Monterey Park is a city in Los Angeles County, California, just east of downtown Los Angeles. It has a population of about 60,000 people and is known for its beautiful mountain views and diverse culture. The cost of living in Monterey Park is relatively high when compared to the rest of the US. For example, the average two bedroom rent in Monterey Park is $2,000 while the US average for two bedroom rent is only $1,430. The grocery cost index in Monterey Park also exceeds that of the US with an index score of 103 versus 100 in the US.
Monterey Park has a thriving business sector with companies like Target Corporation located near the Monterey Hills Marketplace shopping mall. It also contains many smaller local businesses such as Elyse's Home Boutique offering vintage furnishings and home décor as well as delicious eateries like Jack's Bakery & Café serving up fresh baked goods and tasty coffee drinks. Overall, Monterey Park is a great place to live for those looking for an urban lifestyle with lots of things to do and places to explore while still maintaining its cultural identity.
Monterey Park has an unemployment rate of 10.5%. The US average is 6.0%.
Monterey Park has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 33.7%, which is higher than the US average of 33.5%.
Tax Rates for Monterey Park
- The Sales Tax Rate for Monterey Park is 9.5%. The US average is 7.3%.
- The Income Tax Rate for Monterey Park is 9.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Monterey Park
- The average income of a Monterey Park resident is $24,637 a year. The US average is $28,555 a year.
- The Median household income of a Monterey Park resident is $68,497 a year. The US average is $69,021 a year.