Flexera has a version called Install Shield LE which is free for Visual Studio owners.
I heard a lot of whining about InstallShield LE and thought they were overreacting until I tried to use it and immediately ran into limitations that jacked me up. For the most basic of installers it's fine, but anything more than that and you're required to buy the full version.
My personal preference is WiX, though the learning curve is significant. InnoSetup is another common one. Ultimately, nothing I've used beats the now defunct setup project that came with Visual Studio 2010 and earlier in terms of ease of use versus capabilities. It's a shame Microsoft decided to partner with Flexera and throw developers under the bus.