Cost of Living in Canton, OH

An Overview of Cost of Living in Canton, OH

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 82, making it 18% 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 costs often consume a significant share of your take-home income, often surpassing 30%. Fortunately, Canton distinguishes itself by reporting housing expenses that are 49.9% below the national average. This indicates that both owning a home and renting in this area are notably more budget-friendly compared to the rest of the nation. With such favorable housing affordability, residents of Canton can allocate more of their income to housing, enhancing their financial flexibility.

What Do Locals Say About the Cost of Living in Canton?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 14 locals to understand their opinions on the cost of living in Canton. The results indicated that 64% found it reasonably priced with decreasing prices of goods and services, while 36% viewed it as quite expensive, with increasing prices.

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 60.3% lower than what most folks pay across the country, and monthly rent prices are 25.7% lower than the usual rates. Income levels in Canton come in at $32,735, which is 40.8% lower than the national average.

What Factors can Influence the Cost of Living in Canton?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Canton, the transportation index is 2% lower than the national average.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Canton, the groceries index is 1.1% higher than the national average.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, 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 farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall 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.