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.
IndexMonticelloIndianaNational
Cost of living index8388100
IndexMonticelloIndianaNational
Goods & Services index9795100
Groceries index8792100
Health care index9595100
Housing index5773100
Transportation index8993100
Utilities index9593100
The above illustration supplies generalized information for the Monticello, IN cost of living index. Compared to other cities in Indiana and cities across the country, the cost of living index in Monticello, IN is 83, which is 6% lower than the Indiana average and 17% 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, IN are 2% higher than the average for Indiana and 3% lower than the rest of the country.

Did you know?

  • The cost of living in Monticello is 6% lower than the Indiana average.
  • The cost of living in Monticello is 17% lower than the national average.
  • The cost of housing in Monticello is 43% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 48% higher than the national average.

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Compare Monticello, IN Cost of living To Other Cities

Salary Calculator

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Cost of living index
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Health care index
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Using the salary calculator lets you compare the salary you earn in Monticello, IN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Monticello, IN, you have to earn a higher income in order to still have the same standard of living. To operate the Monticello, IN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$52,366$4,364$1,222$1,571
Renters$23,191$1,933$541$696
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, IN homeowners, is $52,366. This would allow for a maximum of $1,222 per month to be spent on housing costs. For renters, the median monthly income is $23,191 which would result in a maximum of $541 to be spent on rental costs.

Indiana Sales Tax

StateGeneral Sales TaxWith Max Surtax
Indiana7%7%

Indiana Income Tax

StateIncome Tax (Low)Income Tax (High)
Indiana3.3%3.3%
The Indiana sales tax and Indiana income tax rates should definitely be considered when determining the overall cost of living in Monticello, IN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Indiana sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Indiana income tax rates range from 3.3% to 3.3%.

Goods & Services

ItemMonticelloNational avg.Difference
Haircut $12.50$14.5914.3%
Beauty Salon $25.00$34.6827.9%
Toothpaste $2.48$2.470.3%
Shampoo $0.99$1.023.1%
Movie $9.50$9.873.7%
Bowling $2.25$4.3948.8%

Groceries

ItemMonticelloNational avg.Difference
Ground Beef $2.76$4.4838.3%
Fried Chicken $0.92$1.4637.2%
Milk $2.08$2.3611.7%
Potatoes $2.95$3.063.6%
Pizza $12.59$9.2436.2%
Beer $8.62$8.630.1%

Health Care

ItemMonticelloNational avg.Difference
Optometrist $86.67$99.7813.1%
Doctor $85.00$105.0319.1%
Dentist $95.00$88.707.1%
Ibuprofen $9.72$9.413.3%
Lipitor $269.01$298.509.9%

Housing

ItemMonticelloNational avg.Difference
Home Price $94,700.00$175,700.0046.1%
Avg. Mortgage Payment $756.50$1,081.0330.0%
Apartment Rent $601.00$920.0034.7%

Transportation

ItemMonticelloNational avg.Difference
Gasoline $1.88$2.0910.0%
Tire Balancing $38.32$45.2915.4%

Utilities

ItemMonticelloNational avg.Difference
All Electricity$162.17$170.805.1%
Phone $26.90$28.264.8%
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.
Norway, IN44071-29%
Royal Center, IN1,00679-21%
Monon, IN1,87279-21%
Delphi, IN2,78780-20%
Camden, IN74981-19%
Monticello, IN5,35583-17%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Winston, OR5,3561044%
Fruit Heights, UT5,35311515%
West Bountiful, UT5,3531088%
Eucalyptus Hills, CA5,35213838%
Deschutes River Woods, OR5,35811515%
Monticello, IN5,35583-17%
Source: The Monticello, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.