Cost of Living in Lake Monticello, VA
Cost of Living in Lake Monticello, VA has an overall index of 105, 5% above the U.S. baseline of 100. The typical home value is $288,300; typical monthly rent is $2,167; and median household income is $101,363.
Cost index: committed city housing/rent inputs and BEA 2024 state nonmetro price parities. Home value: Census ACS 2023 fallback place estimate. Rent: Census ACS 2023 fallback place estimate. A place-level signal, not a personal affordability decision or financial recommendation.
Rent and home prices are comparatively balanced with local income. This describes the local market, not your household.
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Frequently asked questions about Lake Monticello
Living in Lake Monticello
What is the cost of living like in Lake Monticello, VA?+
Living costs in Lake Monticello land close to the national average, with a Cost Index of 105 (where 100 = the US baseline). Housing is the largest variable: the median home value here is $288,300, and typical monthly rents are $2,167. Groceries and utilities are slightly below what you would find in most US cities.
How does Lake Monticello fit a household housing budget?+
Start with housing. Typical monthly rent is $2,167, while local median household income is $101,363. That implies a rent-burden proxy of about 26% before utilities and other costs. Use that as a planning signal for whether the place looks manageable under your own household assumptions.
How much are taxes in Lake Monticello, VA?+
Virginia uses a progressive model; 5.75% is top marginal-rate context. Applying the 0.82% state-level effective owner-occupied proxy to a home worth $288,300 gives a planning estimate near $2,364 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 5.75%.
How much does it cost to rent in Lake Monticello, VA?+
The typical monthly rent in Lake Monticello is around $2,167. That's about 61% higher than the $1,348 national median. For comparison, the median home value here is $288,300, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Lake Monticello, VA?+
The typical home value in Lake Monticello is $288,300. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $1,399/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 97% of residents here own their homes.
Are groceries and utilities expensive in Lake Monticello?+
Grocery prices in Lake Monticello are about average compared to the rest of the US (index: 96, where 100 is the national average). Utility bills (electricity, gas, water) are below average (index: 88). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Lake Monticello, VA like to live in?+
Lake Monticello is a small town with a population of about 10,820. The median age of residents is 40.7, which is close to the national median. The local poverty rate is 7.54%, well below the national average of 12.4%.