Rent to Own Homes in Carmel

Today, Old Town Carmel is one of the most entertaining regions of town. This is the center of the arts district, and there are many small businesses operating in the area. You'll also find the Carmel Clay Public Library, Carmel High School, the Monon Greenway and the Hamilton County Convention Center in this general area.

Another popular area of town is the Carmel City Center. This is a mixed-use development that covers one million square feet. It's home to the Center for the Performing Arts as well as a variety of restaurants, shops and businesses. Other popular features of the city include the historical Carmel Monon Depot, the Waterpark at the Monon Community Center and Carmel Middle School. For outdoor recreation, residents can enjoy a variety of scenic parks like Meadowlark Park, Founders Park and Hazel Landing park.

Buying a Home in Carmel

The median listing price for homes in Carmel is often around $450,000, and it may get close to $500,000 at times. It's common for buyers to pay more than $100 per square foot, but you can find more affordable homes if you look in the right neighborhoods. This is a community that boasts an average yearly income of more than $100,000, and more than 90 percent of residents own their homes. This makes it easy to find established neighborhoods with a low percentage of rental properties.

Popular Neighborhoods in Carmel

Find the intersection of Main Street and Towne Road to discover one of the most popular Carmel neighborhoods. This area is known as the Village of West Clay, and it's filled with paths suitable for walking and biking, swimming pools, lakes, small shops and architectural buildings that will take you back in time. It's not difficult to find homes from this neighborhood on the market, but the median listing price is typically over $500,000. You can expect to pay more than $100 per square foot for any home in this area.

If you want to live in one of the coziest communities in Carmel while taking advantage of an active neighborhood club and a long list of amenities, head toward 161st Street and Carey Road to an upscale neighborhood known as Bridgewater Club. You will pay more than $600,000 for most homes in this area, but you'll also enjoy a higher quality of life in a well-maintained community.

Buying vs. Rent to Own Homes

A rent-to-own contract gives you the advantage of moving into your new home before you secure funding or make the purchase official. The current owner maintains legal control of the property while you pay rent, but you have the right to purchase the home before the end of your contract if you choose. This gives you time to prepare for the home-buying process, possibly allowing you to secure a lower interest rate than you would get if you were to apply for a home loan today. If you intend on purchasing a home in the next few years, look for these opportunities in Carmel.

Cost of Living in Carmel

The cost of housing in Carmel often exceeds the national average by 50 percent or more. This increases the overall cost of living, so you can expect to spend about 10-20 percent more than average to live here. From utilities to transportation and everyday goods and services, most prices other than housing fall slightly below the national average. This gives residents with a more restrictive income the chance to budget carefully so that they can afford a larger home in Carmel.

Summary

Carmel, Indiana, is a northern suburb of Indianapolis. While it started out as a Quaker community in the early 1800s, it has turned into one of the fastest-growing cities in the state. With a variety of small parks dotting the landscape and a rich history that long-term residents still embrace, this is a family-friendly town that allows you to live in a quiet, suburban neighborhood while remaining a short drive from the excitement and employment opportunities available in Indianapolis.