Cost of Living in Monticello, IN
Population 5,504 · Indiana · Data vintage 2023
(100 = US avg)
Monticello is a smaller Indiana community of around 6000 residents, where median household incomes of $50,138 and housing costs ($122,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape. At 8.3%, the local unemployment rate runs well above the US figure, pointing to structural rather than cyclical labor-market issues.
Monticello is about 65 miles northwest of Carmel, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 73% lower than Carmel's $456,000.
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 $122,200 — 60% below the national median of $305,000. Median rent runs $860/month, 35% lower than the national median of $1,314/month. The median household income of $50,138/year is 33% lower than the US median of $74,580. The local unemployment rate is 8.3%, above the national average of 4.8%. Indiana's top state income tax rate is 3.0% and the combined sales tax is 7.0%. Overall, Monticello has a cost of living index of 50 versus the US average of 100, meaning it is 50% 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
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Monticello, IN?
Monticello has a cost index of 50 (100 = national average). It is 50% below the national average.
What is average rent in Monticello, IN?
The median gross rent in Monticello is $860 per month based on 2023 Census data.
What is the average home price in Monticello?
The median home value in Monticello is $122,200 according to Zillow and Census data.
What is the median income in Monticello?
The median household income in Monticello is $50,138 per year (2023 ACS 5-year estimates).
What is the sales tax in Monticello, IN?
The combined state and local sales tax rate in Monticello is 7.0%. The Indiana state income tax top rate is 3.0%.
Is Monticello, IN affordable?
Yes, Monticello is generally considered affordable, with a cost of living index of 50 — about 50% below the US national average of 100.
Monticello at a Glance
- Population
- 5,504
- Median Income
- $50,138
- Home Value
- $122,200
- Median Rent
- $860/mo
- Unemployment
- 8.3%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Indiana Rankings
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