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.
IndexMonticelloNew YorkNational
Cost of living index94120100
IndexMonticelloNew YorkNational
Goods & Services index98110100
Groceries index100105100
Health care index8599100
Housing index75149100
Transportation index112111100
Utilities index118102100
A general overview of the cost of living index for Monticello, NY is displayed above. In Monticello, NY, the overall cost of living index is 94, which is 22% lower than the New York average and 6% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Monticello, NY, the city's goods and services are 11% lower than the New York average and 2% lower than the U.S. average.

Did you know?

  • The cost of living in Monticello is 22% lower than the New York average.
  • The cost of living in Monticello is 6% lower than the national average.
  • The cost of housing in Monticello is 25% lower than the national average.
  • New York general sales tax is 21% lower than the national average.
  • New York state income tax is 80% higher than the national average.

Find Real Estate Listings In Monticello

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Monticello

Compare Monticello, NY 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 is used in order to provide a comparison of your current salary in Monticello, NY to another city of your choice. The calculator will inform you of what your salary needs to be in any specific city in order for you to maintain your living standard based on what the city’s cost of living is. As an example, if you are seeking to move to a city that has a higher cost of living compared to Monticello, NY, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Monticello, NY salary calculator, input the new city’s name and then move the slider to indicate your current income. The salary calculator will now process the numbers and show you whether you need to earn more or less in the chosen city. A comprehensive breakdown of the cost of living will also be shown.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$58,750$4,896$1,371$1,763
Renters$20,141$1,678$470$604
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Monticello, NY, 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, NY homeowners have a median income of $58,750. Using that number, you will come up with a maximum of $1,371 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $20,141, which means there is a maximum of $470 to be spent on the costs of renting a home or apartment.

New York Sales Tax

StateGeneral Sales TaxWith Max Surtax
New York4%8.875%

New York Income Tax

StateIncome Tax (Low)Income Tax (High)
New York4%8.82%
For those who live in Monticello, NY and want to know what the true cost of living is, they ought to look at both the New York income tax rate and the New York 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 New York, the sales tax is 4%, while the most you'll pay in surtax is 8.875%. 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 New York, the income tax rate ranges between 4% to 8.82%.

Goods & Services

ItemMonticelloNational avg.Difference
Haircut $15.03$15.563.5%
Beauty Salon $32.03$36.1111.3%
Toothpaste $2.61$2.475.7%
Shampoo $0.91$0.965.4%
Movie $9.79$10.133.4%
Bowling $4.35$4.748.1%

Groceries

ItemMonticelloNational avg.Difference
Ground Beef $3.57$3.9810.3%
Fried Chicken $1.30$1.417.6%
Milk $1.82$2.0611.6%
Potatoes $2.84$2.984.8%
Pizza $8.99$9.475.1%
Beer $9.88$8.7912.4%

Health Care

ItemMonticelloNational avg.Difference
Optometrist $67.53$101.0433.2%
Doctor $76.75$107.4428.6%
Dentist $77.17$90.4214.7%
Ibuprofen $9.28$9.280.0%
Lipitor $418.33$426.501.9%

Housing

ItemMonticelloNational avg.Difference
Home Price $128,100.00$175,700.0027.1%
Avg. Mortgage Payment $1,110.14$1,133.232.0%
Apartment Rent $740.00$920.0019.6%

Transportation

ItemMonticelloNational avg.Difference
Gasoline $2.22$1.9911.3%
Tire Balancing $51.72$45.7613.0%

Utilities

ItemMonticelloNational avg.Difference
All Electricity$194.54$163.8118.8%
Phone $33.23$28.3917.1%
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.
Woodridge, NY83198-2%
Jeffersonville, NY33493-7%
Liberty, NY4,28193-7%
Loch Sheldrake, NY1,08395-5%
Wurtsboro, NY1,0861055%
Monticello, NY6,78094-6%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Leitchfield, KY6,78182-18%
Wildwood, FL6,7821000%
Scappoose, OR6,77811414%
Huron, CA6,77799-1%
Warwick, NY6,78312121%
Monticello, NY6,78094-6%
Source: The Monticello, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.