Carmel, IN

This city of 106,996 residents needs 2,868 more housing units over the next five years. Carmel is part of the Indianapolis MPO.

Housing snapshot

Population
106,996 (2026)
Households
39,844
Median household income
$155,818 (2026)
Typical home value
$586,345
Owner-occupied
70%
Five-year housing need
2,868 units

Comparison to other Indiana municipalities

Carmel: $155,818 Median income (2026 estimate)
<$34K >$120K
Carmel: 2.08 jobs to household ratio
<0.06 >2.73
Carmel: Permits since 2021 represent 11.7% of housing
<0% >18.5%
On this page

How affordable is this community?

The typical home in Carmel, IN is valued at $586,345, well above the Indiana average of $234,139. Carmel, IN's median household income of $155,818 comfortably exceeds what is needed to afford the typical home, making this a relatively affordable market.

This chart tracks whether housing prices are keeping pace with local incomes. The gap between what homes cost and what households can afford reveals affordability trends over time.

How is the population changing?

Carmel, IN has a population of roughly 101,651, growing modestly at 1.5% per year.

Population growth patterns reveal how communities are evolving. This chart shows historical population changes by age group and projects future trends based on demographic patterns.

How has employment changed over time?

Jobs by industry sector since 2012. Switch between local jobs — counted where the jobs are located — and resident jobs, counted where the workers live. On the local view the most recent year is a nowcast: it grows the latest local LODES job mix forward using recent county employment growth from QCEW and the BLS local employment series, so the newest point tracks today's economy instead of data that is roughly two years old.

How are households changing by income?

With roughly 39,844 households, Carmel, IN is growing modestly at 1.5% per year.

Understanding how households at different income levels are growing or declining helps identify which groups face the greatest housing pressure and where new housing is most needed.

Who lives here today?

In Carmel, IN, detached single-family accounts for 70% of the housing stock. Homeownership is the norm in Carmel, IN, with 70% of units owner-occupied.

Households may have different structure type preferences depending on characteristics such as household size, income, employment, presence of children, age of individuals, and lifestyle choices. Understanding the housing stock in corresponding terms helps assess how well existing units align with existing households' ideals.

What does the housing stock look like?

The mix of housing types and ownership patterns shapes a community's character. This chart breaks down housing units by structure type and whether they're owner-occupied or rented.

How much new housing supply is needed?

To keep up with growth and fill current housing shortages, Carmel, IN needs 2,868 new units over the next 5 years.

2,629
Units needed to keep up with expected growth
Projected total household growth from 2026 to 2031.
6.6%
Projected household growth rate
Expected increase in total households from 39,844 in 2026 to 42,473 in 2031.
239
Units to address shortages in existing housing stock
Production needs to address vacancy rates and other factors.
143
Replacement housing
Effective annual loss rate is 0.7 per 1,000 units.
96
Ownership vacancy adjustment
Owner-occupied vacancy is 1.2%. This is below the minimum stable target of 1.5%.
2,868
Total 5-year housing production need (2026-2031)
574
Annual production pace
Average units needed per year to meet 5-year need
7.0%
Total housing unit growth
Percent increase in housing stock over 5 years
1.4%
Annual housing unit growth
Average percent increase in housing stock per year

How does this place compare to similar communities?