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Abstract Local empirical models of the F2 layer peak electron density (NmF2) are developed for 43 low‐ middle latitude ionosonde stations using auto‐scaled data from Lowell GIRO data center and manually scaled data from World Data Center for Ionosphere and Space Weather. Data coverage at these stations ranges from a few years to up to 6 decades. Flare Irradiance Spectral Model index version 2 (FISM2) and ap3 index are used to parametrize the solar extreme ultraviolet (EUV) flux and geomagnetic activity dependence of NmF2. Learning curves suggest that approximately 8 years of data coverage is required to constrain the solar activity dependence of NmF2. Output of local models altogether captures well known anomalies of the F2 ionospheric layer. Performance metrics demonstrate that the model parametrized using FISM2 has better accuracy than a similarly parametrized model with F10.7, as well as than the IRI‐2020 model. Skill score metrics indicate that the FISM2 based model outperforms F10.7 model at all solar activity levels. The improved accuracy of model with FISM2 over F10.7 is due to better representation of solar rotation by FISM2, and due to its performance at solar extremum. Application of singular spectrum analysis to model output reveals that solar rotation contributes to about 2%–3% of the variance in NmF2 data and FISM2 based model, while F10.7 based models overestimate the strength of solar rotation to be at 4%–7%. At solar extremum, both F10.7‐based model and IRI‐2020 tend to overestimate the NmF2 while FISM2 provides the most accurate prediction out of three.