Lake Monticello, VA

Above Avg · 119

Virginia · Population 10,820 · Updated March 2026

$2,167
Median Rent / Month
$101,363
Median Income
$288,300
Median Home Value
$1,475
Owner Costs / Month

Affordability

How far your income goes in Lake Monticello

25.7%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Virginia

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
5.3%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$26,004
Annual Rent
$5,828
State Income Tax
$2,306
Property Tax (est.)

Cost of Living Overview

Lake Monticello is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 119 (where 100 equals the national median), Lake Monticello residents can expect to pay median rent of $2,167/month while earning a median household income of $101,363/year.

The median home value in Lake Monticello, VA is $288,300, with typical monthly owner costs around $1,475 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.7%, Lake Monticello falls within the generally affordable range, though it's approaching the 30% burden threshold.

Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Lake Monticello.

Frequently Asked Questions

Common questions about living costs in Lake Monticello

What is the cost of living in Lake Monticello, VA?
The cost of living index in Lake Monticello, VA is 119 (US average = 100). Median monthly rent is $2,167, median household income is $101,363/year, and the median home value is $288,300.
Is Lake Monticello, VA affordable?
No, Lake Monticello is more expensive than the national average with a cost index of 119. The rent-to-income ratio is 25.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Lake Monticello, VA?
The median gross rent in Lake Monticello, VA is $2,167 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $26,004.
What is the median household income in Lake Monticello?
The median household income in Lake Monticello, VA is $101,363 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Virginia?
Virginia has a top income tax rate of 5.75%, a sales tax of 5.3%, and an effective property tax rate of 0.8%.