Monroe, NC

Below Avg · 86

North Carolina · Population 35,596 · Updated March 2026

$1,216
Median Rent / Month
$67,265
Median Income
$270,600
Median Home Value
$1,254
Owner Costs / Month

Affordability

How far your income goes in Monroe

21.7%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in North Carolina

State-level tax rates that affect your costs

4.5%
Income Tax (Top Rate)
4.75%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$14,592
Annual Rent
$3,027
State Income Tax
$2,165
Property Tax (est.)

Cost of Living Overview

Monroe offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 86 (where 100 equals the national median), Monroe residents can expect to pay median rent of $1,216/month while earning a median household income of $67,265/year.

The median home value in Monroe, NC is $270,600, with typical monthly owner costs around $1,254 including mortgage, insurance, and taxes. The median rent-to-income ratio of 21.7% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

North Carolina has a moderate income tax rate of 4.5%. Combined with a 4.75% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Monroe.

Frequently Asked Questions

Common questions about living costs in Monroe

What is the cost of living in Monroe, NC?
The cost of living index in Monroe, NC is 86 (US average = 100). Median monthly rent is $1,216, median household income is $67,265/year, and the median home value is $270,600.
Is Monroe, NC affordable?
Yes, Monroe is more affordable than the national average with a cost index of 86. The rent-to-income ratio is 21.7%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Monroe, NC?
The median gross rent in Monroe, NC is $1,216 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $14,592.
What is the median household income in Monroe?
The median household income in Monroe, NC is $67,265 per year. This compares to the national median of approximately $80,000.
What are the taxes like in North Carolina?
North Carolina has a top income tax rate of 4.5%, a sales tax of 4.75%, and an effective property tax rate of 0.8%.