A
3%
Overall NAT. AVG.
0%
Goods & Services NAT. AVG.
8%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Monroe Ohio National
Cost of living10392100
Goods & Services100100100
Groceries101101100
Health care10798100
Housing10873100
Transportation95100100
Utilities10299100

An Overview of Cost of Living in Monroe, OH

Are you thinking about relocating, but curious about the potential cost of living in Monroe? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Monroe stands at 103, making it 3% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Everyday expenditures like food, housing, goods and services, transportation and health care in Monroe are priced in a manner consistent with other areas. This means that residents of Monroe can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Monroe Affordable?

Is Monroe an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Monroe is 4.4% higher than the national average, while the average monthly rent prices are 17.9% higher than average. The affordability of any location can also be influenced by median income levels. Monroe has a median household income of $90,952, which is 64.4% higher than the national average.

What Factors can Influence the Cost of Living in Monroe?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Monroe, the transportation index is 5.4% lower than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The Monroe cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

New Real Estate Listings in Monroe Area
Search Homes for Sale in Monroe, OH

Cost Of Living Quick Facts

  • The cost of living in Monroe is 12% higher than the Ohio average
  • The cost of living in Monroe is 3% higher than the national average
  • Monroe housing is 8% higher than the national average
  • Ohio general sales tax is 13% higher than the national average
  • Ohio state income tax is 6% higher than the national average

Most Affordable Places to Live in and Around Monroe

See all the best places to live around Monroe

Compare Monroe, OH Cost of Living

      vs
      How would you rate the cost of living in Monroe?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Monroe?
      Write a review to give others more information about this area.
      See all Monroe poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$101,897$8,491$2,377$3,057
      Renters$63,750$5,313$1,487$1,913
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Monroe, OH, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Monroe homeowners, is $101,897. This would allow for a maximum of $2,377 per month to be spent on housing costs. For renters, the median monthly income is $63,750 which would result in a maximum of $1,487 to be spent on rental costs.

      Ohio Sales Tax

      State General Sales Tax With Max Surtax
      Ohio 5.75% 8%

      Ohio Income Tax

      State Income Tax (Low) Income Tax (High)
      Ohio 2.76% 3.99%

      Goods & Services

      Item Monroe National avg. Difference
      Haircut $21.00$24.2613.4%
      Beauty Salon $43.31$45.564.9%
      Toothpaste $3.57$3.703.5%
      Shampoo $1.30$1.281.5%
      Movie $12.84$12.135.8%
      Bowling $16.32$18.009.3%

      Groceries

      Item Monroe National avg. Difference
      Ground Beef $6.04$5.843.4%
      Fried Chicken $1.69$1.577.2%
      Milk $4.78$4.672.2%
      Potatoes $5.19$4.935.1%
      Pizza $13.11$12.098.5%
      Beer $10.57$10.411.6%

      Health Care

      Item Monroe National avg. Difference
      Optometrist $108.50$125.6813.7%
      Doctor $152.25$135.7812.1%
      Dentist $122.07$113.297.7%
      Ibuprofen $10.62$10.650.3%
      Lipitor $511.48$468.609.2%

      Housing

      Item Monroe National avg. Difference
      Home Price $192,900.00$184,700.004.4%
      Avg. Mortgage Payment $1,810.14$2,346.6922.9%
      Apartment Rent $1,119.00$949.0017.9%

      Transportation

      Item Monroe National avg. Difference
      Gasoline $3.24$3.466.3%
      Tire Balancing $58.06$59.923.1%

      Utilities

      Item Monroe National avg. Difference
      All Electricity $202.76$193.994.5%
      Phone $186.57$192.253.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Centerville village, OH698118.9%
      Lincoln Heights, OH3,3598613.8%
      West Elkton, OH1168514.6%
      Somerville, OH3048119.2%
      Camden, OH2,1208119.0%
      Monroe, OH14,0611032.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Forrest City, AR14,0628020.4%
      Fort Payne, AL14,0638515.4%
      Mississippi Mills, ON14,064n/a 
      Beauharnois, QC14,056n/a 
      Fruita, CO14,0681109.7%
      Monroe, OH14,0611032.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.