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
$2,500/mo
$107,142/yr
$368,229
Monthly housing costs of $2,500 represent 29.4% of Carmel's median gross monthly income ($8,500/mo). At 29.4%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $391,000 |
| Down Payment (20%) | $78,200 |
| Loan Amount | $312,800 |
| Monthly PI Payment | $2,060 |
| Monthly Property Tax | $277 |
| Monthly Insurance Est. | $163 |
| Total Monthly PITI | $2,500 |
| Housing Cost % of Income | 29.4% |
| Required Income (28% rule) | $107,142/yr |
| Max Affordable Home | $368,229 |
$13,685
$3,192/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 | $2,500 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $107,142 | Annual gross |
| Max Affordable Home | $368,229 | Based on median income |
| FHA Down (3.5%) | $13,685 | Minimum FHA |
| Housing Cost % of Income | 29.4% | Median income: $102,000/yr |
| Property Tax Rate | 0.85% | $3,324/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 ($277/mo) and homeowners insurance ($163/mo) brings total monthly PITI to $2,500.
Carmel's property tax rate of 0.85% is near the national average, adding a standard increment to monthly housing costs. On the Carmel median home, that is $277/month, or $3,324 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 0.85%, that translates to a maximum affordable home price of approximately $368,229 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 $107,142. Total monthly housing costs (principal and interest of $2,060, property taxes of $277, and insurance of $163) come to $2,500/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 $2,500 represents 29.4% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
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 $3,192/month.
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