Cost of Living in Monticello, MN
Cost of Living in Monticello, MN has an overall index of 101, 1% above the U.S. baseline of 100. The typical home value is $298,400; typical monthly rent is $1,462; and median household income is $81,563.
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
What is the cost of living like in Monticello, MN?+
Living costs in Monticello land close to the national average, with a Cost Index of 101 (where 100 = the US baseline). Housing is the largest variable: the median home value here is $298,400, and typical monthly rents are $1,462. Groceries and utilities are in line with what you would find in most US cities.
How does Monticello fit a household housing budget?+
Start with housing. Typical monthly rent is $1,462, while local median household income is $81,563. That implies a rent-burden proxy of about 22% 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, MN?+
Minnesota uses a progressive model; 9.85% is top marginal-rate context. Applying the 1.11% state-level effective owner-occupied proxy to a home worth $298,400 gives a planning estimate near $3,312 per year; it is not a city, county, parcel, or individual tax bill. State plus average local sales-tax context is around 7.54%.
How much does it cost to rent in Monticello, MN?+
The typical monthly rent in Monticello is around $1,462. That's close to the $1,348 national median. For comparison, the median home value here is $298,400, so buyers should also factor in mortgage payments, property taxes, and insurance.
How much does a house cost in Monticello, MN?+
The typical home value in Monticello is $298,400. With 20% down and the committed 6.11% national 30-year fixed benchmark as of 2026-03-12, principal and interest are roughly $1,448/month before property tax and insurance. This is a planning estimate, not a local lender quote. About 65% of residents here own their homes.
Are groceries and utilities expensive in Monticello?+
Grocery prices in Monticello are about average compared to the rest of the US (index: 103, where 100 is the national average). Utility bills (electricity, gas, water) are about typical (index: 93). Overall, these everyday costs shouldn't cause major surprises if you're moving from another similarly-sized US city.
What is Monticello, MN like to live in?+
Monticello is a small town with a population of about 14,607. The median age of residents is 33.7, which is close to the national median. The local poverty rate is 8.84%, near the national average of 12.4%.