Quick facts: Canton, SD

Quick Facts

98.4
Cost of Living
below US average
3,065
Population
15.01
Crime Rate per 1000
below US average
$71,064
Median Income
below US average
$299,000
Median House Price
above US average
$636.67
Average Rent
below US average
9%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $71,064.

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Income Needed to Buy

βœ— Stretch
$94k/year
Based on $299,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $94k vs median $71,064
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Income Needed to Rent

βœ“ Affordable
$27k/year
Based on $636.67/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($71,064) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Canton, SD

Canton, South Dakota, is a small city located in Lincoln County, approximately 20 miles southwest of Sioux Falls. With a population of around 3,000 residents, Canton offers a tight-knit community atmosphere combined with the charm of small-town living. The city is known for its picturesque landscapes, featuring the scenic Sioux River, which provides recreational opportunities including fishing, kayaking, and hiking. Canton boasts a rich history dating back to its founding in the 1870s, evidenced by several historic structures and landmarks. The local economy is primarily supported by agriculture, retail, and service industries. The city hosts various events throughout the year, fostering community spirit, including fairs and seasonal festivals. Outdoor enthusiasts will appreciate the proximity to parks and nature trails, making it an appealing destination for those seeking tranquility and outdoor activities. Canton also emphasizes education, with established public schools and access to community resources. Overall, Canton is a welcoming place that combines rural charm with accessibility to larger urban amenities in nearby Sioux Falls.

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