| Index | Monticello | Minnesota | National |
| Cost of living | 105 | 100 | 100 |
| Groceries | 99 | 100 | 100 |
| Health care | 101 | 100 | 100 |
| Housing | 119 | 100 | 100 |
| Transportation | 102 | 100 | 100 |
| Utilities | 103 | 104 | 100 |
| Lifestyle & Entertainment | 97 | 100 | 100 |
| Household Items | 101 | 100 | 100 |
| Education & Childcare | 96 | 99 | 100 |
Knowing the cost of living in Monticello allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Monticello stands at 105, marking it 5% higher than the national average.
In Monticello, daily expenses such as food, housing, lifestyle expenses, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Monticello will resemble that of an average city, contributing to a manageable cost of living.
Is Monticello 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 Monticello, the median home price is 19.9% higher than what most folks pay across the country, and monthly rent prices are 15.7% higher than the usual rates. Income levels in Monticello come in at $105,768, which is 30% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Monticello, the standard sales tax rate starts at 6.875%, and the income tax rates commence at 5.35%.
Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Monticello, the transportation index is 1.9% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Monticello, healthcare costs are 0.5% higher than the national average.
The Monticello cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for 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 | $125,516 | $10,460 | $2,929 | $3,766 |
| Renters | $77,292 | $6,441 | $1,803 | $2,319 |
| State | General Sales Tax | With Max Surtax |
| Minnesota | 6.875% | 7.875% |
| State | Income Tax (Low) | Income Tax (High) |
| Minnesota | 5.35% | 9.85% |
| City | Population | Cost of Living Index | National Avg. |
| Maple Lake, MN | 2,208 | 97 | 3.1% |
| Clearwater, MN | 1,690 | 99 | 0.7% |
| Silver Creek, MN | 201 | 100 | 0.2% |
| Clear Lake, MN | 692 | 100 | 0.2% |
| Big Lake CDP, MN | 390 | 101 | 1.0% |
| Monticello, MN | 14,058 | 105 | 5.4% |
| City | Population | Cost of Living Index | National Avg. |
| Grimes, IA | 14,059 | 102 | 2.2% |
| Beauharnois, QC | 14,056 | n/a | |
| Kailua CDP (Hawaii County), HI | 14,062 | 142 | 42.2% |
| Holly Springs, GA | 14,053 | 116 | 15.5% |
| Marietta, OH | 14,053 | 86 | 14.0% |
| Monticello, MN | 14,058 | 105 | 5.4% |
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