Cost Of Living in Monticello, AR

A+

20%

Overall NAT. AVG.

12%

Goods & Services NAT. AVG.

39%

Housing NAT. AVG.

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	Monticello	Arkansas	National
Cost of living	80	86	100
Goods & Services	88	98	100
Groceries	94	95	100
Health care	103	88	100
Housing	61	65	100
Transportation	88	90	100
Utilities	78	92	100

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Cost Of Living Quick Facts

The cost of living in Monticello is 7% lower than the Arkansas average
The cost of living in Monticello is 20% lower than the national average
Monticello housing is 39% lower than the national average
Arkansas general sales tax is 27% higher than the national average
Arkansas state income tax is 23% lower than the national average

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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	$54,583	$4,549	$1,274	$1,638
Renters	$24,716	$2,060	$577	$742

A good indicator of the general affordability of housing in Monticello, AR, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Monticello, the median monthly income is $54,583 for those who own their own homes. Under the standard rule, that income level would allow for $1,274 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $24,716, per the median income in the area. That would allow for renters to spend up to $577 on monthly rental expenses.

Arkansas Sales Tax

State	General Sales Tax	With Max Surtax
Arkansas	6.5%	11.625%

Arkansas Income Tax

State	Income Tax (Low)	Income Tax (High)
Arkansas	2%	4.9%

Goods & Services

Item	Monticello	National avg.	Difference
Haircut	$23.22	$24.26	4.3%
Beauty Salon	$46.11	$45.56	1.2%
Toothpaste	$3.52	$3.70	4.9%
Shampoo	$1.33	$1.28	3.9%
Movie	$12.98	$12.13	7.0%
Bowling	$20.00	$18.00	11.1%

Groceries

Item	Monticello	National avg.	Difference
Ground Beef	$6.31	$5.84	8.0%
Fried Chicken	$1.67	$1.57	6.2%
Milk	$4.61	$4.67	1.3%
Potatoes	$5.17	$4.93	4.8%
Pizza	$10.99	$12.09	9.1%
Beer	$9.63	$10.41	7.5%

Health Care

Item	Monticello	National avg.	Difference
Optometrist	$110.11	$125.68	12.4%
Doctor	$173.89	$135.78	28.1%
Dentist	$128.33	$113.29	13.3%
Ibuprofen	$10.39	$10.65	2.5%
Lipitor	$524.60	$468.60	12.0%

Housing

Item	Monticello	National avg.	Difference
Home Price	$105,100.00	$184,700.00	43.1%
Avg. Mortgage Payment	$3,477.84	$2,346.69	48.2%
Apartment Rent	$661.00	$949.00	30.3%

Transportation

Item	Monticello	National avg.	Difference
Gasoline	$3.15	$3.46	9.0%
Tire Balancing	$56.44	$59.92	5.8%

Utilities

Item	Monticello	National avg.	Difference
All Electricity	$126.52	$193.99	34.8%
Phone	$186.90	$192.25	2.8%

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.
Wilmar, AR	274	73	26.6%
Rye, AR	144	84	15.6%
Monticello, AR	9,392	80	19.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Greenwood, AR	9,392	91	8.9%
Cairo, GA	9,395	87	13.0%
Coaldale, AB	9,383	n/a
Fairview, OR	9,382	123	22.7%
Audubon, PA	9,379	127	26.8%
Monticello, AR	9,392	80	19.8%