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.
IndexMonticelloKentuckyNational
Cost of living index7788100
IndexMonticelloKentuckyNational
Goods & Services index9095100
Groceries index9396100
Health care index8795100
Housing index4870100
Transportation index9397100
Utilities index8592100
The above illustration supplies generalized information for the Monticello, KY cost of living index. Compared to other cities in Kentucky and cities across the country, the cost of living index in Monticello, KY is 77, which is 12% lower than the Kentucky average and 23% 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, KY are 6% lower than the average for Kentucky and 10% lower than the rest of the country.

Did you know?

  • The cost of living in Monticello is 12% lower than the Kentucky average.
  • The cost of living in Monticello is 23% lower than the national average.
  • The cost of housing in Monticello is 52% lower than the national average.
  • Kentucky general sales tax is 18% higher than the national average.
  • Kentucky state income tax is 10% lower than the national average.

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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 is meant to help you compare your salary in Monticello, KY 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, KY, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Monticello, KY 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$38,036$3,170$887$1,141
Renters$15,188$1,266$354$456
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Monticello, KY, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Monticello, KY homeowners have a median income of $38,036. Using that number, you will come up with a maximum of $887 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $15,188, which means there is a maximum of $354 to be spent on the costs of renting a home or apartment.

Kentucky Sales Tax

StateGeneral Sales TaxWith Max Surtax
Kentucky6%6%

Kentucky Income Tax

StateIncome Tax (Low)Income Tax (High)
Kentucky2%6%
For those who live in Monticello, KY and want to know what the true cost of living is, they ought to look at both the Kentucky income tax rate and the Kentucky sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Kentucky, the sales tax is 6%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Kentucky, the income tax rate ranges between 2% to 6%.

Goods & Services

ItemMonticelloNational avg.Difference
Haircut $9.33$14.5936.1%
Beauty Salon $22.83$34.6834.2%
Toothpaste $2.38$2.473.8%
Shampoo $0.88$1.0213.9%
Movie $10.25$9.873.9%
Bowling $4.11$4.396.4%

Groceries

ItemMonticelloNational avg.Difference
Ground Beef $4.06$4.489.3%
Fried Chicken $1.33$1.469.2%
Milk $2.03$2.3613.9%
Potatoes $2.20$3.0628.1%
Pizza $8.00$9.2413.4%
Beer $8.55$8.631.0%

Health Care

ItemMonticelloNational avg.Difference
Optometrist $90.00$99.789.8%
Doctor $91.67$105.0312.7%
Dentist $66.50$88.7025.0%
Ibuprofen $8.52$9.419.5%
Lipitor $309.67$298.503.7%

Housing

ItemMonticelloNational avg.Difference
Home Price $82,800.00$175,700.0052.9%
Avg. Mortgage Payment $803.38$1,081.0325.7%
Apartment Rent $448.00$920.0051.3%

Transportation

ItemMonticelloNational avg.Difference
Gasoline $1.98$2.095.5%
Tire Balancing $40.00$45.2911.7%

Utilities

ItemMonticelloNational avg.Difference
All Electricity$141.04$170.8017.4%
Phone $24.80$28.2612.2%
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.
Russell Springs, KY2,46976-24%
Jamestown, KY2,02777-23%
Burnside, KY87387-13%
Monticello, KY6,16377-23%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Willard, OH6,16381-19%
Lee Acres, NM6,16487-13%
Los Fresnos, TX6,16476-24%
Talent, OR6,1641099%
Kingston Estates, NJ6,16112121%
Monticello, KY6,16377-23%
Source: The Monticello, KY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.