The typical owner-occupied home in Canton is worth about $93,200, 72% below the Minnesota median of $329,300 and 72% below the national median of $332,700. Owners pay a median $913 a year in property taxes, about 0.98% of their home's value, close to the Minnesota rate of 1.02%. The median household earns $53,056 a year, so the median home costs 1.8 times the median income (3.7 times for Minnesota). 84% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Canton at a glance
| Canton | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $93,200 | $329,300 | $332,700 |
| Median property tax paid per year | $913 | $3,357 | $3,119 |
| Property tax as a share of value | 0.98% | 1.02% | 0.94% |
| Median household income | $53,056 | $89,062 | $80,734 |
| Homes lived in by their owners | 84% | 72% | 65% |
| Owner homes with a mortgage | 62% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $930 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 16.0% | 19.7% | 21.0% |
| Median rent | $610 | $1,280 | $1,413 |
| Rent as a share of renters' income | 18.8% | 29.2% | 30.6% |
| Median year homes were built | 1938 | 1979 | 1980 |
| Vacant homes | 0.6% | 9.3% | 10.1% |
| Population | 398 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Canton
At this week's average 30-year rate of 7.11%, buying the median Canton home of $93,200 with 20% down costs about $617 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $772, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $26,422 for the 20%-down payment. That payment is 14% of the median Canton household income of $53,056; at that income and 20% down, the 28% guideline points to a home of about $187,000.
The median rent here is $610 a month, so owning the median home costs about $7 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $18,640 |
|---|---|
| Loan amount | $74,560 |
| Principal and interest | $502 |
| Property taxes (0.98% a year) | $76 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| PMI | $0 |
| Total per month | $617 |
Change the numbers in the calculator
| Down payment | $3,262 |
|---|---|
| Loan amount | $91,512 |
| Principal and interest | $616 |
| Property taxes (0.98% a year) | $76 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| FHA mortgage insurance | $41 |
| Total per month | $772 |
Change the numbers in the calculator
Questions about home buying in Canton
What is the median home value in Canton?
About $93,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Canton?
Homeowners pay a median $913 a year, which is about 0.98% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Canton?
For the median home with 20% down at 7.11%, the payment is about $617 a month. Keeping that under 28% of gross income takes about $26,422 a year.
More about Canton
- Mortgage Refinance in Canton
- Debt Relief in Canton
- Home Equity Loans in Canton
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data