Cost of Living in Cannelton, IN

With a cost of living index of 61, Cannelton, IN is one of the most affordable cities in the country. Living here is 39% cheaper than the national average and 17% below the Indiana state average of 78. Cannelton is a small community of 1,506 residents.

Housing costs are the biggest factor in Cannelton's cost of living. The median monthly rent is $719 (45% below the US median of $1,319), and the median home value sits at $85,600 (72% below the national median of $304,900). At current prices, the median home costs roughly 2.4x the median household income — well within traditional affordability guidelines.

The median household income in Cannelton is $35,900, which is 52% lower than the national median of $75,149. Residents spend roughly 24% 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.