Cost of Living in Canton, GA

An Overview of Cost of Living in Canton, GA

Understanding the cost of living in Canton can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Canton cost of living index is 107, which is 7% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in Canton are priced in a manner consistent with other areas. This means that residents of Canton can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Housing costs make up a big chunk of the cost of living in Canton, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 29.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Canton Affordable?

Is Canton affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Canton, for instance, where the median home price falls 28.7% higher than the national average, and monthly rent rates are 32.7% higher than usual. Additionally, median income levels contribute to the equation, with Canton flaunting a median household income of $61,459, 11.1% higher than the national norm.

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 0.6% lower than the national average.

Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Canton, the healthcare costs are 9.2% higher than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Canton, the baseline sales tax rate begins at 4%, and income tax rates start at 1%.

Where is the Data From?

The Canton cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.