Quick facts: Chancellor, SD

Quick Facts

98.4
Cost of Living
below US average
308
Population
19.48
Crime Rate per 1000
below US average
$60,625
Median Income
below US average
$425,000
Median House Price
above US average
$1139
Average Rent
below US average
Poverty rate Data is updating, will be available soon
2.5%
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 $60,625.

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Income Needed to Buy

βœ— Stretch
$133k/year
Based on $425,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $133k vs median $60,625
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Income Needed to Rent

βœ“ Affordable
$49k/year
Based on $1139/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($60,625) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Chancellor, SD

Chancellor is a small city located in Turner County, South Dakota, with a population of around 800 residents. It is situated approximately 25 miles northwest of Sioux Falls, the largest city in the state. Chancellor boasts a vibrant community atmosphere, offering a peaceful rural lifestyle while still being close to the amenities of larger urban areas. The city is characterized by its friendly residents and community-oriented events which often include local festivals and gatherings. Residents enjoy access to various outdoor recreational opportunities, such as hunting, fishing, and hiking, thanks to the surrounding natural landscapes. Chancellor's economy is primarily driven by agriculture, with many residents involved in farming and related industries. The city is served by local schools that offer quality education for families. With its close-knit community feel and easy access to the more bustling city of Sioux Falls, Chancellor provides a charming mix of rural life and nearby urban convenience.

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