Monticello 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.
IndexMonticelloIowaNational
Cost of living index8488100
IndexMonticelloIowaNational
Goods & Services index9393100
Groceries index9495100
Health care index10296100
Housing index5973100
Transportation index9297100
Utilities index10799100
Displayed above is a general overview of the Monticello, IA cost of living index. The overall cost of living index in Monticello, IA is 84, which is 5% lower than the Iowa average and 16% 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 Monticello, IA are 1% lower than the Iowa average and 7% lower than the national average.

Did you know?

  • The cost of living in Monticello is 5% lower than the Iowa average.
  • The cost of living in Monticello is 16% lower than the national average.
  • The cost of housing in Monticello is 41% lower than the national average.
  • Iowa general sales tax is 18% higher than the national average.
  • Iowa state income tax is 84% lower than the national average.

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Compare Monticello, IA Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is meant to help you compare your salary in Monticello, IA to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Monticello, IA, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Monticello, IA salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$51,865$4,322$1,210$1,556
Renters$32,188$2,682$751$966
The affordability of the housing market in Monticello, IA 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 Monticello, IA homeowners, the median income is $51,865. This indicates that a monthly maximum of $1,210 should be spent by homeowners on all housing related costs. Renters have a median income of $32,188. This indicates that renters should have a maximum of $751 used for their rent related monthly costs.

Iowa Sales Tax

StateGeneral Sales TaxWith Max Surtax
Iowa6%7%

Iowa Income Tax

StateIncome Tax (Low)Income Tax (High)
Iowa0.36%8.98%
When considering the overall cost of living expenses in Monticello, IA, it's important to take into account the sales tax for Iowa, as well as the rate for income tax in Iowa. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Iowa is 7%, and the sales tax in the state of Iowa is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Iowa starts from 0.36% and goes up to 8.98%.

Goods & Services

ItemMonticelloNational avg.Difference
Haircut $11.50$14.5921.2%
Beauty Salon $38.75$34.6811.7%
Toothpaste $2.48$2.470.3%
Shampoo $1.16$1.0213.5%
Movie $9.88$9.870.1%
Bowling $3.75$4.3914.6%

Groceries

ItemMonticelloNational avg.Difference
Ground Beef $4.64$4.483.6%
Fried Chicken $1.53$1.464.5%
Milk $2.42$2.362.7%
Potatoes $2.91$3.064.9%
Pizza $8.00$9.2413.4%
Beer $7.75$8.6310.2%

Health Care

ItemMonticelloNational avg.Difference
Optometrist $130.25$99.7830.5%
Doctor $128.75$105.0322.6%
Dentist $76.75$88.7013.5%
Ibuprofen $7.98$9.4115.2%
Lipitor $302.31$298.501.3%

Housing

ItemMonticelloNational avg.Difference
Home Price $107,800.00$175,700.0038.6%
Avg. Mortgage Payment $934.42$1,081.0313.6%
Apartment Rent $492.00$920.0046.5%

Transportation

ItemMonticelloNational avg.Difference
Gasoline $1.90$2.099.2%
Tire Balancing $42.65$45.295.8%

Utilities

ItemMonticelloNational avg.Difference
All Electricity$183.67$170.807.5%
Phone $29.99$28.266.1%
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, StatePopulationCost of Living IndexNational Avg.
Center Junction, IA11178-22%
Onslow, IA21885-15%
Hopkinton, IA57887-13%
Wyoming, IA43282-18%
Worthington, IA35590-10%
Monticello, IA3,80184-16%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Spackenkill, NY3,80013939%
Merchantville, NJ3,80311818%
Hallsville, TX3,79997-3%
India Hook, SC3,80499-1%
Plainwell, MI3,79883-17%
Monticello, IA3,80184-16%
Source: The Monticello, IA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.