Monterey, VA is a small town located in Highland County with a population of just over 800 people. Much smaller than most cities in the US, the cost of living in Monterey is relatively low. The average two bedroom rent sits at just $800 per month, which is significantly lower than the US average of $1,430. The Grocery Cost Index for Monterey is 100 which matches the national index meaning food costs are not affected by location. This makes it an ideal place for those who want to save money on their monthly expenses and cost of living overall.
Monterey is home to many locally owned businesses such as Monterey Family Pharmacy, Paul's Barber Shop, and Dixon's Sporting Goods & Suplies. Residents can find all the necessities they need within walking distance and save money by avoiding big chain stores found in more populous cities. Monterey is known for its low cost of living and strong sense of community making it an attractive option for those looking to relocate or settle down permanently.
Monterey has an unemployment rate of 4.2%. The US average is 6.0%.
Monterey has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 10.8%, which is lower than the US average of 33.5%.
Tax Rates for Monterey
- The Sales Tax Rate for Monterey is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Monterey is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Monterey
- The average income of a Monterey resident is $31,891 a year. The US average is $28,555 a year.
- The Median household income of a Monterey resident is $53,411 a year. The US average is $69,021 a year.