| Index | Monterey | California | National |
| Cost of living | 192 | 141 | 100 |
| Groceries | 110 | 111 | 100 |
| Health care | 114 | 116 | 100 |
| Housing | 375 | 197 | 100 |
| Transportation | 114 | 118 | 100 |
| Utilities | 115 | 119 | 100 |
| Lifestyle & Entertainment | 119 | 120 | 100 |
| Household Items | 108 | 111 | 100 |
| Education & Childcare | 118 | 127 | 100 |
Getting a feel for the cost of living in Monterey 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 is 192, which is 92% 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 affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Monterey is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Monterey falls into this category, which may not align with your goal of finding a budget-friendly living environment.
Housing costs make up a big chunk of the cost of living in Monterey, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 275.3% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
The relentless increase in grocery prices is a noteworthy trend. In the last two years, grocery costs have experienced an upward trajectory of over 10%. Unfortunately, Monterey is no exception, where grocery prices are 10.2% above the national average.
Nobody knows their city better than the people who actually live there. So, we asked 23 local residents how they would rate the cost of living in Monterey and this is how they responded. 26% of people said that the cost of living was affordable, with prices decreasing, while 74% of people said that the cost of living was very expensive and prices continue to rise.
Is Monterey an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Monterey, the median home price is 352.7% higher than what most folks pay across the country, and monthly rent prices are 94.5% higher than the usual rates. Income levels in Monterey come in at $119,911, which is 47.4% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Monterey, the healthcare costs are 14.1% higher than the national average.
Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.
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, the housing index comes in at 275.3% higher than the national average.
The Monterey cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical 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 | $170,762 | $14,230 | $3,984 | $5,123 |
| Renters | $104,516 | $8,710 | $2,439 | $3,136 |
| 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. |
| Moss Landing, CA | 33 | 117 | 16.7% |
| Boronda, CA | 1,790 | 134 | 34.1% |
| Sand City, CA | 333 | 134 | 33.7% |
| Salinas, CA | 161,640 | 149 | 49.0% |
| Elkhorn, CA | 1,020 | 156 | 56.2% |
| Monterey, CA | 29,410 | 192 | 92.0% |
| City | Population | Cost of Living Index | National Avg. |
| Agawam Town, MA | 29,397 | 120 | 19.9% |
| Northampton, MA | 29,383 | 129 | 28.6% |
| Vero Beach South, FL | 29,379 | 109 | 8.7% |
| Burbank, IL | 29,451 | 105 | 4.7% |
| East Haven, CT | 29,456 | 114 | 14.2% |
| Monterey, CA | 29,410 | 192 | 92.0% |
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