Cost of Living in Monticello, MO

With a cost of living index of 68, Monticello, MO is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 6% below the Missouri state average of 75. Monticello is a small community of 358 residents.

Housing costs are the biggest factor in Monticello's cost of living. The median monthly rent is $917 (30% below the US median of $1,319), and the median home value sits at $104,700 (66% below the national median of $304,900). At current prices, the median home costs roughly 1x the median household income — well within traditional affordability guidelines.

The median household income in Monticello is $102,750, which is 37% higher than the national median of $75,149. Residents spend roughly 11% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.