Carmel, Indiana Income Statistics
Carmel Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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A+
Carmel Top grade
Source: Map AI Methodology
Income Statistics Overview
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Median Household Income | $142,879 | $71,967 | $80,455 |
| Median Personal Income | $102,150 | $55,757 | $60,758 |
| Average Yearly Income Growth | 4.0% | 4.5% | 4.8% |
| Six-Figure Earners | 30.7% | 10.2% | 13.9% |
| $200k+ Households | 34.6% | 8.2% | 13.2% |
The median household income in Carmel is about 99% higher than in Indiana. Income has been growing slower in Carmel (4.0%/yr) than in Indiana (4.5%/yr).
About 31% of adults in Carmel earn six figures ($100,000 or more) a year, higher than the Indiana average of 10%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Carmel, Indiana grew by 46.1% from 2009 to 2024, reaching $142,879 in 2024. That's an average of about 4.0% per year.
Income Inequality and the Gender Pay Gap in Carmel
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.516 | 0.534 | 0.552 |
| Male Median Income | $116,455 | $65,086 | $69,667 |
| Female Median Income | $85,388 | $51,220 | $56,850 |
| Gender Pay Gap | 26.7% | 21.3% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Carmel, it is 0.516, lower than Indiana's 0.534, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 36% more than women's income in Carmel, Indiana. Over a 35-year career, a 36% wage gap accumulates to roughly $1,087,345 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Carmel, Indiana has narrowed from about 38% to 27% in 2024. Over that period the gap was widest at 40% in 2015. In dollar terms, the gap has narrowed by $1,224 since 2009.
Employment
| Metric | Carmel | Indiana Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 4.3% | 5.2% |
| Working from Home | 27.5% | 10.7% | 15.0% |
| Commute time (minutes) | 22 | 21 | 22 |
Approximately 1,488 people are unemployed in Carmel, Indiana.
The average commute time in Carmel is 22 minutes, longer than the 21 minutes in Indiana.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Carmel, Indiana has fallen from 4.7% to 2.7% in 2024. Over that period the rate peaked at 5.3% in 2013 and fell as low as 2.5% in 2018.
Carmel, IN Wealth Compared With Nearby Cities
How Carmel, IN compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Carmel, IN | 101,084 | $142,879 #1/2 | 4.0%/yr #2/2 | 2.7% #1/2 | 0.516 #2/2 |
| Westfield, IN | 44,969 | $117,008 | 4.1%/yr | 3.2% | 0.511 |
Conclusion
Considering all these factors, Carmel, Indiana has an overall wealth index grade of A+, making it far better than Indiana, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Carmel, Indiana.
How Rich Is Carmel, Indiana?
Carmel has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $142,879, about 99% higher than the Indiana average of $71,967.
How fast is household income rising in Carmel, Indiana?
Between 2009 and 2024, the median household income in Carmel, Indiana rose 46%, from $97,776 to $142,879. Over the same years, income here lagged behind Indiana as a whole: +46% against +52%.
What was the median household income in Carmel in 2023?
In 2023, the median household income in Carmel, Indiana was $135,250, up 1% from $133,538 in 2022. The Indiana median that year was $70,115.
What was the median household income in Carmel in 2020?
In 2020, the median household income in Carmel, Indiana was $116,983. By 2024 it had risen 22% to $142,879.
How many people earn six figures in Carmel, Indiana?
Yes. 31% of adults in Carmel, Indiana earn $100,000 or more a year (about 1 in 3), against 10% (about 1 in 10) in Indiana. 35% of households have a combined income of $200,000 or more, compared with 8% in Indiana.
How strong is the job market in Carmel, Indiana?
Unemployment in Carmel, Indiana is only 2.7%, well below the Indiana rate of 4.3%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Carmel, Indiana?
The Gini coefficient in Carmel is 0.516. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Carmel, Indiana?
Since 2009, the income gap between men and women in Carmel, Indiana has narrowed from about 38% to 27% in 2024. Over that period the gap was widest at 40% in 2015. In dollar terms, the gap has narrowed by $1,224 since 2009.
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