Monroe cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMonroeNorth CarolinaNational
Cost of living index9495100
IndexMonroeNorth CarolinaNational
Goods & Services index102100100
Groceries index9499100
Health care index104105100
Housing index8287100
Transportation index9794100
Utilities index9297100
Displayed above is a general overview of the Monroe, NC cost of living index. The overall cost of living index in Monroe, NC is 94, which is 2% lower than the North Carolina average and 6% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Monroe, NC are 1% higher than the North Carolina average and 2% higher than the national average.

Did you know?

  • The cost of living in Monroe is 2% lower than the North Carolina average.
  • The cost of living in Monroe is 6% lower than the national average.
  • The cost of housing in Monroe is 18% lower than the national average.
  • North Carolina general sales tax is 7% lower than the national average.
  • North Carolina state income tax is 159% higher than the national average.

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Compare Monroe, NC Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Monroe, NC to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Monroe, NC, then you would need to earn more income in order to maintain the same standard of living. To use the Monroe, NC salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$61,276$5,106$1,430$1,838
Renters$28,187$2,349$658$846
The affordability of the housing market in Monroe, NC as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Monroe, NC homeowners, the median income is $61,276. This indicates that a monthly maximum of $1,430 should be spent by homeowners on all housing related costs. Renters have a median income of $28,187. This indicates that renters should have a maximum of $658 used for their rent related monthly costs.

North Carolina Sales Tax

StateGeneral Sales TaxWith Max Surtax
North Carolina4.75%7.5%

North Carolina Income Tax

StateIncome Tax (Low)Income Tax (High)
North Carolina5.75%5.75%
One thing to keep in mind when considering the cost of living in Monroe, NC is the North Carolina sales tax and North Carolina income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The North Carolina sales tax rate is 4.75% and the maximum surtax that can be charged is 7.5%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The North Carolina income tax rates range from 5.75% to 5.75%.

Goods & Services

ItemMonroeNational avg.Difference
Haircut $16.25$15.564.4%
Beauty Salon $34.87$36.113.4%
Toothpaste $2.89$2.4716.8%
Shampoo $1.04$0.968.1%
Movie $10.55$10.134.2%
Bowling $5.57$4.7417.6%

Groceries

ItemMonroeNational avg.Difference
Ground Beef $3.85$3.983.5%
Fried Chicken $1.34$1.415.0%
Milk $1.95$2.065.5%
Potatoes $3.05$2.982.3%
Pizza $9.09$9.474.1%
Beer $8.69$8.791.2%

Health Care

ItemMonroeNational avg.Difference
Optometrist $114.36$101.0413.2%
Doctor $100.31$107.446.6%
Dentist $111.42$90.4223.2%
Ibuprofen $6.63$9.2828.5%
Lipitor $389.57$426.508.7%

Housing

ItemMonroeNational avg.Difference
Home Price $142,500.00$175,700.0018.9%
Avg. Mortgage Payment $871.06$1,133.2323.1%
Apartment Rent $785.00$920.0014.7%

Transportation

ItemMonroeNational avg.Difference
Gasoline $1.95$1.992.0%
Tire Balancing $43.26$45.765.5%

Utilities

ItemMonroeNational avg.Difference
All Electricity$156.74$163.814.3%
Phone $25.00$28.3911.9%
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, StatePopulationCost of Living IndexNational Avg.
Marshville, NC2,49387-13%
Wingate, NC3,70891-9%
Hemby Bridge, NC1,34194-6%
JAARS, NC43096-4%
Mineral Springs, NC2,75298-2%
Monroe, NC33,58894-6%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Nacogdoches, TX33,58991-9%
Dakota Ridge, CO33,58311414%
Wildomar, CA33,60112020%
Redan, GA33,60393-7%
Security-Widefield, CO33,56696-4%
Monroe, NC33,58894-6%
Source: The Monroe, NC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.