Cost of Living in Canaan, VT

With a cost of living index of 67, Canaan, VT is one of the most affordable cities in the country. Living here is 33% cheaper than the national average and 24% below the Vermont state average of 92. Canaan is a small community of 305 residents.

Housing costs are the biggest factor in Canaan's cost of living. The median monthly rent is $742 (44% below the US median of $1,319), and the median home value sits at $118,000 (61% below the national median of $304,900). At current prices, the median home costs roughly 2.1x the median household income — well within traditional affordability guidelines.

The median household income in Canaan is $56,250, which is 25% lower than the national median of $75,149. Residents spend roughly 16% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.