Cost of Living in Monticello, MN

An Overview of Cost of Living in Monticello, MN

Are you thinking about relocating, but curious about the potential cost of living in Monticello? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Monticello stands at 108, making it 8% 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 Monticello are priced in a manner consistent with other areas. This means that residents of Monticello can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Monticello Affordable?

Is Monticello 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 Monticello is 16.7% higher than the national average, while the average monthly rent prices are 15.3% higher than average. The affordability of any location can also be influenced by median income levels. Monticello has a median household income of $71,399, which is 29.1% higher than the national average.

What Factors can Influence the Cost of Living in Monticello?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Monticello comes in at 6.8% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Monticello, the baseline sales tax rate begins at 6.875%, and income tax rates start at 5.35%.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Monticello, the groceries index is 2.9% lower than the national average.

Where is the Data From?

The Monticello 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.