C
8%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
16%
Housing NAT. AVG.
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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 Minnesota National
Cost of living10899100
Goods & Services109100100
Groceries9798100
Health care124109100
Housing116100100
Transportation9997100
Utilities9393100

An Overview of Cost of Living in Monticello, MN

Are you thinking about relocating, but curious about the potential cost of living in Monticello? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Monticello stands at 108, making it 8% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Everyday expenditures like food, housing, goods and services, transportation and health care in Monticello are priced in a manner consistent with other areas. This means that residents of Monticello can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Monticello Affordable?

Is Monticello an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Monticello is 16.7% higher than the national average, while the average monthly rent prices are 15.3% higher than average. The affordability of any location can also be influenced by median income levels. Monticello has a median household income of $71,399, which is 29.1% higher than the national average.

What Factors can Influence the Cost of Living in Monticello?

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Monticello comes in at 6.8% lower than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Monticello, the baseline sales tax rate begins at 6.875%, and income tax rates start at 5.35%.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Monticello, the groceries index is 2.9% lower than the national average.

Where is the Data From?

The Monticello cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Monticello is 9% higher than the Minnesota average
  • The cost of living in Monticello is 8% higher than the national average
  • Monticello housing is 16% higher than the national average
  • Minnesota general sales tax is 35% higher than the national average
  • Minnesota state income tax is 137% higher than the national average

Most Affordable Places to Live in and Around Monticello

See all the best places to live around Monticello

Compare Monticello, MN Cost of Living

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      Salary Calculator

      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$84,771$7,064$1,978$2,543
      Renters$51,204$4,267$1,195$1,536
      To approximate the cost of living and the housing affordability in Monticello, MN, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Monticello have a median income of $84,771. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,978 per month to avoid calamity and poverty. The renters in the city have an income of about $51,204, which would make their monthly maximum allowable rental costs $1,195.

      Minnesota Sales Tax

      State General Sales Tax With Max Surtax
      Minnesota 6.875% 7.875%

      Minnesota Income Tax

      State Income Tax (Low) Income Tax (High)
      Minnesota 5.35% 9.85%

      Goods & Services

      Item Monticello National avg. Difference
      Haircut $27.97$24.2615.3%
      Beauty Salon $37.17$45.5618.4%
      Toothpaste $3.62$3.702.2%
      Shampoo $1.52$1.2818.6%
      Movie $11.24$12.137.4%
      Bowling $26.39$18.0046.6%

      Groceries

      Item Monticello National avg. Difference
      Ground Beef $5.75$5.841.5%
      Fried Chicken $1.35$1.5713.9%
      Milk $4.58$4.672.0%
      Potatoes $4.86$4.931.4%
      Pizza $13.07$12.098.2%
      Beer $9.52$10.418.5%

      Health Care

      Item Monticello National avg. Difference
      Optometrist $109.94$125.6812.5%
      Doctor $162.98$135.7820.0%
      Dentist $96.90$113.2914.5%
      Ibuprofen $10.88$10.652.1%
      Lipitor $492.95$468.605.2%

      Housing

      Item Monticello National avg. Difference
      Home Price $215,600.00$184,700.0016.7%
      Avg. Mortgage Payment $1,954.72$2,346.6916.7%
      Apartment Rent $1,094.00$949.0015.3%

      Transportation

      Item Monticello National avg. Difference
      Gasoline $3.31$3.464.3%
      Tire Balancing $61.97$59.923.4%

      Utilities

      Item Monticello National avg. Difference
      All Electricity $175.69$193.999.4%
      Phone $188.55$192.251.9%
      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.
      Maple Lake, MN2,162991.0%
      Clearwater, MN1,6361011.2%
      Clear Lake, MN6711021.7%
      Silver Creek, MN1971022.1%
      Becker, MN4,9191032.9%
      Monticello, MN13,7001087.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Short Hills, NJ13,700260160.2%
      Alexandria, MN13,7051010.6%
      Parksville, BC13,705n/a 
      McMinnville, TN13,7078416.2%
      River Ridge, LA13,6901054.7%
      Monticello, MN13,7001087.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.