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.
IndexMonticelloIndianaNational
Cost of living index8589100
IndexMonticelloIndianaNational
Goods & Services index9697100
Groceries index9192100
Health care index9194100
Housing index5572100
Transportation index116100100
Utilities index10299100
The above illustration supplies generalized information for the Monticello, IN cost of living index. Compared to other cities in Indiana and cities across the country, the cost of living index in Monticello, IN is 85, which is 4% lower than the Indiana average and 15% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Monticello, IN are 2% lower than the average for Indiana and 4% lower than the rest of the country.
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Did you know?

  • The cost of living in Monticello is 4% lower than the Indiana average.
  • The cost of living in Monticello is 15% lower than the national average.
  • The cost of housing in Monticello is 45% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 45% higher than the national average.

Compare Monticello, IN Cost of living To Other Cities

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      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
      Using the salary calculator lets you compare the salary you earn in Monticello, IN to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Monticello, IN, you have to earn a higher income in order to still have the same standard of living. To operate the Monticello, IN salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$47,566$3,964$1,110$1,427
      Renters$29,072$2,423$678$872
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Monticello, IN as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Monticello, IN homeowners, is $47,566. This would allow for a maximum of $1,110 per month to be spent on housing costs. For renters, the median monthly income is $29,072 which would result in a maximum of $678 to be spent on rental costs.

      Indiana Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Indiana7%7%

      Indiana Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Indiana3.23%3.23%
      The Indiana sales tax and Indiana income tax rates should definitely be considered when determining the overall cost of living in Monticello, IN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Indiana sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Indiana income tax rates range from 3.23% to 3.23%.

      Goods & Services

      ItemMonticelloNational avg.Difference
      Haircut $15.00$17.4914.2%
      Beauty Salon $37.00$38.173.1%
      Toothpaste $2.75$2.3218.5%
      Shampoo $0.85$1.0116.0%
      Movie $9.50$10.7211.4%
      Bowling $15.00$13.868.2%

      Groceries

      ItemMonticelloNational avg.Difference
      Ground Beef $3.84$3.901.5%
      Fried Chicken $1.16$1.4016.9%
      Milk $1.54$1.9621.5%
      Potatoes $3.07$3.183.6%
      Pizza $9.99$10.393.9%
      Beer $8.49$9.238.0%

      Health Care

      ItemMonticelloNational avg.Difference
      Optometrist $100.00$106.346.0%
      Doctor $90.00$115.2521.9%
      Dentist $85.00$98.3813.6%
      Ibuprofen $9.59$9.263.6%
      Lipitor $517.00$466.4710.8%

      Housing

      ItemMonticelloNational avg.Difference
      Home Price $90,600.00$184,700.0050.9%
      Avg. Mortgage Payment $931.90$1,273.3226.8%
      Apartment Rent $642.00$949.0032.3%

      Transportation

      ItemMonticelloNational avg.Difference
      Gasoline $2.98$2.5915.0%
      Tire Balancing $60.00$48.9022.7%

      Utilities

      ItemMonticelloNational avg.Difference
      All Electricity$173.96$167.603.8%
      Phone $181.43$163.4211.0%
      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.
      Norway, IN49976-24%
      Royal Center, IN88779-21%
      Monon, IN1,90983-17%
      Camden, IN64784-16%
      Flora, IN2,13884-16%
      Monticello, IN5,31285-15%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      New Hempstead, NY5,31115151%
      Bret Harte, CA5,31589-11%
      Eastman, GA5,31585-15%
      McGuire AFB, NJ5,30913737%
      Rothschild, WI5,30790-10%
      Monticello, IN5,31285-15%
      Source: The Monticello, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.