Cost of Living in Monticello, NY

With a cost of living index of 78, Monticello, NY is a very affordable place to live. Living here is 22% cheaper than the national average and 33% below the New York state average of 111. Monticello is a smaller community of 7,252 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Monticello's cost of living. The median monthly rent is $977 (26% below the US median of $1,319), and the median home value sits at $152,600 (50% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Monticello is $47,464, which is 37% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Monticello. The area sees an average annual temperature of 49.4°F, with summers averaging 70°F and winters around 28°F. Annual rainfall totals 41 inches spread over roughly 145 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.