This was 33.3 percent higher than the state average of 37 percent. In 2020 the total municipality population reached 118.
100 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Caballo for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 0 | 0 |
| Regular high school diploma | 35 | 29.7 |
| GED or alternative credential | 0 | 0 |
| Some college, less than 1 year | 0 | 0 |
| Some college, 1 or more years, no degree | 0 | 0 |
| Associate's degree | 0 | 0 |
| Bachelor's degree | 36 | 30.5 |
| Master's degree | 47 | 39.8 |
| Professional school degree | 0 | 0 |
| Doctorate degree | 0 | 0 |
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