Cost of Living in Lake Monticello, VA
Population 10,820 · Virginia · Data vintage 2023
(100 = US avg)
Lake Monticello sits on the smaller end of the Virginia city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. An unemployment rate of 2.1% points to a labor market well on the tight side of the national distribution.
Lake Monticello is about 55 miles northwest of Richmond, the nearest large metro — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 12% lower than Richmond's $328,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Lake Monticello
The median home value in Lake Monticello is $288,300 — 5% below the national median of $305,000. Median rent runs $2,167/month, 65% higher than the national median of $1,314/month. The median household income of $101,363/year is 36% higher than the US median of $74,580. The local unemployment rate is 2.1%, below the national average of 4.8%. Virginia's top state income tax rate is 5.8% and the combined sales tax is 5.6%. The climate averages highs of 64.6°F and lows of 48.1°F. Overall, Lake Monticello has a cost of living index of 123 versus the US average of 100, meaning it is 23% more expensive.
🏠 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
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 44 | 48 | 55 | 66 | 72 | 80 | 84 | 82 | 76 | 66 | 56 | 47 |
| Low °F | 28 | 31 | 37 | 47 | 55 | 64 | 68 | 66 | 61 | 50 | 40 | 32 |
| Precip" | 3.38 | 2.98 | 4.32 | 4.18 | 4.64 | 3.69 | 4.78 | 4.08 | 4.93 | 4.00 | 3.44 | 3.76 |
Frequently Asked Questions
What is the cost of living in Lake Monticello, VA?
Lake Monticello has a cost index of 123 (100 = national average). It is 23% above the national average.
What is average rent in Lake Monticello, VA?
The median gross rent in Lake Monticello is $2,167 per month based on 2023 Census data.
What is the average home price in Lake Monticello?
The median home value in Lake Monticello is $288,300 according to 2023 Census ACS data.
What is the median income in Lake Monticello?
The median household income in Lake Monticello is $101,363 per year (2023 ACS 5-year estimates).
What is the sales tax in Lake Monticello, VA?
The combined state and local sales tax rate in Lake Monticello is 5.6%. The Virginia state income tax top rate is 5.8%.
Is Lake Monticello, VA affordable?
Lake Monticello is above average in cost of living, with an index of 123 — about 23% higher than the national average.
What is the weather like in Lake Monticello?
Lake Monticello has average high temperatures of 64.6°F and average lows of 48.1°F. Annual precipitation is 48.2". Data from NOAA 1991–2020 Climate Normals.
Lake Monticello at a Glance
- Population
- 10,820
- Median Income
- $101,363
- Home Value
- $288,300
- Median Rent
- $2,167/mo
- Unemployment
- 2.1%
- Avg High Temp
- 64.6°F
- Sales Tax
- 5.6%
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