CALCMONEY // HOME AFFORDABILITY // IN // CARMEL
How much house can you afford in Carmel? Based on local median home prices, current IN mortgage rates, and Carmel property tax data.
$391,000
$2,226/mo
$95,391/yr
$420,269
Monthly housing costs of $2,226 represent 26.2% of Carmel's median gross monthly income ($8,500/mo). At 26.2%, Carmel falls within the standard 28% affordability threshold at current median income levels.
| Median Home Price | $391,000 |
| Down Payment (20%) | $78,200 |
| Loan Amount | $312,800 |
| Monthly PI Payment | $2,060 |
| Monthly Property Tax | $3 |
| Monthly Insurance Est. | $163 |
| Total Monthly PITI | $2,226 |
| Housing Cost % of Income | 26.2% |
| Required Income (28% rule) | $95,391/yr |
| Max Affordable Home | $420,269 |
$13,685
$2,918/mo
Carmel Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $391,000 | Carmel city median |
| Down Payment (20%) | $78,200 | Conventional loan |
| Monthly PITI | $2,226 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $95,391 | Annual gross |
| Max Affordable Home | $420,269 | Based on median income |
| FHA Down (3.5%) | $13,685 | Minimum FHA |
| Housing Cost % of Income | 26.2% | Median income: $102,000/yr |
| Property Tax Rate | 0.0085% | $33/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Carmel is $391,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $312,800, generating a monthly P&I payment of $2,060. Adding property taxes ($3/mo) and homeowners insurance ($163/mo) brings total monthly PITI to $2,226.
Carmel's property tax rate of 0.0085% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Carmel median home, that is $3/month, or $33 per year.
Indiana levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Carmel should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Carmel's median income of $102,000/year can afford up to $2,380/month in total housing costs. Based on Carmel's mortgage rate of 6.9% and property tax rate of 0.0085%, that translates to a maximum affordable home price of approximately $420,269 with 20% down on a 30-year loan.
To afford the median Carmel home priced at $391,000, you need an annual gross income of approximately $95,391. Total monthly housing costs (principal and interest of $2,060, property taxes of $3, and insurance of $163) come to $2,226/month, which equals 28% of the required income.
At the median home price of $391,000 and median household income of $102,000, the total monthly housing cost of $2,226 represents 26.2% of gross monthly income. This is within the standard 28% guideline, making Carmel relatively accessible at current income levels.
A conventional 20% down payment on the median Carmel home of $391,000 is $78,200. An FHA loan requires just 3.5% down — $13,685 — but adds mortgage insurance of roughly $267/month, bringing total FHA payments to $2,918/month.
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