Cost of Living in Carmi, IL

With a cost of living index of 68, Carmi, IL is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 12% below the Illinois state average of 80. Carmi is a small community of 4,879 residents.

Housing costs are the biggest factor in Carmi's cost of living. The median monthly rent is $863 (35% below the US median of $1,319), and the median home value sits at $98,700 (68% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Carmi is $47,051, which is 37% lower than the national median of $75,149. Residents spend roughly 22% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. 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.