Cost of Living in Monticello, IN
Cost of Living in Monticello, IN has an overall index of 71, 29% below the U.S. baseline of 100. The typical home value is $122,200; typical monthly rent is $860; and median household income is $50,138.
Cost index: committed city housing/rent inputs and BEA 2024 metro-area 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 Monticello
Living in Monticello
Is Monticello, IN an affordable place to live?+
Yes — everyday expenses in Monticello run about 29% below the US average (Cost Index: 71). Housing is especially affordable: the median home is valued around $122,200, compared to the $303,400 national median. Monthly rent is $860, versus $1,348 nationally.
How does Monticello fit a household housing budget?+
Start with housing. Typical monthly rent is $860, while local median household income is $50,138. That implies a rent-burden proxy of about 21% 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 Monticello, IN?+
Indiana uses a flat model; 3.05% is top marginal-rate context. Applying the 0.83% state-level effective owner-occupied proxy to a home worth $122,200 gives a planning estimate near $1,014 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 7%.
How much does it cost to rent in Monticello, IN?+
The typical monthly rent in Monticello is around $860. That's roughly 36% lower than the $1,348 national median. For comparison, the median home value here is $122,200, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Monticello, IN?+
The typical home value in Monticello is $122,200. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $593/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 61% of residents here own their homes.
Are groceries and utilities expensive in Monticello?+
Grocery prices in Monticello are more affordable compared to the rest of the US (index: 94, where 100 is the national average). Utility bills (electricity, gas, water) are below average (index: 86). Both help keep your monthly expenses lower than in many parts of the country.
What is Monticello, IN like to live in?+
Monticello is a small town with a population of about 5,504. The median age of residents is 46.9, skewing somewhat older — common in established suburban communities. The local poverty rate is 12.15%, near the national average of 12.4%.