Lyric discussion by LewisCBR 

Cover art for Not Miserable lyrics by Frightened Rabbit

What I think, is similar to some of the comments, but has a very different spin.

Yes, I believe this is about a failed suicide attempt. Almost drowning all alone in a house nails that angle. However, this song reeks of someone trying to convince himself he is not miserable... when he very clearly IS STILL MISERABLE.

Geez, the background vocals spell it out. "I AM.. IAM.. IAM". I see this as his subconscious telling him the truth. He failed at killing himself, no one knows he tried and is seriously depressed, he fakes being not miserable, no one knows he really is. He wont admit it, but i am... i am.. iam...... miserable.

Touching and powerful song.