A+
17%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
44%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Canton Illinois National
Cost of living8396100
Goods & Services9497100
Groceries9998100
Health care8695100
Housing5695100
Transportation101103100
Utilities9089100

An Overview of Cost of Living in Canton, IL

Are you thinking about relocating, but curious about the potential cost of living in Canton? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Canton stands at 83, making it 17% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing expenses often consume a significant portion of your net income, occasionally surpassing 30%. Fortunately, housing costs in Canton are 43.7% below the national average. This highlights the region's exceptional affordability for both homeownership and rentals in comparison to the rest of the country. This favorable housing situation allows residents to allocate a more reasonable fraction of their income to housing, resulting in enhanced financial flexibility and improved overall financial well-being.

Is Canton Affordable?

Is Canton an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Canton, the median home price is 45.7% lower than what most folks pay across the country, and monthly rent prices are 39.1% lower than the usual rates. Income levels in Canton come in at $46,362, which is 16.2% lower than the national average.

What Factors can Influence the Cost of Living in Canton?

Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Canton, the transportation index is 1.2% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living data in Canton displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Canton is 13% lower than the Illinois average
  • The cost of living in Canton is 17% lower than the national average
  • Canton housing is 44% lower than the national average
  • Illinois general sales tax is 22% higher than the national average
  • Illinois state income tax is 91% higher than the national average

Most Affordable Places to Live in and Around Canton

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Compare Canton, IL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$59,146$4,929$1,380$1,775
      Renters$22,791$1,899$532$684
      A good indicator of the general affordability of housing in Canton, IL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Canton, the median monthly income is $59,146 for those who own their own homes. Under the standard rule, that income level would allow for $1,380 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $22,791, per the median income in the area. That would allow for renters to spend up to $532 on monthly rental expenses.

      Illinois Sales Tax

      State General Sales Tax With Max Surtax
      Illinois 6.25% 10.25%

      Illinois Income Tax

      State Income Tax (Low) Income Tax (High)
      Illinois 4.95% 4.95%

      Goods & Services

      Item Canton National avg. Difference
      Haircut $25.00$24.263.0%
      Beauty Salon $39.00$45.5614.4%
      Toothpaste $3.80$3.702.5%
      Shampoo $1.35$1.285.2%
      Movie $9.91$12.1318.4%
      Bowling $15.00$18.0016.7%

      Groceries

      Item Canton National avg. Difference
      Ground Beef $6.23$5.846.8%
      Fried Chicken $1.61$1.572.4%
      Milk $4.74$4.671.5%
      Potatoes $4.97$4.930.6%
      Pizza $12.49$12.093.4%
      Beer $10.32$10.410.9%

      Health Care

      Item Canton National avg. Difference
      Optometrist $119.25$125.685.1%
      Doctor $128.33$135.785.5%
      Dentist $81.17$113.2928.4%
      Ibuprofen $10.34$10.652.9%
      Lipitor $437.64$468.606.6%

      Housing

      Item Canton National avg. Difference
      Home Price $100,300.00$184,700.0045.7%
      Avg. Mortgage Payment $1,766.12$2,346.6924.7%
      Apartment Rent $578.00$949.0039.1%

      Transportation

      Item Canton National avg. Difference
      Gasoline $3.68$3.466.3%
      Tire Balancing $53.33$59.9211.0%

      Utilities

      Item Canton National avg. Difference
      All Electricity $158.51$193.9918.3%
      Phone $197.49$192.252.7%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Ellisville, IL967227.9%
      Smithfield, IL1817525.2%
      Liverpool, IL1287822.4%
      Fairview, IL4567821.9%
      St. David, IL5607921.1%
      Canton, IL13,6008316.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Chelsea, AL13,5991077.5%
      Marshall, MN13,6048811.6%
      Middlesex, NJ13,60612525.4%
      Forest City, FL13,59211212.0%
      Jensen Beach, FL13,5921055.3%
      Canton, IL13,6008316.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.