C
11%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
34%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Lake Monticello Virginia National
Cost of living111109100
Goods & Services103100100
Groceries99101100
Health care9699100
Housing134130100
Transportation9395100
Utilities105104100

An Overview of Cost of Living in Lake Monticello, VA

Getting a feel for the cost of living in Lake Monticello is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Lake Monticello is 111, which is 11% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Housing costs make up a big chunk of the cost of living in Lake Monticello, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 33.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Lake Monticello Affordable?

Is Lake Monticello an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Lake Monticello is 23.4% higher than the national average, while the average monthly rent prices are 58.1% higher than average. The affordability of any location can also be influenced by median income levels. Lake Monticello has a median household income of $80,494, which is 45.5% higher than the national average.

What Factors can Influence the Cost of Living in Lake Monticello?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Lake Monticello, healthcare costs are 4.3% lower than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Lake Monticello, the transportation index is 6.7% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The cost of living data in Lake Monticello displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Lake Monticello is 2% higher than the Virginia average
  • The cost of living in Lake Monticello is 11% higher than the national average
  • Lake Monticello housing is 34% higher than the national average
  • Virginia general sales tax is 4% higher than the national average
  • Virginia state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Lake Monticello

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Compare Lake Monticello, VA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$85,410$7,118$1,993$2,563
      Renters$49,000$4,083$1,143$1,470
      The affordability of the housing market in Lake Monticello, VA as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lake Monticello homeowners, the median income is $85,410. This indicates that a monthly maximum of $1,993 should be spent by homeowners on all housing related costs. Renters have a median income of $49,000. This indicates that renters would have a maximum of $1,143 for their rent related monthly costs.

      Virginia Sales Tax

      State General Sales Tax With Max Surtax
      Virginia 5.3% 6%

      Virginia Income Tax

      State Income Tax (Low) Income Tax (High)
      Virginia 2% 5.75%

      Goods & Services

      Item Lake Monticello National avg. Difference
      Haircut $27.97$24.2615.3%
      Beauty Salon $54.19$45.5618.9%
      Toothpaste $3.81$3.702.9%
      Shampoo $1.71$1.2833.5%
      Movie $15.32$12.1326.3%
      Bowling $25.50$18.0041.7%

      Groceries

      Item Lake Monticello National avg. Difference
      Ground Beef $6.34$5.848.5%
      Fried Chicken $1.41$1.5710.4%
      Milk $4.78$4.672.4%
      Potatoes $5.33$4.938.0%
      Pizza $12.47$12.093.2%
      Beer $11.67$10.4112.1%

      Health Care

      Item Lake Monticello National avg. Difference
      Optometrist $121.84$125.683.1%
      Doctor $168.85$135.7824.4%
      Dentist $135.19$113.2919.3%
      Ibuprofen $11.86$10.6511.4%
      Lipitor $414.10$468.6011.6%

      Housing

      Item Lake Monticello National avg. Difference
      Home Price $227,900.00$184,700.0023.4%
      Avg. Mortgage Payment $5,381.45$2,346.69129.3%
      Apartment Rent $1,500.00$949.0058.1%

      Transportation

      Item Lake Monticello National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $57.76$59.923.6%

      Utilities

      Item Lake Monticello National avg. Difference
      All Electricity $201.35$193.993.8%
      Phone $184.83$192.253.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Palmyra, VA921010.9%
      Columbia, VA1021010.6%
      Esmont, VA7331011.2%
      Gordonsville, VA1,9881011.4%
      Scottsville, VA5591066.2%
      Lake Monticello, VA10,45711110.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Jessup, MD10,45812828.4%
      Sebring, FL10,4548712.6%
      Kearney, MO10,460991.2%
      Pleasant View, UT10,46012019.9%
      Bois-des-Filion, QC10,460n/a 
      Lake Monticello, VA10,45711110.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.