Cost Of Living in Monticello, KY

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18%

Overall NAT. AVG.

2%

Goods & Services NAT. AVG.

45%

Housing NAT. AVG.

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	Monticello	Kentucky	National
Cost of living	82	90	100
Goods & Services	98	101	100
Groceries	96	101	100
Health care	84	84	100
Housing	55	70	100
Transportation	90	92	100
Utilities	88	104	100

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Cost Of Living Quick Facts

The cost of living in Monticello is 9% lower than the Kentucky average
The cost of living in Monticello is 18% lower than the national average
Monticello housing is 45% lower than the national average
Kentucky general sales tax is 18% higher than the national average
Kentucky state income tax is 73% higher than the national average

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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	$52,090	$4,341	$1,215	$1,563
Renters	$23,724	$1,977	$554	$712

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Monticello, KY, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Monticello, homeowners have a median income of $52,090. Using that number, a maximum of $1,215 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $23,724, which means there is a maximum of $554 to be spent on the costs of renting a home or apartment.

Kentucky Sales Tax

State	General Sales Tax	With Max Surtax
Kentucky	6%	6%

Kentucky Income Tax

State	Income Tax (Low)	Income Tax (High)
Kentucky	4.5%	4.5%

Goods & Services

Item	Monticello	National avg.	Difference
Haircut	$16.67	$24.26	31.3%
Beauty Salon	$35.81	$45.56	21.4%
Toothpaste	$3.68	$3.70	0.6%
Shampoo	$1.08	$1.28	15.7%
Movie	$11.36	$12.13	6.4%
Bowling	$16.00	$18.00	11.1%

Groceries

Item	Monticello	National avg.	Difference
Ground Beef	$6.08	$5.84	4.1%
Fried Chicken	$1.44	$1.57	8.2%
Milk	$4.58	$4.67	2.0%
Potatoes	$5.16	$4.93	4.6%
Pizza	$10.76	$12.09	11.0%
Beer	$9.98	$10.41	4.1%

Health Care

Item	Monticello	National avg.	Difference
Optometrist	$91.33	$125.68	27.3%
Doctor	$106.94	$135.78	21.2%
Dentist	$90.50	$113.29	20.1%
Ibuprofen	$10.15	$10.65	4.8%
Lipitor	$466.21	$468.60	0.5%

Housing

Item	Monticello	National avg.	Difference
Home Price	$97,300.00	$184,700.00	47.3%
Avg. Mortgage Payment	$1,899.91	$2,346.69	19.0%
Apartment Rent	$565.00	$949.00	40.5%

Transportation

Item	Monticello	National avg.	Difference
Gasoline	$3.19	$3.46	7.9%
Tire Balancing	$50.61	$59.92	15.5%

Utilities

Item	Monticello	National avg.	Difference
All Electricity	$155.43	$193.99	19.9%
Phone	$192.18	$192.25	0.0%

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	Population	Cost of Living Index	National Avg.
Jamestown, KY	2,242	81	18.6%
Russell Springs, KY	2,587	82	17.7%
Burnside, KY	979	88	11.6%
Monticello, KY	5,999	82	17.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Comstock Northwest, MI	5,999	91	8.9%
Darlington, SC	6,000	89	10.9%
Chesapeake Beach, MD	5,996	133	33.0%
District Heights, MD	5,996	120	20.1%
Snyderville, UT	5,995	180	80.4%
Monticello, KY	5,999	82	17.7%