Cost of Living in Cape Canaveral, FL

With a cost of living index of 97, Cape Canaveral, FL is slightly more affordable than average. Living here is 3% cheaper than the national average and 13% below the Florida state average of 110. Cape Canaveral is a smaller community of 9,976 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Cape Canaveral's cost of living. The median monthly rent is $1,156 (12% below the US median of $1,319), and the median home value sits at $323,900 (6% above the national median of $304,900). At current prices, the median home costs roughly 4.6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Cape Canaveral is $70,585, which is 6% lower than the national median of $75,149. Residents spend roughly 20% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Palm Bay-Melbourne-Titusville, FL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.