Cost of Living in Monterey, VA

With a cost of living index of 77, Monterey, VA is a very affordable place to live. Living here is 23% cheaper than the national average and 27% below the Virginia state average of 104. Monterey is a small community of 200 residents.

Housing costs are the biggest factor in Monterey's cost of living. The median monthly rent is $1,006 (24% below the US median of $1,319), and the median home value sits at $143,800 (53% below the national median of $304,900). At current prices, the median home costs roughly 2.5x the median household income — well within traditional affordability guidelines.

The median household income in Monterey is $58,656, which is 22% lower than the national median of $75,149. Residents spend roughly 21% 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.

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.