Monterey, CA

Very High · 216

California · Population 29,772 · Updated March 2026

$2,288
Median Rent / Month
$104,110
Median Income
$1,003,300
Median Home Value
$2,283
Owner Costs / Month

Affordability

How far your income goes in Monterey

26.4%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in California

State-level tax rates that affect your costs

13.3%
Income Tax (Top Rate)
7.25%
Sales Tax
0.71%
Property Tax Rate

Estimated Annual Costs

$27,456
Annual Rent
$13,847
State Income Tax
$7,123
Property Tax (est.)

Cost of Living Overview

Monterey has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 216 (where 100 equals the national median), Monterey residents can expect to pay median rent of $2,288/month while earning a median household income of $104,110/year.

The median home value in Monterey, CA is $1,003,300, with typical monthly owner costs around $2,283 including mortgage, insurance, and taxes. With a rent-to-income ratio of 26.4%, Monterey falls within the generally affordable range, though it's approaching the 30% burden threshold.

California's top income tax rate of 13.3% is among the highest in the nation, adding to the overall cost burden. Combined with a 7.25% sales tax rate and 0.71% effective property tax rate, the overall tax environment is a factor in the total cost of living in Monterey.

Frequently Asked Questions

Common questions about living costs in Monterey

What is the cost of living in Monterey, CA?
The cost of living index in Monterey, CA is 216 (US average = 100). Median monthly rent is $2,288, median household income is $104,110/year, and the median home value is $1,003,300.
Is Monterey, CA affordable?
No, Monterey is more expensive than the national average with a cost index of 216. The rent-to-income ratio is 26.4%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Monterey, CA?
The median gross rent in Monterey, CA is $2,288 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $27,456.
What is the median household income in Monterey?
The median household income in Monterey, CA is $104,110 per year. This compares to the national median of approximately $80,000.
What are the taxes like in California?
California has a top income tax rate of 13.3%, a sales tax of 7.25%, and an effective property tax rate of 0.71%.