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.
IndexMonticelloIllinoisNational
Cost of living index9298100
IndexMonticelloIllinoisNational
Goods & Services index9497100
Groceries index9197100
Health care index99100100
Housing index8499100
Transportation index93104100
Utilities index10995100
The above illustration supplies generalized information for the Monticello, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Monticello, IL is 92, which is 6% lower than the Illinois average and 8% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Monticello, IL are 3% lower than the average for Illinois and 6% lower than the rest of the country.

Did you know?

  • The cost of living in Monticello is 6% lower than the Illinois average.
  • The cost of living in Monticello is 8% lower than the national average.
  • The cost of housing in Monticello is 16% lower than the national average.
  • Illinois general sales tax is 23% higher than the national average.
  • Illinois state income tax is 69% higher than the national average.

Find Real Estate Listings In Monticello

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Monticello

Compare Monticello, IL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator allows you to compare how much your current salary in Monticello, IL would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Monticello, IL, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Monticello, IL salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$75,000$6,250$1,750$2,250
Renters$40,110$3,343$936$1,203
One can approximate the cost of living and the housing affordability in Monticello, IL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Monticello, IL have a median income of $75,000. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,750 per month to avoid calamity and poverty. The renters in the city have an income of about $40,110, which would make their monthly maximum allowable rental costs $936.

Illinois Sales Tax

StateGeneral Sales TaxWith Max Surtax
Illinois6.25%9.75%

Illinois Income Tax

StateIncome Tax (Low)Income Tax (High)
Illinois3.75%3.75%
When assessing the complete cost of living in Monticello, IL, the Illinois income tax and the Illinois sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Illinois maximum surtax is 9.75%, and the Illinois sales tax is 6.25%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 3.75% to 3.75% in Illinois.

Goods & Services

ItemMonticelloNational avg.Difference
Haircut $21.17$15.5636.0%
Beauty Salon $38.35$36.116.2%
Toothpaste $2.94$2.4719.0%
Shampoo $0.87$0.969.5%
Movie $9.00$10.1311.1%
Bowling $4.67$4.741.4%

Groceries

ItemMonticelloNational avg.Difference
Ground Beef $3.80$3.984.5%
Fried Chicken $1.18$1.4116.1%
Milk $1.98$2.063.9%
Potatoes $2.93$2.981.9%
Pizza $9.49$9.470.2%
Beer $8.31$8.795.5%

Health Care

ItemMonticelloNational avg.Difference
Optometrist $75.53$101.0425.2%
Doctor $89.37$107.4416.8%
Dentist $97.33$90.427.7%
Ibuprofen $10.66$9.2814.9%
Lipitor $438.22$426.502.7%

Housing

ItemMonticelloNational avg.Difference
Home Price $145,500.00$175,700.0017.2%
Avg. Mortgage Payment $1,004.08$1,133.2311.4%
Apartment Rent $791.00$920.0014.0%

Transportation

ItemMonticelloNational avg.Difference
Gasoline $1.93$1.993.4%
Tire Balancing $38.50$45.7615.9%

Utilities

ItemMonticelloNational avg.Difference
All Electricity$153.29$163.816.4%
Phone $36.95$28.3930.2%
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.
Weldon, IL43878-22%
Ivesdale, IL28882-18%
De Witt, IL20380-20%
Seymour, IL26982-18%
De Land, IL48782-18%
Monticello, IL5,40092-8%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Highwood, IL5,40013232%
Dove Valley, CO5,4011055%
La Habra Heights, CA5,39818989%
Williamson, AZ5,39812222%
Fox Chapel, PA5,39715555%
Monticello, IL5,40092-8%
Source: The Monticello, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.