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.
Displayed above is a general overview of the Monticello, AR cost of living index. The overall cost of living index in Monticello, AR is 84, which is 1% higher than the Arkansas average and 16% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Monticello, AR are 4% higher than the Arkansas average and 4% lower than the national average.
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The cost of living in Monticello is 1% higher than the Arkansas average.
The cost of living in Monticello is 16% lower than the national average.
The cost of housing in Monticello is 43% lower than the national average.
Arkansas general sales tax is 28% higher than the national average.
Arkansas state income tax is 60% lower than the national average.
Compare Monticello, AR Cost of living To Other Cities
This is how much you would need to earn in Price difference in compared to
Cost of living index
Goods & Services index
Health care index
The salary calculator is used in order to provide a comparison of your current salary in Monticello, AR 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, AR, you would have to earn a higher income to maintain a standard of living that is similar. To get started with the Monticello, AR 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
Max Budget (28% DTI)
Max Budget (36% DTI)
If you want to find a good determining factor for the cost of living and the general affordability of housing in Monticello, AR, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Monticello, AR, the median monthly income is $56,045 for those who own their own homes. Under the standard rule, that income level would allow for $1,308 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $16,020, per the median income in the area. That would allow for renters to spend up to $374 on monthly rental expenses.
Arkansas Sales Tax
General Sales Tax
With Max Surtax
Arkansas Income Tax
Income Tax (Low)
Income Tax (High)
For those who live in Monticello, AR and want to know what the true cost of living is, they ought to look at both the Arkansas income tax rate and the Arkansas 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 Arkansas, the sales tax is 6.5%, while the most you'll pay in surtax is 11.625%. 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 Arkansas, the income tax rate ranges between 0.9% to 6.9%.
Goods & Services
Avg. Mortgage Payment
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.