A+
7%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
15%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Monroe Georgia National
Cost of living9393100
Goods & Services9997100
Groceries10098100
Health care97100100
Housing8586100
Transportation9694100
Utilities8186100

An Overview of Cost of Living in Monroe, GA

The cost of living in Monroe affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Monroe is 93, which is 7% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Monroe are priced in a manner consistent with other areas. This means that residents of Monroe can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Monroe Affordable?

Is Monroe an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Monroe is 20.7% lower than the national average, while the average monthly rent prices are 1.3% lower than average. The affordability of any location can also be influenced by median income levels. Monroe has a median household income of $37,583, which is 32.1% lower than the national average.

What Factors can Influence the Cost of Living in Monroe?

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Monroe, the groceries index is 0.3% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Monroe, the utilities index is 18.8% lower than the national average.

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Where is the Data From?

The cost of living in Monroe, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Monroe is equal to the Georgia average
  • The cost of living in Monroe is 7% lower than the national average
  • Monroe housing is 15% lower than the national average
  • Georgia general sales tax is 22% lower than the national average
  • Georgia state income tax is 56% lower than the national average

Most Affordable Places to Live in and Around Monroe

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Compare Monroe, GA Cost of Living

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$52,021$4,335$1,214$1,561
      Renters$29,010$2,418$677$870
      To approximate the cost of living and the housing affordability in Monroe, GA, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Monroe have a median income of $52,021. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,214 per month to avoid calamity and poverty. The renters in the city have an income of about $29,010, which would make their monthly maximum allowable rental costs $677.

      Georgia Sales Tax

      State General Sales Tax With Max Surtax
      Georgia 4% 8%

      Georgia Income Tax

      State Income Tax (Low) Income Tax (High)
      Georgia 1% 5.75%

      Goods & Services

      Item Monroe National avg. Difference
      Haircut $17.24$24.2628.9%
      Beauty Salon $50.47$45.5610.8%
      Toothpaste $3.78$3.702.2%
      Shampoo $1.35$1.285.7%
      Movie $11.26$12.137.2%
      Bowling $23.87$18.0032.6%

      Groceries

      Item Monroe National avg. Difference
      Ground Beef $5.77$5.841.1%
      Fried Chicken $1.43$1.579.1%
      Milk $4.62$4.671.0%
      Potatoes $5.17$4.934.8%
      Pizza $13.21$12.099.3%
      Beer $10.31$10.410.9%

      Health Care

      Item Monroe National avg. Difference
      Optometrist $82.73$125.6834.2%
      Doctor $125.00$135.787.9%
      Dentist $119.40$113.295.4%
      Ibuprofen $10.38$10.652.5%
      Lipitor $481.75$468.602.8%

      Housing

      Item Monroe National avg. Difference
      Home Price $146,400.00$184,700.0020.7%
      Avg. Mortgage Payment $2,004.18$2,346.6914.6%
      Apartment Rent $937.00$949.001.3%

      Transportation

      Item Monroe National avg. Difference
      Gasoline $3.34$3.463.4%
      Tire Balancing $57.12$59.924.7%

      Utilities

      Item Monroe National avg. Difference
      All Electricity $135.93$193.9929.9%
      Phone $189.93$192.251.2%
      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 Population Cost of Living Index National Avg.
      Russell, GA1,4668812.4%
      Oxford, GA2,0939010.4%
      Bethlehem, GA1,042928.2%
      Statham, GA2,692927.7%
      Social Circle, GA4,514937.5%
      Monroe, GA13,568937.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Elizabethton, TN13,5689010.2%
      Ardmore, PA13,56712625.9%
      Levelland, TX13,5668416.1%
      Vadnais Heights, MN13,5651065.9%
      South Glengarry, ON13,573n/a 
      Monroe, GA13,568937.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.