likely to find something in that price range include Fishers, Westfield, Noblesville and modern-day Indianapolis.

Carmel's population is just under 100,000 people so it's not a huge city but it's a decent-sized suburb. The quality of life is multifaceted but it's fairly easy to see how the residents of Carmel have a great quality of life. For example, Zionsville is also an area of the Indianapolis metropolitan area that represents exclusive wealth and is home to people with decently high incomes yet it is a much smaller community than Carmel. Of these schools, Carmel stands out even more with some of the best schools in all of Indiana not just the Indianapolis metropolitan area.Carmel isn't the only Indianapolis suburb that's hard to “get into” when it comes to moving there.

Whether accurate or not, there is a clear reputation that has been following the residents of Carmel for a long time and that is that they are all rich and very nervous.

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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