Cost of Living in Monticello, IL
Population 6,332 · Illinois · Data vintage 2023
(100 = US avg)
Housing costs in Monticello stay well under national norms: a median home value of $196,000 against median household incomes of $88,611 gives the city one of the more comfortable price-to-income ratios in Illinois. An unemployment rate of 2.2% points to a labor market well on the tight side of the national distribution.
Monticello is about 60 miles east of Springfield, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 26% higher than Springfield's $155,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Monticello
The median home value in Monticello is $196,000 — 36% below the national median of $305,000. Median rent runs $1,030/month, 22% lower than the national median of $1,314/month. The median household income of $88,611/year is 19% higher than the US median of $74,580. The local unemployment rate is 2.2%, below the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Monticello has a cost of living index of 70 versus the US average of 100, meaning it is 30% less expensive.
Monticello has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
Frequently Asked Questions
What is the cost of living in Monticello, IL?
Monticello has a cost index of 70 (100 = national average). It is 30% below the national average.
What is average rent in Monticello, IL?
The median gross rent in Monticello is $1,030 per month based on 2023 Census data.
What is the average home price in Monticello?
The median home value in Monticello is $196,000 according to Zillow and Census data.
What is the median income in Monticello?
The median household income in Monticello is $88,611 per year (2023 ACS 5-year estimates).
What is the sales tax in Monticello, IL?
The combined state and local sales tax rate in Monticello is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Monticello, IL affordable?
Yes, Monticello is generally considered affordable, with a cost of living index of 70 — about 30% below the US national average of 100.
Monticello at a Glance
- Population
- 6,332
- Median Income
- $88,611
- Home Value
- $196,000
- Median Rent
- $1,030/mo
- Unemployment
- 2.2%
- Sales Tax
- 8.7%
Explore county-level cost of living data
Illinois Rankings
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