I used to live in Muncie, IN and now live in Bowling Green, KY so I am somewhat familiar with both areas. Bowling Green does not have the per capita income of Carmel but the cost of living (and availability of jobs) in the area make up for the difference. The houses are very well priced for the size and you can find just about anything you want depending on the area you are looking in.
As an example Smallhouse Road ranges from $30,000 two bedrooms on one end of the city to $450,000 homes on the other end of the city. Having lived in several large and small cities and having settled in Bowling Green I can't imagine living anywhere else.