| Index | Monterey Park | California | National |
| Cost of living | 169 | 141 | 100 |
| Groceries | 113 | 111 | 100 |
| Health care | 116 | 116 | 100 |
| Housing | 292 | 197 | 100 |
| Transportation | 118 | 118 | 100 |
| Utilities | 117 | 119 | 100 |
| Lifestyle & Entertainment | 119 | 120 | 100 |
| Household Items | 112 | 111 | 100 |
| Education & Childcare | 123 | 127 | 100 |
Getting a feel for the cost of living in Monterey Park is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Monterey Park is 169, which is 69% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If you value affordability in your search for a new place to live, Monterey Park may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Monterey Park falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a major factor in the Monterey Park cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 191.5% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Household expenses account for 8% of the cost of living index and include the products people rely on every week, from toiletries and detergent to clothing and kitchen essentials. In Monterey Park, household essentials are 11.7% more expensive than the U.S. average, which can leave less room in your monthly budget.
The surge in grocery costs is indeed alarming, especially when groceries make up a large portion of your monthly expenditures. Over the past two years, there has been an inflation of over 10% in grocery prices. Unfortunately, Monterey Park does not fare better, with grocery expenses coming in at 13.1% higher than the national average.
Is Monterey Park 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 Monterey Park is 249% higher than the national average, while the average monthly rent prices are 57.5% higher than average. The affordability of any location can also be influenced by median income levels. Monterey Park has a median household income of $92,998, which is 14.3% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Monterey Park starts at 7.25% and the income tax rates start at 1%.
Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Monterey Park, the housing index comes in at 191.5% higher than the national average.
The Monterey Park cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $140,803 | $11,734 | $3,285 | $4,225 |
| Renters | $71,595 | $5,966 | $1,670 | $2,148 |
| State | General Sales Tax | With Max Surtax |
| California | 7.25% | 10.5% |
| State | Income Tax (Low) | Income Tax (High) |
| California | 1% | 13.3% |
| City | Population | Cost of Living Index | National Avg. |
| Vernon, CA | 254 | 117 | 16.8% |
| Willowbrook, CA | 25,347 | 136 | 36.0% |
| East Rancho Dominguez, CA | 15,765 | 136 | 36.3% |
| Florence-Graham, CA | 66,603 | 138 | 38.2% |
| Compton, CA | 98,731 | 139 | 38.7% |
| Monterey Park, CA | 62,573 | 169 | 69.0% |
| City | Population | Cost of Living Index | National Avg. |
| Leander, TX | 62,512 | 115 | 15.3% |
| Petaluma, CA | 62,491 | 178 | 77.7% |
| Malden, MA | 62,735 | 148 | 48.4% |
| Terre Haute, IN | 62,758 | 85 | 15.4% |
| La Mesa, CA | 62,341 | 160 | 60.3% |
| Monterey Park, CA | 62,573 | 169 | 69.0% |
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