Chancellor is located at (43.372382, -96.987761).
There were 134 households out of which 35.1% had children under the age of 18 living with them, 56.0% were married couples living together, 8.2% had a female householder with no husband present, and 33.6% were non-families. 32.1% of all households were made up of individuals and 15.7% had someone living alone who was 65 years of age or older. The average household size was 2.45 and the average family size was 3.07.
In the town the population was spread out with 26.8% under the age of 18, 9.1% from 18 to 24, 28.7% from 25 to 44, 18.0% from 45 to 64, and 17.4% who were 65 years of age or older. The median age was 32 years. For every 100 females there were 90.7 males. For every 100 females age 18 and over, there were 92.0 males.
The median income for a household in the town was $30,500, and the median income for a family was $42,250. Males had a median income of $22,750 versus $19,167 for females. The per capita income for the town was $18,156. None of the families and 4.2% of the population were living below the poverty line, including no under eighteens and 11.8% of those over 64.