Cost of Living in Carrabelle, FL

With a cost of living index of 85, Carrabelle, FL is a very affordable place to live. Living here is 15% cheaper than the national average and 25% below the Florida state average of 110. Carrabelle is a small community of 3,145 residents.

Housing costs are the biggest factor in Carrabelle's cost of living. The median monthly rent is $1,231 (7% below the US median of $1,319), and the median home value sits at $149,600 (51% below the national median of $304,900). At current prices, the median home costs roughly 2.6x the median household income — well within traditional affordability guidelines.

The median household income in Carrabelle is $57,143, which is 24% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.