Cost of Living in Lake Monticello, VA

With a cost of living index of 124, Lake Monticello, VA is a notably expensive place to live. Living here is 24% more expensive than the national average and 20% above the Virginia state average of 104. Lake Monticello is a smaller community of 10,820 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Lake Monticello's cost of living. The median monthly rent is $2,167 (64% above the US median of $1,319), and the median home value sits at $288,300 (5% below the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Lake Monticello is $101,363, which is 35% higher than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. While incomes are above average, they more than offset the higher cost of living.

Everyday prices in the Charlottesville, VA (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.