Cost Of Living in Monticello, IN

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	Indiana	National
Cost of living	87	90	100
Goods & Services	96	94	100
Groceries	98	98	100
Health care	107	96	100
Housing	60	72	100
Transportation	99	95	100
Utilities	109	107	100

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Cost Of Living Quick Facts

The cost of living in Monticello is 2% lower than the Indiana average
The cost of living in Monticello is 13% lower than the national average
Monticello housing is 40% lower than the national average
Indiana general sales tax is 37% higher than the national average
Indiana state income tax is 21% higher 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	$50,139	$4,178	$1,170	$1,504
Renters	$26,174	$2,181	$611	$785

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Monticello, IN, 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 Monticello homeowners, is $50,139. This would allow for a maximum of $1,170 per month to be spent on housing costs. For renters, the median monthly income is $26,174 which would result in a maximum of $611 to be spent on rental costs.

Indiana Sales Tax

State	General Sales Tax	With Max Surtax
Indiana	7%	7%

Indiana Income Tax

State	Income Tax (Low)	Income Tax (High)
Indiana	3.15%	3.15%

Goods & Services

Item	Monticello	National avg.	Difference
Haircut	$21.11	$24.26	13.0%
Beauty Salon	$34.91	$45.56	23.4%
Toothpaste	$3.80	$3.70	2.6%
Shampoo	$1.21	$1.28	5.7%
Movie	$9.09	$12.13	25.1%
Bowling	$19.27	$18.00	7.1%

Groceries

Item	Monticello	National avg.	Difference
Ground Beef	$5.90	$5.84	1.1%
Fried Chicken	$1.52	$1.57	3.1%
Milk	$4.63	$4.67	0.9%
Potatoes	$5.00	$4.93	1.3%
Pizza	$11.42	$12.09	5.5%
Beer	$9.83	$10.41	5.6%

Health Care

Item	Monticello	National avg.	Difference
Optometrist	$121.07	$125.68	3.7%
Doctor	$123.38	$135.78	9.1%
Dentist	$140.03	$113.29	23.6%
Ibuprofen	$10.24	$10.65	3.9%
Lipitor	$516.41	$468.60	10.2%

Housing

Item	Monticello	National avg.	Difference
Home Price	$97,700.00	$184,700.00	47.1%
Avg. Mortgage Payment	$2,162.95	$2,346.69	7.8%
Apartment Rent	$718.00	$949.00	24.3%

Transportation

Item	Monticello	National avg.	Difference
Gasoline	$3.46	$3.46	0.1%
Tire Balancing	$57.36	$59.92	4.3%

Utilities

Item	Monticello	National avg.	Difference
All Electricity	$223.79	$193.99	15.4%
Phone	$190.17	$192.25	1.1%

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.
Monon, IN	1,650	84	15.9%
Camden, IN	589	84	15.9%
Idaville, IN	308	85	15.3%
Royal Center, IN	890	81	19.2%
Flora, IN	1,856	85	15.1%
Monticello, IN	5,255	87	12.6%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Greenacres, CA	5,255	118	18.4%
Briar, TX	5,255	102	2.1%
Williamston, NC	5,251	86	13.7%
Bowling Green, MO	5,259	81	18.8%
Kings Point, NY	5,250	408	308.0%
Monticello, IN	5,255	87	12.6%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Monticello, IN