Monticello, MN

Average · 100

Minnesota · Population 14,607 · Updated March 2026

$1,462
Median Rent / Month
$81,563
Median Income
$298,400
Median Home Value
$1,427
Owner Costs / Month

Affordability

How far your income goes in Monticello

21.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$17,544
Annual Rent
$8,034
State Income Tax
$3,312
Property Tax (est.)

Cost of Living Overview

Monticello has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 100 (where 100 equals the national median), Monticello residents can expect to pay median rent of $1,462/month while earning a median household income of $81,563/year.

The median home value in Monticello, MN is $298,400, with typical monthly owner costs around $1,427 including mortgage, insurance, and taxes. The median rent-to-income ratio of 21.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Monticello.

Frequently Asked Questions

Common questions about living costs in Monticello

What is the cost of living in Monticello, MN?
The cost of living index in Monticello, MN is 100 (US average = 100). Median monthly rent is $1,462, median household income is $81,563/year, and the median home value is $298,400.
Is Monticello, MN affordable?
No, Monticello is more expensive than the national average with a cost index of 100. The rent-to-income ratio is 21.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Monticello, MN?
The median gross rent in Monticello, MN is $1,462 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $17,544.
What is the median household income in Monticello?
The median household income in Monticello, MN is $81,563 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.